Swing into Action
Published: April 2019
Author: Bank of England Mortgage Staff
Team up with the right realtor! This will ensure that you have someone in your corner that is looking out for your best interests. The right realtor will be by your side to explain the ins and outs of the process and help you make the best decisions with every step. Some first-time homebuyers are timid about reaching out to an agent because they don’t have the extra money. The seller has negotiated the commission they pay long before you see the house advertised and if the buyer doesn’t have an agent the listing agent keeps the full amount. Your realtor should be familiar with the area you’re looking at purchasing. He/she will know what you’re looking for in a home and will be able to ‘keep an eye out’ for the right home for you!
Don’t Swing for the Fence
Set realistic expectations and don’t swing out of your shoes. Depending on your budget, you may not find a house that has absolutely everything you want – hardwood floors, 3 baths, in-ground pool – in your area for the price that you want. Make a list of the features that are most important to you. You’re not wedded to this house forever and you can always choose to make renovations at a later date.
Speed Changes the Game
Too often, first-time homebuyers will give in to emotion and become attached to a less than desirable property. Spend the time to research your local market and get your finances suitable for a home purchase. Purchasing a property should never be a rushed process. First time homebuyers are typically in the initial stages of their careers, so diligently researching and utilizing the advice from real estate professionals can really help you nail down your swing and hit a home run.
Don’t be Afraid to Strike Out
Don’t be afraid of being denied. If you’ve been renting for a while, have a little bit in savings and are ready to make this big purchase – talk to a lender! There are many different types of programs to help assist homebuyers with qualifying incomes and situations. Again, meet with a loan officer and let them tell you all of the different kinds of loans and programs you may qualify for!