How children impact the homebuying process

by Lauren Clohessy

Numerous factors like price and location come into consideration when buying a home. A new Harris Poll survey by SunTrust Mortgage found that 55 percent of homeowners with a child under the age of 18 said their child’s opinion was a factor when purchasing their home.

The influence of a child’s opinion is even higher for millennial parents, ages 18 to 36, with 74 percent of millennial-aged parents with a child under 18 considering their child’s opinion when they bought their home.

“As a parent of two kids, I know from experience that including children in the homebuying process is not only fun for the whole family, but also educational for our homebuyers of tomorrow,” Todd Chamberlain, head of Mortgage Banking at SunTrust, said.

Children look for different factors in their new home. Some look for certain things within a home, while others focus more on the home’s surrounding area.

What children request in a home:

  • 57 percent want their own bedroom
  • 34 percent want large backyards
  • 25 percent want close proximity to parks and local activities
  • 24 percent want to be close to school
  • 24 percent want to be close to friends
  • 21 percent want a swimming pool

The survey also found that renters with a child under 18 plan on considering their opinion when purchasing a home. Eighty-three percent of renters said their children’s opinion will be a factor in the home they buy.