Being a first-time buyer is tough enough, especially in this fast-changing market. Is one of your family members about to begin the quest for their first home? If yes, send them a big congratulatory message – they deserve it.

While you’re at it, why not treat them to something for their new home to get them off to a good start? If you’re not sure what the new homeowner needs, we’ve curated a comprehensive guide to help you help them.

The Gift of Your Experience

Buying a house is complicated at the best of times, and first-time buyers can find it particularly confusing. You may not be able to help financially, but you can step in with your experience and advice as a long-time homeowner.

Your loved one will undoubtedly have many questions, from what type of house is better for their needs, what neighbourhood they should look in, how to find a mortgage broker, and what responsibilities they will have as a new homeowner.

Knowledge is one of the most valuable resources you can offer a first-time buyer, something they will find in great abundance at Our Ultimate Handbook for First-Time Buyers.

The Gift of Financial Assistance

If you do plan on gifting part of the down payment, be sure to check with your real estate expert as there are some guidelines you’ll need to follow. For example:

• The lender may require a written letter that clearly states that the money is indeed a gift, not a loan that needs to be repaid.
• The lender may also want proof that the person gifting the down payment actually has the funds before they approve the mortgage.
• When it comes to buying a house, the gift typically needs to be from a family member. It could be a sibling, aunt, or uncle. In most cases, the gift of the down payment comes from the Bank of Mom and Dad (or grandparents)!

Your financial contribution doesn’t have to be significant to be helpful. With the high cost of housing today, the first-time buyer in your family wouldn’t even be looking unless they have a healthy income, savings and a good credit score. That said, anything you can chip in will ease their burden considerably. It could be something as minor as ordering pizza for moving day!

The Gift of Your Time

Even if you’re not contributing financially, there are many valuable ways to help your first-time buyer at every stage in the process. You can be there to provide your unconditional support and a listening ear. You can also help with many of the practical steps, such as packing and unpacking, fixing up the property, or making a recommendation for an excellent painter.

Any help you can give, big or small, is sure to be appreciated by your loved one. You might even get the whole ball rolling by recommending a real estate expert to guide them from start to finish.

Below, you’ll find even more valuable resources and information all home buyers will love:

• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario
• 7 Amazing Benefits of Working with a Real Estate Agent

Practical Housewarming Gifts

Whether involved in the process or not, many people love surprising the first-time buyer with an unexpected item as a housewarming gift. It could be cookware, linens, art, or food – perhaps something lovingly homemade from scratch; you are only limited by your imagination. If you’re looking for more ideas, the list below will help get your creative juices flowing:

• Snake Plant – A snake plant is not only easy to keep alive but they also have varying sizes and heights – perfect for any sort of space. As an added bonus, they help to freshen the air.
• Custom Sign – Customize this sign with their name, house number, new neighbourhood or something funny. Great option for those with a love of farmhouse style. You can custom order online or unleash your own creativity.
• Luxe Fur Throw – Works for many different home styles and aesthetics. It’s really the ultimate throw to add texture and coziness to any space.
• Electric Candles – These add atmosphere and decor while illuminating the room.
• Stoneware Mugs – Is this new homeowner a coffee or tea lover? These mugs are a great size and beautiful.
• Set of Wine Glasses – Do we need to say more? We don’t think so!
• Large Serving Tray – The perfect choice for entertaining. Want a more modern look? We love this one too!
• Welcome Door Mat – Enhance their new front door with a custom front door mat.
• Bamboo Bathtub Caddy – Help up the ante of their new bathroom. This really has space for everything.
• Towel Sets – A must-have staple for any new home.
• Set of Soap Dispensers – These matte black glass soap dispensers will fit any bathroom décor and kitchen décor.
• Cast Iron Skillet – An essential kitchen tool for cooks at all levels.

Are you planning to buy or sell a house in Hamilton or Burlington? Our top agents in Hamilton & Burlington are happy to help you form your winning strategy. Contact us today or call 905-332-9223 to connect with our offices.