22 Jun Family Matters
Home buyers have quite a few factors to consider when deciding on the perfect place. Things like location, cost, and square footage are all integral parts of the decision-making process. These components don’t exist in a vacuum though. The preferences of those you will share your home with also factor into the conversation. When it comes to shopping for a new home, family matters.
Everything from backyard space to the number of bedrooms is often determined by the preferences of the entire family. As a matter of fact, some studies are showing that the opinions of homebuyers’ children have a big impact on their purchasing decisions. A 2014 study conducted by Coldwell Banker Real Estate found that more than half of Millennial and Gen X parents, 79% and 70% respectively, prioritized the needs of their child before making a move. A more recent survey conducted this year by Harris Poll revealed this sentiment still rings true for many home buyers. 55% of homeowners surveyed said their child’s opinions were a factor in choosing a home.
So, what do children want in a new home? According to the Harris Poll survey, most kids really want space to sleep and play. Their own bedroom and a big backyard were the top two features children wanted most in a home. Proximity to their favorite people and places was also an important new home quality. Homes nearby local parks, their friends, and their school were found to be more desirable to the children of home buyers. Younger parents especially consider their children’s preferences in the home buying process. For 74% of the Millennial homeowners surveyed, their child’s opinion was a significant factor in choosing their next home.
The home buying process is rarely ever a one-way street. Loved ones often factor into purchasing decisions and their opinions play a part in finding the right fit. For many home buying parents, the features and location of their new home has to align with their child’s preferences as much as their own.