What Challenges to Buyers with Children Face?admin / 0 Comments /
Buying a home can be an overwhelmingly stressful decision. There are many factors buyers need to take into account when making a final home purchase decision. Location, size, floor plan, down payments, and mortgage rates are a few that buyers must consider. The buyer’s budget is another very important factor that must be considered. It appears, however, that a specific group of buyers is more likely to go over their set budget when purchasing a home.
According to an article published by The M Report, buyers with children seem to have trouble sticking to their budget when purchasing a home. In fact, 25.6% of buyers with children exceeded their budget when purchasing a home. This group also had 31% that were denied a mortgage, where buyers without children only saw 11% denied mortgages.
It appears that having children in the home increases the list of demands that buyers make for their homes. They want shorter commute times to their workplace, which can put them in more desirable and expensive locations. The size of the home increases as the need for more space to accommodate growing families increases. Some buyers make sacrifices on these items in order to stay within, or at least closer, to their budget.
To make matters more stressful for this group of buyers, many decisions on home purchases can be rushed for families as they work to ensure they are settled before the school year begins.
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Photo Credit: Franco Giovanella