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    Real Estate
    Friday, April 26, 2024

    Dog-friendly features can be a big plus for young buyers

    Having a better space for a dog is often a key consideration among young buyers, according to a recent survey.

    SunTrust Mortgage, the home loan division of SunTrust Banks, recently conducted the online survey via Harris Poll to determine home buying motivations among young buyers. A total of 412 adults between the ages of 18 and 36 were polled, including 248 who had purchased their first home and 135 who have not bought a property.

    Thirty-three percent of first-time homebuyers said better space or a yard for their dog was a motivating factor in deciding to buy a home. Respondents were more likely to cite this reason than marriage (25 percent) or the birth of a child (19 percent). Forty-two percent of those who have not purchased a home said their dog, or the desire to get this kind of pet, would be a key motivator in their desire to buy a home.

    "Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home buying decisions," said Dorinda Smith, president and CEO of SunTrust Mortgage. "For those with dogs, renting can be more expensive and a hassle; homeownership takes some of the stress off by providing a better living situation."

    Two-thirds of respondents in the survey who had purchased their first home said one motivating factor was the ability to get a larger living space. Thirty-six percent wanted to build equity.

    Separate surveys have shown that many renters are pet owners, but often face restrictions or extra costs because of the animal. Seventy-two percent of tenants responding to a 2014 poll by the rental listing site Apartments.com said they were pet owners, but less than 20 percent said their building had no restrictions on pets. Just over half of these respondents said they paid more than $200 a year for deposits or fees related to their pets, such as a deposit to cover potential damage.

    In 2004, the animal welfare organization Pet Savers Foundation found that while half of the landlords polled said they allowed cats, only 11 percent had no restrictions on large dogs. Eighty-two percent of tenants in the survey said they had experienced trouble finding an apartment that would accept their pets.

    Home buyers who are looking at residences with dogs in mind should make sure there aren't similar restrictions involved with the purchase. Patricia-Anne Tom, writing for the National Association of Realtors, says condominium boards or homeowners association may have certain restrictions on dogs. Communities may set limits on the number of dogs allowed in the residence.

    Your research can also let you know about local regulations such as leash laws as well as nearby amenities, including dog parks. Make sure the layout of the home will allow dogs to move around comfortably, especially if they are aging.

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