Last year accounted for the highest amount of first time buyers since 2007, so if you’re looking to sell to one, you’re in luck. Find out how to ensure they come flocking to your door with our top tips…
Remember the saying “know your audience?” That advice couldn’t be more relevant when it comes to selling your home. You may have decided that afirst time buyer is the ideal candidate to make the purchase, but what are they looking for in a property? What will make your home stand out to them? We’ve complied the ultimate checklist for creating a home which will directly appeal to first time buyers, and ensure the offers come rolling in…
If your house is perfect to start a family in, or is a great fit for young professionals, it’s likely that you’re aiming to attract first time buyers to your home. There are a number of advantages to selling to first time buyers including:
• No chain – A first time buyer will have no house to sell, and therefore you only have to worry about the onward chain, meaning less chance of a sale falling through. The process will also move on swiftly, as you’re not waiting for their sale to complete.
• Flexibility on a moving date – Most first time buyers will be currently living with parents or in rented accommodation. This creates flexibility to work around you in regards to the completion date.
• Government services – Due to grants and schemes from the government, your average first time buyer has probably been planning this purchase for a while- possibly years. This will hopefully mean they come prepared with the mortgage offer and deposit already in place.
• They want a home ready to move in – Most first time buyers don’t have the skills, time, or money to make home renovations once they move in. This means with a few décor changes, some touch ups, and maybe a newly fitted kitchen or bathroom, the sale price can sky rocket, as buyers compete for a home which is ready to move into.
So now that we’ve confirmed that you want your home to appeal to first time buyers, what can you do to make that happen?
Low maintenance gardens
First time buyers usually have busy lives filled with friends, work and socialising. Not many of them want to spend every weekend working the garden and maintaining a variety of plants, flowers, and ponds. If you can, keep the garden simple, with some potted plants/flowers or a simple flowerbedalong with a well-kept lawn.
Ready to move into homes
As mentioned above, first time buyers will jump at the chance to own a house which needs no further work. By getting those small jobs done beforehand, ensuring everything is in working order, perhaps replacing the carpets or – if you want to go the whole way – refitting the kitchen or bathroom, you’re much more likely to end up with a higher offer for your home.
Non cluttered, simple décor
While first time buyers are put off by further renovations, they do want to put their own stamp on their new home. The excitement of owning a property for the first time and wanting to decorate to their own preferences can mean loud colours, bold patterns, and bright family displays put them off. Keep your décor simple but classy with warm whites, soft greys, and simple pastels. Think of your classic show home decor.
Space to grow
It’s likely that couples buying a home for the first time will be thinking of becoming a family in the future. Highlighting space for a nursery, lots of storage (always useful to young families!) and secure outside space will put your home above any others nearby. You might also want to give information out about local schools or nurseries, as well as amenities such as supermarkets.
Listed year after year as one of the top priorities for homebuyers, fast broadband can be a big pull. While you may not be able to actually change the speed in your area, if you have access to exceptionally fast Internet, or can connect to something high speed like fibre optic, it’s definitely worth mentioning it in your home’s marketing.
The right estate agent
Finally, take on an agent who has experience selling to first time buyers, and may even have the perfect buyer already in their contacts. Not only will they know what first time buyers are looking for and can give you bespoke advice specific to your property, but they have the tools to reach the perfect buyer at the perfect time, targeting theirmarketing to ensure maximum coverage and reachand encouraging competing offers, resulting inmore viewings, and a better final price for your home.
The market has changed over the past several years and so has the demographic of buyers. But by knowing your audience and what they’re looking for, you may have a leg up. Go through your home with a fresh pair of eyes and ask yourself; “would I want this to be my first home?” Chances are, the next person through your door will be asking themselves the same question and with a few simple changes or improvements, their answer could be, “yes!”
We love to focus on people, not just property, so if you want to chat about your move, even if we’ve just sparked your curiosity, get in touch. Our team are always listening and happy to help.