How Becoming a Parent Alters Homebuyers Needs

Recently I had a client reach out to me who had just purchased their new home, and wanted to renovate the bathroom.

"I just wanted your professional opinion first as we will likely sell this some day, but a friend told me not to take out the shower/tub combo because it will reduce the value of my home."

This particular home is a 3 bedroom, 1 bathroom home that has a very high chance of serving the purpose of housing a new family, or potentially a retired couple looking to downsize after their children leave the nest.

The conversation had me thinking about the sacrifices we make for our children in the home buying process, and what an important subject this is also for sellers. It not only applies to families with children, but couples who are planning to have children in the future as well.

Families with young children do prefer a bathtub for bathing their babies, toddlers and small children. Considering a home that has only has one bathroom, if it did not feature a bathtub, a buyer will likely look at that as an added chore and expense, in addition to the expenses already being set forth, such as a down payment and closing costs.

Other factors that parents consider when purchasing a new home are schools, proximity to friends and family, finding a home with their preferred number of bedrooms, having a fenced in yard and also the family friendliness of a street. It is not uncommon in Midland that houses on busy streets may stay on the market longer due to the fact that it scares parents and also pet owners, thus eliminating some of the buying pool.

According to a survey done by the National Association of Realtors ® in 2019, fifty-three percent of buyers with children in the home under the age of 18 years said the quality of the school districts is an important factor when purchasing a home and 50% said convenience to schools.

All of these deciding factors are very personal, as different buyers weight these preferences differently. It is unusual to find the exact home that matches 100 percent of your preferred criteria. Some buyers are willing to sacrifice finishes for the right location (especially since finishes can be changed and location can not). While some buyers are not tied to location so much as wanting to live in an updated home.

Personally, I sacrificed square footage and finishes when making my home purchase decision due to the importance I placed on location (proximity to family) and to keep my child continuously in the same school system. The importance of those decisions was solely based on the quality of life for my child.

Before beginning the home buying or selling process, I recommend having a free Home Buyers Consultation or Selling Consultation. Part 3 of the 18 step home buying process is "Defining Criteria". This is best done by breaking down a conversation and really digging into how you "weight" your criteria.

As a seller, part of the process of determining market value will be the functionality of your home and how to appeal to the largest pool of buyers possible. In the consultation process we can discuss how this effects your homes market value, and possibly things you can do to increase its function for the largest pool of buyers.

Please do not hesitate to contact me for further discussion or for any Real Estate needs you or your friends and family may have! I am happy to help!