Buying a house is a major consideration. There are so many things to learn, and consider. For a long time, we’ve known that men and women approach many things differently. Generally speaking, men tend to retreat under stress to work out solutions on their own, whereas women tend to find a solution by working through the problem there and then with whomever they are with. With that in mind, it’s no surprise that men and women are different homebuyers too.
In a recent survey exploring how men and women approach home buying it was found that women tended to make decisions more quickly than men. 70% of women knew straightaway upon viewing a home that it was the one for them, whereas only 62% of men felt that sure, that quickly. Men needed more return visits and more time before they could reach their decision.
Another interesting finding was, in terms of location being an important factor, only 37% of men felt that location was one of the most important things when buying a home, compared to 55% of women respondents.
43% said they hadn’t considered the costs of maintenance and repairs. Most homebuyers have an inspection done before buying, but few look at the cost of the little things that have to be done (eventually) to make the home their own, not to mention the unforeseen repairs.
30% wish they had considered the costs of utilities. Ask for old bills so you can get an idea of how much your next home will cost you on an ongoing basis.
25% said they wish they’d research their mortgage options better. Banks will negotiate their posted rates. Mortgage brokers make their living finding their customers the most suitable mortgage for them. Rates vary. Shop around.
10% of those surveyed said they would have put down a larger down payment. It is really amazing the power of compound interest. A larger down payment can take years and years off your mortgage.