Prospective New Home Buyers - Perspective on the Level of Importance of Different Factors When Purchasing/Building a Home Prospective new home buyers were asked to indicate how important seven different factors were when purchasing a home. All factors presented were considered somewhat or very important when buying or building a home by over 90% of buyers. However, respondents were most likely to identify the quality of workmanship and materials used in the home as important at 96%. A total of 93% indicated that the following were important: having warranty insurance on the home, the reputation of the home’s builder, government regulations, building codes and inspections, and having/knowing the home was built by a licensed residential builder. Having the home privately inspected and having the home’s builder belong to a professional builders’ association w ere considered to be important by 91% of prospective new home buyers. First-time buyers were slightly more likely to place greater importance on the builder belonging to an association (56% very important compared to 50% among repeat buyers) and on the builder’s reputation (65% very important compared to 60% among first-time buyers). Over 60% of households with income below $50,000 per year (66%) were likely to consider the builder belonging to a professional builder association to be very important, but this dropped to approximately half among households with income over $50,000 (51%). Prospective home buyers aged 45 or older were more likely to rank all seven factors as “very important” , with very important ratings ranging from 61% to 78% compared to between 51% and 64% among buyers under the age of 45.
Figure 50: Importance of Factors in Buying or Building a New Home, 2020
Quality of workmanship and materials used in the home
67%
29%
Having warranty insurance on the home
62%
31%
4%
The reputation of your home's builder
62%
31%
6%
Gov't regulations, building codes and inspections the home went through
62%
31%
5%
Having/Knowing the home was built by a licensed residential builder
61%
32%
5%
Having your home privately inspected
59%
32%
7%
Your home’s builder belongs to a professional builder association
53%
38%
8%
Very important
Somewhat important Don't know/Not sure
Not very important
Base: (n=500)
Not at all important
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