Why Did You Buy a New Home: Quick Survey Results

Why Did You Buy a New Home infographic header with top reasons why homebuyers purchase a new home

Homeownership is a good investment, according to panelists of the NewHomeSource Insights Panel. Customization also plays an important role in why they purchased a new home.

Increasing rent is one reason why homebuyers are moving from renting to owning, according to a quick survey of panelists on the NewHomeSource Insights Panel.

The survey showed that renters are increasingly seeing homeownership as a good investment and want to stop throwing away money by paying someone else’s mortgage. The respondents also felt that owning a home provides financial security and the ability to personalize the home to fit their tastes.

“We purchased a home as part of settling down” says panelist Chris Tilley. “We would own it and could furnish it like we wanted and since we'd be getting a fixed-rate mortgage, we wouldn't have to worry about our rent going up every year like it seemed to when we were living in apartments. And we enjoy the tax break that comes from paying the interest on our mortgage.”

Here’s a list of the top reasons why panelists bought a home:

1) Good Investment
2) Financial Security
3) Customization/Personalization
4) Safety/Security
5) Change in Family Status/Size

The freedom to do what they want with the home seems to play a big part in why panelists wanted to buy a new home. But, it goes beyond customization. “I would love to own a home because you can customize it the way you want,” says panelist Betty Wells. “After living half my life in apartments, it was so annoying that I couldn’t do what I wanted to the walls or floors. There were too many restrictions as to what I could do to make it truly my own. … Also in an apartment, you have to deal with other people’s noise and you aren’t allowed to have pets.”

While the panelists felt there were some risks to buy a home — what if they lost it because they fell behind on payments or property taxes rise too quickly — most the panelists wanted to buy a new home so that they would not have to deal with major and costly repairs.

Check out our infographic for more insights from the survey:

                                      Why Did You Buy a New Home infographic header with top reasons why homebuyers purchase a new home
Patricia L. Garcia is an award-winning journalist and former content manager for NewHomeSource. You can find her on Google+.

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