Homeownership is, for many, the culmination of the American Dream and a major rite of passage. According to Redfin’s latest poll, however, the ideal dream home differs from buyer to buyer. The “factors that influence home buying” particularly differ between men and women, parents and childless buyers, and even cat and dog owners. Here’s what different homebuyers look for in a home.
According to the 1,000 surveyed homebuyers, the inclusion of exterior maintenance in a home purchase is 5.1 percent more important for men than it is for women. In fact, exterior maintenance such as lawn care and garden upkeep was the only element favored by men over women in regards to home buying. This is perhaps due to the fact that men typically spend twice as much time as women working in the yard, according to the study.
The location, interior, and cost of the home were reported as bigger concerns for women than they were for men. More specifically, central location is 5.6 percent higher on their priority list, in addition to neighborhood appearance (1.8 percent higher) and safety (4.8 percent higher). When it comes to in-house priorities, women focus more on interior layout (5.0 percent higher than men), number of bedrooms (6.7 percent higher), number of bathrooms (5.2 percent higher), and overall square footage (5.1 percent higher). The overall cost of the home, according to respondents, is 4.6 percent more important for women than it is for men, along with the resale value (3.6 percent higher).
Similar to the comparison between men and women, parents and non-parents reported entirely different home buying priorities. Parents, for example, showed 9.1 percent more of an interest in having a fence than non-parents, along with having a backyard or patio (5.8 percent higher), and having more land (3.7 percent higher). In addition to showing a great interest in the exterior of the home, parents ranked higher than childless homebuyers in every location category. This includes being located near a good school (33 percent higher), good neighborhood appearance (5.3 percent higher), and high neighborhood safety (4.8 percent higher).
Childless homebuyers had a much more lenient approach to home buying. In fact, they ranked lower than parents in every category. The greatest difference in priorities showed in the “close to a good school” category. Although it is clear why parents would favor this location more than non-parents, industry experts warn childless homebuyers to carefully consider the neighborhood in which they purchase; it has a great effect on resale value!
Similar to the differences between parents and non-parents, when it comes to homebuying, dog owners highly prioritize exterior and location features. They particularly look for homes with a backyard or patio (5.9 percent higher), as well as a fence (9.1 percent higher). Being close to a good school was also scored as a higher priority for dog owners by 8.9 percent.
Of the 1,000 surveyed homebuyers, cat owners proved to be just as lenient as non-parents, as they scored below dog owners in every category. This means they could be more open to consider homes without a large exterior (5.9 percent lower) or spacey interior (3.4 percent lower). Of course, this depends on the individual cat owner.
Overall, while this information only reflects the trends found in the surveyed respondents, we can conclude that the “dream home” is different for every homebuyer. For more information about buying a home, or to learn more about home financing in general, contact one of our mortgage specialists today.