House hunting can be a stressful and challenging journey for first-time buyers. There is a lot to take in, not to mention the financial commitments involved. Being a first-time buyer can be an exciting time. However, there are many things to consider before signing on the dotted line. The housing market is tough, and it’s hard to tell who you can trust. As an estate agent, there are some things you can do to make the process easier for your buyers.
Direct Them To Government Support Schemes
It can be difficult to understand all of the different government schemes available to first-time buyers. However, they are worth looking into. You may be able to help your buyers access schemes they may not have considered before. For example, if you know your buyer is interested in a new build property, you can point them towards the Help-to-Buy ISA. Many of the schemes available make it possible for first-time buyers to get on the property ladder with a smaller upfront deposit.
Help-To-Buy ISA’s typically allow first-time buyers to purchase a home with just a 5% deposit and a loan from the government worth up to 20% of the value of the property, which could be perfect for your buyer’s situation, especially if they’re struggling to find properties in their price range.
Keep In Touch During Their Hunt For The Perfect Home
One of the most important things you can do for your first-time buyers is to stay in touch with them. It’s natural for first-time buyers to be inexperienced in the housing market, which makes them vulnerable to scams and other troubles. One way to make sure they are safe is by staying in touch during their hunt for the perfect home.
You can keep your eye out for scams by checking out listings they’re interested in and pointing out any red flags. If the buyer becomes interested in a home that you know has problems, then it’s up to you to recommend that they continue their search elsewhere or even explore different avenues like renting or living with family before buying. Keeping your eye on their search will help protect them from making an unwise purchase decision.
Talk To Them About Mortgages
A mortgage is the biggest financial commitment a person will make in their lifetime. It is important to talk to your prospective buyers about mortgage options and how they compare to other forms of borrowing.
Many first-time buyers have done their research and still find they don’t fully understand mortgages. As a result, they often make poor choices that cost them more money in the long run. You can assist them in this process by providing them with the resources as a guide to taking out a mortgage and putting them in touch with brokers that can help them get a better deal. To help your first-time buyers make the right choices with their finances when looking for a home, direct them to resources on how to take out a mortgage. They can then learn for themselves and understand what they are getting into.
Show Them Homes In More Affordable Areas
It may be tempting to show your clients the most expensive homes on the market. But, this could scare first-time buyers away. Instead, it’s important to take them to areas they can afford and match their needs and preferences. Showing them homes in more affordable areas will help them figure out what is the best price range for their budget and what size of home they want.
Advise Them On New Developments Being Built
Advise your buyers on new developments being built in the area. When a new development is being built, it’s a great time to buy a house. If you advise your buyers on these new developments, they might find a house in their preferred location and get a good deal. For example, say there is a development that will be finished in six months. You could advise your buyers to wait six months before looking at other houses. In this way, you can help them get the best property for the best price.
Recommend A Reputable Solicitor
One of the most important things an estate agent can do for a first-time buyer is to recommend a reputable solicitor. It’s imperative to have a solicitor on hand who is knowledgeable about property law and will be able to answer any questions your buyers may have.
In the event of any disputes or missed information, your buyers will need someone they can trust to help them through it. They should always feel as though their interests are being protected and their buying process is being handled with care.
As a real estate agent, your job is to help guide first-time homebuyers through the process. Showing them the best options available and making sure they know about their options will help them to find their dream home. You can also help them understand the terminology that they may not be familiar with and what government support is available for them. As a real estate agent, it’s your job to put your clients first and make the process as smooth as possible for them.