In last Friday's blog, we looked at new statistics that revealed that 53% of all home sales in 2016 have been to first time buyers.
This is, of course, a fact that simply cannot be ignored by any seller whose home might attract those looking to get on the home ownership ladder.
It might therefore be instructive to consider some of the questions that will be foremost in the first time buyer's mind, so that you can prepare your home for sale accordingly:
Running costs? - Most people who have bought a home for the first time will know that it can be quite a financially stressful period, especially because you are having to populate the house with furniture and wide range of other essentials. The actual running costs of a home can therefore either be very attractive or off-putting to many first timers, as any economies are often particularly welcome right after the purchase. It therefore makes sense to ensure that your heating and air conditioning systems, for example, are functioning effectively. It might even set things off in the right tone by using energy saving light bulbs throughout the home. Better still, why not provide a breakdown of your home's basic running costs. This is something not many will offer and could help your home to stand out from the crowd that little bit more.
Do All Appliances Stay? - Obviously any standard appliance that doesn't come with the home will have to be bought by the new owners, so the more that you leave, the more attractive your home will be to the cost conscious first timer. Needless to say, if there's furniture that's not going to work in your next home, for any reason, why not consider offering it as part of the home sale, if it's in good condition.
Local Amenities? - Because first time buyers are usually at a very active time of their lives, they like to have lots of things to do. It therefore makes great sense to work with your agent to ensure that all local amenities, such as shops, cinemas, theaters, fitness centers, sports venues etc. etc., are mentioned in your listing. Again, a bit of ingenuity can be of great assistance here too, so why not supply viewers of your property with a full list of local amenities. And don't forget to mention public transportation options either.
Modern Decor? - If you're in the process of preparing your home to appeal to a first time buyer, it can make a lot of sense to go with clean, neutral, but quite modern styling. Again, without over-generalizing, the likelihood is that your home will be viewed by millennials and quite possibly younger people than that, so try and create a style and atmosphere that is likely to appeal to them.
Green Features? - First time buyers often come from a generation that has grown up with environmental concerns in mind. This means that homes with energy saving aspects (even as simple as light bulbs), and especially green technologies like solar power, are going to be of interest, not least as they may also represent genuine cost savings in terms of running costs.
Room to Grow? - While you can't make your home instantly bigger for them, ridding your rooms of clutter will present your first time viewers with a more spacious perception of usable space. Because they might have a family in mind, a first time buying couple are likely to be especially impressed if they can see potential for increasing family size without having to move house. Don't make this difficult for them.
Whilst a lot of the principles of selling to first time buyers are universal pieces of good home selling advice, we hope the above examples give you some insight into the kind of mindset you will encounter with many people looking to take that wonderful first step to home ownership. As always, contact us for specific advice of how to best market your own home.