Planning to Buy Before the Holidays? Start Here

If you are already thinking about buying a home, the approaching holiday season does not necessarily mean you need to put your plans on hold. Buying before the holidays can be a good fit for some homebuyers, but the calendar should not be the deciding factor. Your finances, timeline and readiness to take on a home are more important than the time of year.

Summary

Start With Your Financial Readiness

Before worrying about the holiday calendar, make sure you are ready for the financial responsibilities of homeownership.

Your budget should account for more than the mortgage payment. Depending on the property and loan, you may also have property taxes, homeowners insurance, mortgage insurance and homeowners association fees. You will also need to plan for upfront expenses such as your down payment, closing costs and moving expenses.

It is also wise to keep an emergency cushion rather than putting every available dollar into the purchase. Buying a home should not leave you without money for an unexpected repair or other expenses after closing.

Consider Your Holiday Timeline

A purchase involves several steps between making an offer and getting the keys. During the holiday season, scheduling can require extra coordination because you may be balancing travel, celebrations, time off from work and other commitments.

If you want to move before the holidays, build some flexibility into your timeline. Give yourself enough time for:

1. Finding the right home and making an offer.
2. Completing a home inspection and addressing any issues.
3. Finalizing your mortgage and reviewing your closing documents.
4. Arranging professional movers and setting up utilities.
5. Completing the final walk-through and closing.

Trying to squeeze every step into a tight window can add unnecessary stress.

Do Not Skip Important Steps

A holiday deadline should never encourage you to rush through due diligence. A home inspection can help identify potential problems with the property's condition before you complete the purchase.

You should also carefully review your loan documents and closing costs. The Consumer Financial Protection Bureau recommends comparing your Closing Disclosure with your Loan Estimate and asking your lender about anything you do not understand.

If something does not look right, take the time to get an explanation. A few extra questions before closing can be much easier than discovering a problem after you move in.

Think Beyond The Holidays

It can be tempting to focus on whether you can move in before the holidays, but consider how the home will work for you after the decorations come down.

Think about the home's condition, ongoing expenses, commute, maintenance needs and how well the property fits your plans. If you are moving from another area, consider how the home and surrounding area will fit into your everyday routine, not just your holiday schedule.

A knowledgeable REALTOR can also help you evaluate homes, understand the purchase process and coordinate with other professionals involved in the transaction. Consumers can use HAR.com to find a REALTOR who can help with their home search.

Final Thoughts

There is no universal right or wrong time to buy a home before the holidays. If you are financially prepared, have a realistic timeline and find a home that meets your needs, moving before the holiday season may fit your plans. If the timing feels rushed, waiting until you are ready can be the more practical choice.

FAQs

Is it a good idea to buy a home before the holidays?

It can be, if you are financially prepared and have enough time to complete the homebuying process without rushing important steps.

What should I consider when buying a home during the holiday season?

Consider your budget, inspection and closing timeline, availability of professionals and the practical demands of moving during a busy time of year.

How early should I start the homebuying process before the holidays?

Start early enough to comfortably complete your home search, financing, inspection, closing and move. Your lender and REALTOR can help you develop a realistic timeline.