Pet Perks Play Pivotal Role in Home Purchase Decisions, Ally Survey Finds
Results from a new survey suggest that home buying is going to the cats and dogs – at least as it relates to purchase and organization decisions, Ally Financial reports.
Of the 1,000+ US adults aged 25+ surveyed by Ally Home in April 2021, 44% percent say they consider their pets’ needs before renting or purchasing a home.
The latest survey from the residential mortgage lending arm of Ally Bank found that 20% of Americans bring their pets to look at homes, with 24% of women and 15% of men welcoming their faithful companions on the house hunt.
Nearly a quarter (24%) of respondents say having a dedicated space for pets is a major consideration when organizing a home.
Millennials are more likely than other demographics to report that pets influence their home decisions, including making changes in a home because of a pet (32%), creating a dedicated space for their pets (26%), or buying a bigger bed for nighttime snuggles (11%).
Perhaps influenced by time spent at home during the pandemic as well as rising home prices and low inventory that make moving a challenge, renovations are top of mind for homeowners.
Thirty-one percent of women and 24% of men say they spend a lot of time fantasizing about renovations. And the pandemic has impacted home layout preferences, too, with 8% of Americans saying they used to like open floor plans, but now prefer divided rooms.
Other survey findings include:
Unprepared for repairs
Nearly half of homeowners surveyed (48%) wish they were more prepared for the cost of home repairs. More than half of Millennial homeowners say repair costs were a surprise (55%), while 45% of Boomers that own homes also lament repair costs.
“That lawn won’t mow itself”: 42% of Millennial homeowners say they’re surprised about the amount of work required for yard maintenance.
36% of survey respondents say monthly utility bills gave them sticker shock.
Home is where the renovation is
While nearly half (49%) of homeowners acknowledge renovations almost always cost more than the original budget, 48% of homeowners reported plans to undertake a renovation this year.
Second guessing second homes
Only 6% of survey respondents own a second home and more than half (54%) expressed a low likelihood of purchasing one as a result of the pandemic.
For those considering a second home, only 17% are interested in a city location vs. 34% who are interested in being near the ocean and 24% who prefer to be near mountains.
Perspectives related to second homes are generational: while 64% of Boomers said the pandemic hasn’t impacted their likelihood to buy a second home, 32% of Millennials say they’re no longer considering second home ownership.
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