Who’s The Final Decision Maker When Buying A Home?
Posted: February 14, 2018 by Rebekah Holten
A new survey from Coldwell Banker Real Estate shows the decision maker in the family when it comes to buying a home may not be who you think...
It seems as if the children are the ones who get a big say on this major life decision!
The article, originally published on Realogy: The Business of Real Estate, reports on a survey done by Coldwell Banker Real Estate. The survey was conducted among 2,800 parents from three different generations. The Millennial parents, Gen X parents and the Boomer parents. There has been a huge shift of parents involvement in their kids lives in the later generations. It makes sense that this would be true when it came to decisions such as moving or buying a new home. Parents today look at these large decisions through the eyes of their kids. This new parenting style changes the way we think of consumerism.
Some interesting findings in the survey:
- Parents today are more concerned with how moving will affect their kids. Well over half of Millennial and Gen X parents are concerned with the immediate impact moving will have on their children. This concern of the impact a move will have on their emotional well-being sits above it being a good long-term decision for the family.
- Parents today also have an increased desire to live near their own parents. Not only do the two recent generations want their kids to be happy, they also want to live near their own mom and dad. Something the Boomer generation didn't feel as strongly about. The survey found this to be true for a variety of reasons...having grandparents near to help with childcare as well as to help care for their aging parents.
- Each generation believes they have more involvement in their children. I think most would agree each generation continues to be more involved in their kids lives.
There are plenty of studies out there showing how this will affect the future adults of our society, both good and bad! The survey found this increased involvement has moved from play dates and day-to-day to bigger picture items like buying a new home.
For any parent thinking of buying a new home and making a move it's important to remember the following:
- Long and short-term impact on your family. As parents we often think of the immediate impact it will have on our children. This becomes especially true when moving to a new city or neighborhood when the kids will have to start at a new school. These are important factors, but you have to remember the long-term implications and decide which are more important.
- Change can be good. Kids are far more resilient than most parents, especially more recent generations, give them credit for. It may seem scary at first, but children quickly adapt to new things as long as they feel loved and supported by their family. And to quote the Boomer generation..."what doesn't kill you makes you stronger."
- Make the decision as an adult. Thinking of your children is natural because parents only want the best for them. However, as the adult parents need to be the final decision maker because, well, they are the adult.
If you are thinking of buying a home, remember our very family friendly agents at The Rhonda Bever Group. They are sure to help find something to make both parents and kids happy!