What do First Time Homebuyers Look For in a Home

Last week we talked about what the Baby Boomers are looking for when they are ready to retire.  This week we are going to go over some things that the first time homebuyer Is considering in their new home.

The young homebuyers are taking home buying seriously.  The realize that the economy is on its way to recovering, but they are being cautious about buying.  Those considering buying their first home realize that they may not find their dream home, but are willing to put some work into the home they buy in order to achieve that dream.

Today’s first time homebuyer seems to have an idea of what type of home they are looking for.  Since most of these homebuyers are young, they want places to entertain family and friends.  Family rooms and extra bedrooms seem to be on the top of their lists.  Many of theses homebuyers are considering homes so they can eventually start raising a family.

First time homebuyers not thinking of having kids for the next several years may be thinking of purchasing a condominium.  Condos place these buyers closer to work and transportation, often offering more conveniences that owning a home.  Many homebuyers considering a condo don’t plan on staying more than a few years.

In both cases above, first time homebuyers don’t take their first purchase lightly.  To many, this is a big step and spend quite a bit of time researching homes before taking the plunge.  This group tends to be full of questions and should have experienced realtors to assist them with their first experience in home buying.  They will need help with inspections, appraisers, mortgage companies, insurance requirements and the closing process.  Since many of them will be considering at least one more move before they retire, it’s important that you build a good relationship with them and keep in touch after the sale closes.

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