Home Design Information ~ Robtaylorforsenate

What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH Family Rooms What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Last week, after speaking with Simon Fitzpatrick of Simon Fitzpatrick Exceptional Properties to learn about what the older generation is looking for when they downsize to a smaller home, I thought it might be interesting, conversely, to find out about what the first time home buyer might be looking for today. I bought my first home 15 years ago and the market and times have changed greatly since then, and so, it seems has the makeup of the first time buyer.

While our economy seems to be well on the way to recovery, and home sales are indeed picking up and moving swiftly, today’s younger buyers are moving slowly than those who preceded them. Their expectations are realistic and they are much more conservative. Today’s first time home buyer realizes that this purchase is a big investment and because of this they take this decision very seriously. They are also much less flamboyant with their purchases than their predecessors, and are realistic in their expectations, knowing that they are most likely not going to have that picture perfect “dream house” immediately, but are willing to build “sweat equity”  to create one.

This generation of homebuyers can actually be divided into two groups. There’s a younger group; those who are in their early to late 20s, and the older group who range from their early to mid 30s. Those in their 30s typically have more money to spend and can afford a slightly larger or more updated home as they’ve had more time in the workforce and have been able to save more. This first time home buyer can also be divided into another 2 categories – those who are looking to purchase a house and those who are looking to purchase a condominium.

Condos are typically less expensive than houses and as a result can often be seen as a more realistic, viable option. Because condos are less expensive than houses, return on investment will be less as well. Fitzpatrick advises his young clients to stay in their homes for 5 – 7 years, for greater earning capacity, but many prefer to stay for only 3 – 5 years before wanting to move on.

Those who are purchasing condos may not be considering children, whereas those who are purchasing a house quite often are planning ahead to their growing family. They are looking for additional bedrooms, typically 3 bedroom homes, and it is important that these bedrooms are all on the same level so that the parents can be close to the children. They are looking for small, but manageable properties.

They don’t necessarily need new and updated kitchen as they are willing to have some work done themselves, but kitchen layout and size are important as they will need to accommodate a growing family. Bathrooms that are equipped with bathtubs are required (as a means of bathing young children). Open floor plans remain popular with everyone.

Family rooms are usually at the top of the list of priorities for this group of homebuyers and the traditional dining room is not nearly as important as it was to the generation ahead of them. Room for visiting parents is also high on their list of importance. Driveways and garages aren’t terribly important, neither is a laundry room on the main living level. Central air conditioning isn’t at the top of the list of priorities either.

Much of what is important to the older generation bears of no importance to the younger set. Simply put, it seems that the first time home buyer wants space and is willing to wait for the “bells and whistles” whereas the older generation seems to want just the opposite.

I asked Fitzpatrick about the general makeup of this generation of new buyers. He described them to be a fussy lot – in the sense that they know precisely what they are looking for. They do a tremendous amount of research on the internet and yet they need an incredible amount of education in the home buying process which can be quite complicated. They need to be educated about appraisers, insurance, lawyers and the entire mortgage process.

They understand, perhaps, more so than generations past, that this purchase in indeed a big deal and they are very cautious and serious about this investment. Many buyers are financially ready and some are not as they seem to understand the product, but not the process. It is not uncommon for a first time home buyer to have a parent or in-law involved with the purchase, often for approval reasons.

Fitzpatrick was quick to tell me that these young home buyers are a grateful and fun group to work with. They are appreciative of the education they are receiving in the process. They are looking for realtors that are experienced, but young enough to be able to relate to them and their needs, as well as being technically savvy. A sense of trust is of huge importance.

Ideas, Fh First Time Home Buyers What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH First Home1 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH First Home2 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH First Time Home Buyer11 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH First Home What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

 

Don’t worry about making your shelf picture-perfect. Displaying a collection of toys is a simple, eye-catching solution, and the resulting vignette just might double as wall art! Below we see the Radial Wall Shelf from The Land of Nod. To cut down on the cluttered look, try grouping items by color! These Color Bar Ledges from The Land of Nod make the job easy. Use the shelves themselves to create an artful wall vignette, especially if you purchase intriguing pieces like these Shape Shifter Wall Shelves. This Land of Nod hinged metal shelving allows for a range of configurations, from rectangles to arrows. And don’t forget about creative ideas such as placing patterned paper at the back of your shelving to create a vibrant backdrop. These Honeycomb Wall Shelves are styled with shades of turquoise. Do you have any shelf styling tips to share? Leave a comment below.

Sunken living rooms were all the rage in the 60s and 70s, but they can still be just as comfy and stylish in the aughts. With so many of us opting for open plan spaces these days, creating a casual but defined “conversation pit” is a fun way to break up your living room into manageable zones. Read on for some of our favorite inspiration rooms featuring cozy sunken living areas that we’d love to nestle up in. The soaring ceilings of this bright and airy Texas home are further exaggerated by its recessed seating area. The raw look of the wooden ceilings and concrete floors are softened by strategically placed pops of color and plush pillows.

Gallery of What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

Ideas, FH Family Rooms What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home ThumbnailIdeas, FH First Time Home Buyer11 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home ThumbnailIdeas, FH First Home2 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home ThumbnailIdeas, FH First Home1 What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home ThumbnailIdeas, FH First Home What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home ThumbnailIdeas, Fh First Time Home Buyers What Today’s First Time Homebuyer Is Looking For In The Purchase Of Their Home Ideas First Time Homebuyer: What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home Thumbnail

Related Posts

Lenny Kravitz Extends His Creativity In Tile Design Alongside LEA Ceramiche

Lenny Kravitz Extends His Creativity In Tile Design Alongside LEA Ceramiche

Design Gone Digital: Microsoft’s View on The Future [Video]

Design Gone Digital: Microsoft’s View on The Future [Video]

Warped Buildings Featured in the 54th Annual Grammy Awards Poster by Frank Gehry

Warped Buildings Featured in the 54th Annual Grammy Awards Poster by Frank Gehry

Fresh Patterns for Wooden Floors: Enigma Collection by Jamie Beckwith

Fresh Patterns for Wooden Floors: Enigma Collection by Jamie Beckwith

Real Apples Shaping a Tribute Steve Jobs Portrait
Real Apples Shaping a Tribute Steve Jobs Portrait

Playful Coat Hanger Adding Color and Originality to Modern Interiors
Playful Coat Hanger Adding Color and Originality to Modern Interiors

Rate This What Today’s First Time Homebuyer is Looking for in the Purchase of Their Home

81/100 by 338 users

Popular Posts

Freshome Saturday Design Spotter 3

Freshome Saturday Design Spotter 3

Artistic Global Urban Space Vision On A New York Kitchen Wall [Video]

Artistic Global Urban Space Vision On A New York Kitchen Wall [Video]

Playful Coat Hanger Adding Color and Originality to Modern Interiors

Playful Coat Hanger Adding Color and Originality to Modern Interiors

Dahila Flower’s Geometric Symmetry Inspiring The Hypnotic Lamp

Dahila Flower’s Geometric Symmetry Inspiring The Hypnotic Lamp

New 100% Recycled and Biodegradable 3D Wall Panels by WallArt
New 100% Recycled and Biodegradable 3D Wall Panels by WallArt

Freshome Featured on Flipboard Living Section
Freshome Featured on Flipboard Living Section

Monthly Archives

Recent Posts

Categories

About Us

© 2005-2017 Robtaylorforsenate. Reproduction without explicit permission is prohibited. All Rights Reserved. Theme by EBERZA,INC