Property Expert Nicholas Statman–
We all remember the thrill and excitement of buying our first home. It’s a milestone purchase that marks the beginning of a new chapter in our lives. We had endless questions and high expectations and weren’t yet sure about the difference between wants vs. needs.
As investors with more buying experience under our belt, we’ve learned that home buying is just as much about the buyer as it is about the property. Different buyers are looking for different things, and these are the five things first-time homeowners are looking for in their first home:
First-time homeowners can look past a lot of cosmetic issues and repairs, but most won’t budge when it comes to the kitchen. It is common knowledge that an updated kitchen adds significant value to the home, and many first time buyers will not settle for a home with an outdated kitchen.
Modern homebuyers are looking for crisp, open, clean kitchens with contemporary appliances and space for entertaining. Not only will updating the kitchen increase the asking price, but it also helps your property appeal to more buyers.
New homeowners are looking for a home that reflects their lifestyle, and this lifestyle relies heavily on technology and innovation. Today the need for multiple power outlets and the ability to connect to the Internet far outweighs the need for phone jacks and cable hookups. New homeowners are looking for features that allow them to automate common home systems like lighting, temperature, and security.
A home office is another thing that falls into this category. With more people working from home now than ever before, a home office is a definite perk for remote workers, entrepreneurs, artists, and small business owners. By transforming a small nook or loft area into a space that first-time buyers can use as an office, you can appeal to a specific type of buyer and increase the value of the home.
The next generation of home buyers is much more eco-conscious than their parents and grandparents were, and are looking for homes that blend style with sustainability. Solar panels, energy-efficient appliances, and energy-efficient windows and doors not only lower utility costs for first-time buyers on a budget, but also help them live in a way that aligns with their eco-friendly values.
One of the most important things for any buyer is the location of the property. Some first time home buyers are busy professionals looking to be close to the business district, while others are looking for a quiet suburb to raise a family. If your property is close to both, you automatically increase the number of people who would be interested in your home. If it’s one or the other, make sure to showcase the perks of living in a specific area.
You can change a lot about a property, but you can’t change the location. Keep this in mind when buying a property to sell.
Open Floor Plans
Boxy and compartmentalized floor plans may not fit the needs of the modern homebuyer. Most new home buyers are looking for an open floor plan; a floor plan that allows one room to flow seamlessly into the other. They want a space that fosters fluidity and connectivity, and open floor plans make this possible. The younger generation of home buyers are looking for a home that makes it easy to entertain, which is why modern kitchens and open floor plans are so important.
If you are trying to target first time home buyers, you have to reach way back in your memory and remember what it felt like to buy your first home. Think about the concerns and questions you had as a first-time buyer and do your best to build these solutions into your marketing strategy.
First time home buyers will either know exactly what they want or have no idea. Understanding the features the most first time buyers are looking for will help you effectively market your home to this specific target group.