Tag Archives: mortgages

Dogs – a driving force behind the home buying market

A major reason I bought my first home was to adopt a dog; I couldn’t confidently bring a dog into my home when I was renting.

I see that I was a woman ahead of my time (Gen X – not Millennial).  A study by SunTrust Mortgages from the USA reveals some interesting trends for first-time home buyers:

Harris Poll on behalf of SunTrust Mortgage Infographic

That’s right – not children or marriage, but dogs were one of the top 3 motivators for buying a home.

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”

Among millennials who have never purchased a home, 42 percent say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time homebuyers.

What does this mean if you are selling a home (or are a real estate sales agent)?  Make sure you strongly advertise a securely-fenced section, local parks and dog-friendly facilities such as dog parks or cafes.

Kathleen Crisley, specialist in dog massage, rehabilitation and nutrition/food therapy, The Balanced Dog, Christchurch, New Zealand

Source:  PR Newswire

 

 

 

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Housing affordability is a dog issue

I’ve been wanting to write this post for some time.  There’s been trouble brewing for a while now when it comes to housing availability and affordability in New Zealand.  But if you’re a dog owner, the problem is usually magnified.

Take this case from the Waikato; a gainfully employed immigrant to New Zealand struggles to find a rental home that will allow both his children and his beloved dog, Blue, to live there.

Welcome dog

In the months and years following the 2011 earthquake in Christchurch, the rate of surrenders of dogs increased as people were displaced from their damaged homes.  Most rentals prohibited dogs. (Only now – in 2017 – is the housing market adjusting again with something of a rental surplus.  Creative rental owners are starting to open their minds about dogs.)

Last week, I shared this article on my Facebook page about Millennials, a generation of men and women who are buying homes to secure their futures as dog owners.  It created the highest readership of the page in almost two years, with many of my clients and other readers agreeing that they bought a home because they wanted a secure place to live with their dog(s).

I moved from Auckland to Christchurch in large part because of better housing affordability and the goal of having my own dog.  (In Auckland, the best I could achieve was a regular dose of ‘dog therapy’ by volunteering at the SPCA as part of a regular roster.)

But housing affordability is a barrier to many owning their first home.  Loan-to-value ratios require a minimum of 20% deposit.  If you are already paying a high rent, savings to reach that 20% can be very difficult.  In the Auckland region, I’ve read that many employed people are paying up to one-half of their income in rent.  So much for saving a 20% deposit!

If people can’t find homes that allow pets, what happens to all the dogs needing loving homes?  They face a bleak future.

So in this – an election year in New Zealand – think about housing affordability as a key issue particularly if you are a dog lover or prospective dog owner. If you’ve made it into your own home with a dog, think of those who are still trying.

And if you are an owner of one or more rental properties, you can be part of the solution.  Do you allow your tenants to have dogs?

Kathleen Crisley, specialist in dog massage, rehabilitation and nutrition/food therapy, The Balanced Dog, Christchurch, New Zealand