Buying and Selling

Infographic: Just How Much Children’s Opinions Factor Into House Hunting May Surprise You

When it comes to purchasing a new home, a recent SunTrust survey found that more than half of homeowners say the opinion of their child was a factor in their home buying decision.1 For millennial parents surveyed (ages 18 – 36), the influence was even higher.

What are children lobbying for in a home? Top requests include their own bedrooms, large backyards, proximity to parks/activities, schools, friends and swimming pools.

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

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The survey also found that while 72 percent of renters surveyed want to purchase a home in the next two years, 17 percent said the stress of the mortgage application process is discouraging them.

Here are some tips to help alleviate some of that stress:

1. Check your credit

Your credit score is an important factor when buying a home. Review your score with a mortgage loan officer to ensure you qualify for a mortgage, or put a plan in place to increase your score before applying.

2. Know your budget

While you may have a good idea of the monthly payment you can handle each month, many people forget to consider hidden costs such as property taxes, homeowners insurance, utilities, repair and maintenance costs.

3. Get your paperwork in order

Reduce your stress by having all of your files in order. Gather your W-2's, recent pay stubs, tax returns from the past two years, and all of your checking and savings account balances before applying for a loan.

4. Understand how much money is needed for a down payment

You don't always need to put 20 percent down to buy a home. In fact, most first-time homebuyers put much less than 20 percent down. Talk to your mortgage loan officer about the various options available.

5. Don't shop mortgages on interest rate alone

Interest rates are only part of the equation. Be sure to look at the full picture, including monthly payment and how closing costs will impact the money you need to bring to closing.

Is your home search a family affair?

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1 This survey was conducted online within the United States by Harris Poll on behalf of SunTrust from April 18-20, 2018 among 2,047 U.S. adults ages 18 and older, among whom 1,303 are homeowners and 702 renters. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

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