Competing for a property as a first time buyer can be a daunting process, mainly because you are stepping into unfamiliar territory. Yes, as a first time buyer, you may go into a property deal offering a lower price than current homeowners, but it’s important to remember that you have a lot more to offer in terms of flexibility.
To help ease you into this new change, we’ve rounded up some great benefits of being a first time home buyer.
- No ties
As a first time buyer, you have an almighty advantage over others who are interested in making an offer on a property you’ve got your eye on. Why? Because you have no chain; if you put an offer on that house, you may be more reliable than a current homeowner; after all, someone who needs to sell their current property relies on the other person buying their property to go forward with the move. So, your status as a first time buyer works in yours and the seller’s favour.
- A speedier process
Once someone has had their offer accepted on their desired new property, their main incentive is to then sell their current home as quickly and efficiently as possible; the sooner they sell their current property, the sooner they can move into their new home.
For a current homeowner, knowing that you, as a first time buyer won’t be relying on anyone else to go forward with the move, is a real relief; it takes the stress out of moving house. In fact, it makes this lengthy process a little quicker and easier to handle.
- Financial benefits
Being a first time home buyer places you in a great position in terms of finances, too, with options such as the Help to Buy ISA scheme being available to all first time buyers. Unlike some other government schemes, the Help to Buy scheme can be used on the purchase of properties of any type, of up to £250,000 or £450,000 in London. This ultimately helps you save up for your dream home, which can not only help make your move more affordable but also benefit you by speeding up the process of moving in.
Other options include the Help to Buy – Equity Loan, London Help to Buy and the Shared Ownership scheme. These schemes usually give you the option to pay a lower deposit in order to get onto the property ladder.
Remember:
- No chain
- Quicker process
- Financial benefits
- More flexibility
So, when you are looking for your perfect new home, have confidence when making an offer. You can benefit greatly as a first time buyer and you’re not alone in feeling anxious about this process; every homeowner has been in your position at some point.
