Most influential factors for first time buyers

The idea of love at first sight is normally applied to human relationships, but the concept is also true for house hunters, according to a new survey published by home improvement website this week.

The survey of almost 1,000 consumers about their first home purchase looked at some of the factors that can influence buyers’ decisions.

Factors such as aesthetic appeal, affordability, commute time and neighborhood character have the biggest impact on people’s home buying decisions, the survey found. According to the study, some 67 percent of baby boomers and 61 percent of Generation Xers listed affordability as their top priority. Millennials also placed a big priority on finding a place within their budget, though renovated bathrooms were given higher consideration.

Another key factor was whether or not the home was “move-in ready”, with many respondents shunning the idea of fixing up a place before moving in.

“We know home renovations can get pricey, and one thing that appeals to potential first-time home buyers is finding a home where the kitchen and bathrooms are fresh and up to date,” the study authors said.

The study also found that Gen Xers are the most “emotionally driven” when it comes to choosing a home to buy. According to the numbers, 21 percent of Gen Xers – which is more than both millennials and baby boomers – mentioned the importance of their partner falling in love with the house.

“Emotions obviously play an important role in purchasing a first home,” concluded.

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]

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