Mortgages Are Going to the Dogs
Sep 3, 2019
If you ask a millennial why they have decided to purchase a home, approximately 33% of them will tell you it’s for their dog(s). The desire to have a better space and backyard for a dog highly influences a millennial’s decision in purchasing a home. Apartments seem to be getting smaller and smaller, making it harder to have a pet in one. Between that and increasing rent prices, millennials are more driven to save up and buy their own home. Many landlords don’t accept pets either, which can influence the decision as well.
According to a survey conducted in 2017 by SunTrust Mortgage, millennials have strong bonds with their dogs. This especially rings true when looking at homes to purchase and how they see the decision as a stress-reliever by having a better living situation.
The only two factors that rank higher for millennials in looking for a new home space are more living space and the opportunity to build more equity.
SunTrust also discovered that 42% of millennials who have not yet purchased a home will consider their dog or owning a dog in the future when buying.
For those who already own a home and desire to have a pet, remodeling the home to accommodate a pet has been an increasing trend. Homeowners have been replacing old carpets and hardwoods with newer waterproof and scratch-proof flooring, laundry/mud rooms are enhanced with special “dog baths”, and end tables now have pet beds or crates on the bottom instead of books.
HOA rules and covenants are also an important factor to consider when buying a home to accommodate your pet. For those who want to have a big furry family, some HOAs have a maximum pet requirement. Be sure to check into these before putting a contract on your home.