Gender makes a difference when it comes to home buying

Women are more prepared to quickly make up their mind about a home purchase than men, according to a new survey.

When asked in the Coldwell Banker Real Estate survey how long it took before they knew their home was “right” for them, almost 70 per cent of women had made up their mind the day they walked into the house. 

On the other hand, 62 per cent of men made up their mind on the first day, but significantly more men at 32 per cent vs. 23 per cent needed two or more visits.

Women may be from Venus and men from Mars, but every day millions of couples together navigate through day-to-day — even life-altering — decisions  such as a home purchase. 

Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate said it surveyed 1,000 individuals to discover how men and women differ in the home-buying process, using the research firm, International Communications Research (ICR).

“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. 

“For example, both men and women are increasingly concerned with having a space to work in their homes — something we would not have seen 40 years ago.

“We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”

The survey also found 55 per cent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 per cent of men.

A home’s security is a deal-breaker for both men and women, as 64 percent of women said that if they found the home of their dreams, but had concerns about its security, they would no longer be interested, while slightly more than half of men agreed.

Couples said that no one “wears the pants in the relationship” in terms of major financial decisions, such as purchasing a home. 

Almost 70 per cent of respondents living with their significant other said it’s a mutual decision.

When the respondents were asked how they would use an extra 12-by-12 room, men and women agreed on the top-3 most popular, and very practical, responses:

• Bedroom 25 per cent.

• Office/study 15 per cent.

• Family room/den 11 per cent.

However, men really do want a “Man Cave.” Out of the eight per cent who indicated they would turn the spare room into an entertainment centre, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation/entertainment.

“These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighbourhood to how to use a spare room.” said Patton. “... the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”