How Pets Affect the Homebuying Decision
People love their four-legged furry friends so much so that they are impacting the homebuying decision. According to the National Association of Realtors 2017 Animal House: Remodeling Impact Report, 61% of U.S. households have an animal or plan to get one in the future. Pets hold a special place in our hearts; after all, they are a part of the family for many years and bring joy to our lives. Therefore, it is no surprise that they are an important factor in the homebuying process.
What’s more interesting is that millennials (*33%) are the group of homebuyers where their furry friends, specifically dogs, are THE driving factor when it comes to buying a home.
So, why are pets affecting the homebuying decision? There are a few reasons:
- Buying a house provides more space for your pet/pets to run and play.
- There are no more restrictions and rental fees when it comes to having a pet/pets live with you.
- Ability to customize your home based on the needs of your pet(s) – adding a fence, dog door, etc.
Furthermore, animals even impact home renovations. Nearly half of all animal owners (52% according to the NAR Animal House Report) undertook home renovations to accommodate their pet.
So, if you are/were recently a first-time homebuyer, did/will your pet(s) affect your decision to buy a home?
National Association of Realtors 2017 Animal House: Remodeling Impact Report. Online. Website URL: https://www.nar.realtor/research-and-statistics/research-reports/remodeling-impact-animals-in-homes. Accessed May 17, 2018.
*SunTrust Survey: Mortgages Are Going to the Dogs, July 26, 2017. Online. Website URL: http://newsroom.suntrust.com/2017-07-26-SunTrust-Survey-Mortgages-Are-Going-to-the-Dogs. Accessed May 17, 2018.