Kids And The Home Buying Process

Kids, home buying process, kids have a say in which home is bought

Kids, they have an opinion, and their parents are all ears!

Kids!  The adorable inspirational progenies of our species.  The little babes that capture our hearts and make us want to make this world the best we can…, and, the best home we can provide.  In the U. S. homebuyers that have kids under the age of 18 at the time of purchase, say that the opinion of their kids is factored into their home buying decision.  So, little Sally and Jack have a say in which house is purchased!

Kids today are taken into consideration.

kids now voice what they think and feel about the home they will be residing in, too.  This is according to the Harris Poll survey, commissioned by SunTrust Mortgage.  74 % of millennial parents between 18-36, are influenced by their kids wants and likes.

Furthermore, kids have definite wants and needs in their new home.  57% want their own room, 34% want a large backyard, 25% want a great location conducive to parks and activities, 24% want a certain school, 24% want to be close to friends, and 21% want a pool!

Kids, home buying process, kids have a say in which home is bought

Decisions, decisions, it’s not just about location and affordability anymore.

Kids opinions do matter, and their parents are taking their opinions under strong consideration.  Not only are the parents including their kids in the process so that homelife will be happy, but they enjoy the experience in keeping the kids involved and they believe it is a learning tool, and the more educated a person is, regardless of age, the more prepared they are and tend to feel more comfortable with expressing their wants and needs and about the process.   After all, the better the parents and the kids are treated through the process, the happier and more eager these future homebuyers will be when it is their turn.

So, little Sally and Jack have a say in which house is purchased!

Professionals should take note and not disregard when kids speak up about the homes they are walking through.  It is no longer the rule that kids are seen and not heard.

Kids, home buying process, kids have a say in which home is bought

Kids, our future homebuyers are primed to learn about the process.

83% of renters that will be purchasing said that their kid’s opinions will be factored in on the home the family decides to purchase.  Realtors® must start to not only converse with the adults in the transaction, but realize that the kids will have a say, and by ignoring the kids and only focusing on the parents, you may alienating them in the eyes of their parents, and that is not going to go over well with everyone involved.

Furthermore, the survey revealed that renters plan on buying in the next 2 years, and not only are the parents going to make their kids part of the decision-making process, they are also concerned about credit scores, monthly mortgage payments, the loan process, down payment, and getting the best rate.

  • Do you have a budget in place?

  • There is more to owning a home than paying the mortgage.  There is property tax, insurance, utilities, maintenance, and repairs.  It is best to save money aside to assist when and if problems occur.  Homes are a wonderful investment, but they do require upkeep.
  • Credit Score, do you know yours?

  • Your Credit Score is important when purchasing a home.  Take time to look it over and to make certain you are reading it correctly and having any questions answered, go over it with a mortgage broker.  You could be worried, and you don’t have to be, or you could think everything is fine, but they may spot a potential problem.  If you are proactive, even if there is a problem your mortgage professional can help you take care of those matters quickly or on an agreed upon schedule.
  • Loan Application Syndrome.

  • Stop the worry by taking the process step-by-step.  People are overwhelmed by the process and end up hating the home buying process.  Instead of that, try to get your paperwork in order and ready to go.  Through the process you will be asked to update what they have already asked for, and you will be asked for more information if there is a problem that has arisen with your finances and there needs to be a clear and concise trail of where your money comes from and that you can truly afford to borrow money.  A mortgage is a great responsibility and privilege.  Mortgage money isn’t free money, but money that comes from us all putting our savings and investment into banks, and if you falter, it costs a lot of people and the process is lengthy and thorough for a reason.  Collect your W-2’s, most recent pay stubs, tax returns from the past 2-years, and all of your checking and savings account balances before applying for a loan.
  • Down payment.

  • Talk to your mortgage professional about options for your down payment, and which option with work best for you and your situation.  Not everyone needs to put 20%, and it can have a positive impact on your mortgage rate, but always check with your mortgage professional to see what will be most beneficial for you and your long-term goals.
  • Shopping for the best rates.

  • Don’t shop around for the best rates.  You need to work with a mortgage broker and they can look at your finances, what your long-term goals are, what you can afford, and what programs they offer.  Just shopping for low rates may cause you to lose out on a great program that could save you money in the long run.

Kids, home buying process, kids have a say in which home is bought

 

 

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Kids And The Home Buying Process

Davis & Co.