Buying After Match Day

Simple Timeline for Buying a Home Before Residency

If you are looking to buy a home before starting residency, the ideal time to start is while you are traveling for your interviews.  You will already be visiting the areas where you are hoping to match.  Even if you place in a city you are not expecting, you should have enough time to find a home in the three months between Match Day and your residency program’s orientation.

Buying a home during residency doesn’t make sense for everyone, but it is a great option for some young doctors.

If you have a family or know you will be in the same city for more than three years, then there are several advantages.  Buying is 30% less expensive for the same place than renting because of tax benefits.  Interest rates and home prices are at their lowest level in years.  You can build equity in your home rather than wasting money on rent.

DMD Chicago Realty specializes in real estate for doctors. We have the expertise and resources necessary to help you find a home even if you live in another city.  This timeline will help you find a home and get settled before your first day on the job.  If you plan to buy a home during residency, now is the best and only time to start because, let’s face it, you won’t have much time to spare once residency starts.

Timeline:

(Download PDF of Calendar)

Interviews - September through December
-    Scout Neighborhoods/Homes… While you are in the cities for interviews, take some time to tour the neighborhoods near the hospital.  This will be very helpful when you start browsing homes later.

Ranking Begins - January 15, 2011
-    Contact a Realtor… If you expect to match in a specific city, then you should choose a Realtor and start working with them in early January.  A Realtor that works with doctors will have a good list of service providers that offer discounted pricing for doctors including services like lenders with Dr. Loans, moving companies, etc.

Rank Deadline - February 23, 2011
-    Browse Homes Online… Now that you know what programs are at the top of your list, start working with your Realtor.  Discuss neighbor-hoods and browse homes online in the areas where you hope to match.  If you happen to match somewhere you do not expect, they can refer you to a good agent there.

MATCH DAY! - March 17, 2011
-    Congratulations! Now that you know where you  matched, you can start making definitive plans:
o    Call your agent… Have him send properties to review if you haven’t already started
o    Mortgage… Decide on a lender and get pre-approved based on your new salary.  If you don’t know where to start, ask your agent.

House Hunting - April
-    Early April: Start Viewing Homes… narrow down the homes that interest you.  If you live in town, begin viewing some properties now.  If not, plan a trip to view potential homes with your Realtor.
-    End of April: Choose a home and make an offer by the end of April or early May at the latest.  Make sure you have enough time to move in and get settled before orientation. Closing is typically 3-6 weeks after acceptance of the offer.

Closing on your New Home - May
-    Prepare for Closing… Your Realtor and real estate attorney will keep you on top of everything that needs to be done before closing.  Just make sure you are available during this time because you will need to work closely with your lender and lawyer prior to closing.
-    Closing… You should close on your home sometime in mid-May or early-June at the latest.

Residency Orientation - June
-    Moving… If you are planning to use movers be sure to book them early because June is a very popular time to move.
-    Getting Settled… Move in sometime in early June to give yourself time to unpack, get settled and relax for a week or so before starting intern year.  

Residency Begins  July 1, 2011