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" homebuyers 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%
"Getting pre-approved financing, choosing a fixed rate and stress-testing mortgage payments in advance of buying a home can provide peace of mind and help homebuyers become mortgage-free sooner," she adds. If you have your financial ducks in a row and know exactly what you want in a new home, your chances of homeownership are greatly enhanced.
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