Wednesday, June 19, 2013

First-Time Homebuyers Care More About Work, Not Neighborhood

NEW YORK (TheStreet) -- What do people really want in buying a home? First-time buyers differ from "average" home buyers in establishing those priorities, according to a survey from the Bank of Montreal -- and it underlines to what extent first-timers care about work over home life.
According to the bank, 34% of first-time buyers value a short commute to work, compared with 28% of other homebuyers, while 28% of first-time buyers want to live near public transit, compared with 19% of other so-called average buyers. 

But first-time buyers aren't as adamant about living in a quiet neighborhood -- only 30% say that's a big priority, compared with 43% of other homebuyers. Nor are they really interested in having "good neighbors" -- only 21% of first-time buyers say that's a big deal, compared with 30% of other homeowners.
In general Canadians want location, the survey says. But they also want:
·       A safe neighborhood -- 63%
·        Living on a quiet street -- 43%
·        Having "good neighbors" -- 30%
·        A short commute to work -- 28%
·        Being near family and friends -- 25%

"Everyone has a unique set of personal and financial priorities, so it's important that those particular needs are considered when deciding on the right location to purchase a home," explains Laura Parsons, a mortgage expert at BMO Bank of Montreal. "Taking a practical approach to home buying is the key to preventing yourself from getting 'swept away' by the bells and whistles of a house."

Do you agree with the above statistics? Is this what you are looking for in your first Lexington home?

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