Current New Homeowners - Confidence about Home Purchase When asked about six factors that could influence how confident new homeowners felt about their home purchase, current new homeowners rated all six with a high level of importance. The strongest importance was placed on the workmanship and materials used in their new home, with 98% of respondents agreeing this was somewhat or very important. Over 95% of current new homeowners agreed that the following factors were somewhat or very important: Knowing that your home was built by a licensed residential builder; government regulations, building codes and inspections; the reputation of your home’s builder; and having warranty insurance on your home. Knowing that your home has been privately inspected was rated as very important by 69% and by another 28% as somewhat important.
Figure 34: Factors That Contribute to Feeling Confident About Home Purchase, 2020
The workmanship and materials used in your home
93%
5%
Knowing your home was built by a licensed residential builder Gov’t regulations, building codes and inspections your home went through
90%
7%
87%
9%
The reputationof your home’s builder
84%
13%
Having warranty insurance on your home
83%
15%
Knowing that your home has been privately inspected*
69%
28% 3%
Very important Somewhat important Not very important Not at all important
Don’t know
Base (among those who had their home inspected n=168)
While all subgroups considered the six factors to be important, there were some differences across subgroups around which factors were considered very important. Other survey findings include: › Home Warranty Insurance - Home warranty insurance was very important to 87% of current new homeowners whose home was less than 6 years old compared to 74% among those whose home was 6 to 10 years old. Those who bought their home from a builder or developer were also more likely to rate home warranty insurance as very important (87%) compared to those who bought from a previous owner (79%) and who custom built their home (73%). › Home was Built by a Licensed Residential Builder - Knowing their home was built by a licensed residential builder was very important to 93% of current new homeowners who bought a new home, followed by 88% who bought from a previous owner and 79% who custom built their home. › Government Regulations, Building Codes, Inspections - The government regulations, building codes, and inspections on the home was very important to 91% of those 55 years of age and older, followed by 86% of those aged 35 to 54 years and 83% of those aged 18 to 34 years. › Home was Privately Inspected - Knowing their home was privately inspected was very important to 80% who bought a single detached home but to only to 63% who bought a multi-unit home.
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