Millennials are now leading the pack of home buyers, and the one incentive driving them to take the mortgage plunge? Their dogs.
Millennial homebuyers are having a love affair with pets – so much so that they’re often putting their furry friends’ needs at the top of their list when shopping for a home. According to the American Pet Products Association, 73 % of millennials currently own a pet and 75% of pet-owning buyers who closed on a home this year would pass on their dream home if it wasn’t right for their animals according to a survey done by realtor.com® .
Keeping pets happy appears to be a millennial priority. Owners with older pets will have concerns about stairs. More affluent buyers want a dog grooming station in the mud room. Also, being near pet-friendly restaurants and pet supply stores is a big plus, especially for young urban buyers who might not have a car.
If a home doesn’t meet the needs of their pets, those needs are non-negotiable for many home buyers, especially millennials. When home buyers do find a home that suits their pets’ needs, nearly half of Americans say that a yard is the most important feature. About one-third cited some type of outdoor space and a garage, while one-quarter want a to be in close proximity to a park.
WHAT HOME-BUYING DOG OWNERS NEED TO KNOW
Everybody needs love and also, everybody needs a place to live. Anyone with a dog who has rented knows that with every apartment, comes pet fees. Property managers tend to lump on fee after fee, along with tons of restrictions, if they allow pets at all. The millennial who is ready to buy a home is sick and tired of the fees that goes along with renting with a dog. They want a place to hang their keys— and their pup’s leash — without a big fuss.
But buyer beware: If you’re purchasing a condo or an apartment, Home Ownership Associations can present similar obstacles for your pooch. Prospective home buyers with pups. make sure to check to see if an HOA is involved, and what it requires!
Are you looking to buy a new home/condo? Let us help you find the right home for you and your pet. Contact Catharine Pappas our Director of Relocation at (704) 661-2402 to put you in touch with one of our agents.