More and more, children are influencing family purchasing decisions. In fact, more than half of families report that their children are the chief purchasing officers in the family, including when it comes to buying a home. Parents are paying more attention to their kids than ever before, and they are viewing the family purchases through the eyes of the kids.
Here are some other interesting facts about parents and children in regard to purchasing a home:
- Parents today are more concerned with how moving will affect their kids. 67 percent of Millennial families report being more concerned about the immediate impact a move would have on the emotional well-being of their children than if it is a good long term decision for the whole family.
- Each generation thinks that they are more involved in their children’s lives than in the past. This spreads across all three generations, the Millennials, Generation X, and Baby Boomers.
- Parents want to live closer to their own parents than ever before. 62 percent of Millennial and 57 percent of Generation X parents think that it is important to live near their parents or their spouse’s parents.
Before depending on your children when deciding to move, parents should think of the following issues when considering moving.
- Consider the impact. Make sure to think about the long-term and short-term impacts that moving would have on your family.
- Change can be powerful and positive. Children are very adaptable when they are loved and supported by their family. They will easily fit into a new school and neighborhood with the proper support.
- Allow your children to be involved. Make your children feel as if they are involved in the home choosing and buying process, but remember that the final decision should be made by an adult.
If you are considering a move, contact me, Betsy Dittman. As a luxury real estate professional, I can help you and your family find the best home in the San Fernando Valley, Conejo Valley, and Los Angeles areas.