What do women want? It's an age-old question. A recent TD Canada Trust poll decided to get some answers and finally find out what women want -- in a home, that is.
Financial security is at the top of the list. According to the TD Canada Trust Women and Home Ownership Poll, 43 per cent of women who bought a house on their own say that financial security is the best thing about home ownership. Having a backyard or garden came in at second place, with 35 per cent ranking those features as the best things about owning a house. Another 34 per cent of women said having their very own space was tops for them. The poll, which was released in March, surveyed a total of 1,000 women age 18 and older.
Two of my closest friends -- both women in their 40s -- are currently active in the housing market. One just bought a house a week ago and the other is very actively looking to secure a house for herself. They are both going through separations and finding their own space is tops for them right now. For both of them, it's not only a step to financial security; it's a pivotal step to their independence.
Whether it's due to divorce or the fact that people are getting married later in life, more and more Canadian women are buying homes on their own and at all ages. Of the women surveyed, 37 per cent bought their first house independently between age 18 and 29. Thirty per cent of women bought between 30 to 39 and another 33 per cent bought over age 40.
I bought my own house almost two years ago now and I'll tell you, I absolutely love it. Just like the women in the survey, I love the financial security of owning my own house.
So now that you know what women want, what influences us in determining which house to buy?
A whopping 98 per cent said the most important factor influencing their buying decision was cost, closely followed by neighbourhood and location at 97 per cent. Of course, security and safety were also top priorities with 96 per cent of women ranking them high on the list. Buying a house close to work and family was not as important. Seventy-two per cent of women said they wanted to find something close to work, while 65 per cent said being close to family was important.
"Since the poll shows that cost is the number one deciding factor, the lower housing prices and attractive mortgage rates we are experiencing mean this is a great time for women who have been planning to purchase a home to get into the market," says Joan Dal Bianco, vice-president, real estate secured lending for TD Canada Trust.
While there are many positives about owning a home, we all know that it does come with its downsides. Forty-three per cent of women said the cost of maintenance and repairs was the biggest downside, while 42 per cent complained about having to actually do the maintenance work. Not surprisingly, 28 per cent of women said yard work and snow removal were the biggest drawbacks of home ownership.
Tell me about it! After last week's snowfall, I refused to shovel any more. While I apologize profusely to my mail carrier, I have had enough. Shovelling is not something I like to do much anyway (OK, it's more like I abhor it and put it off as long as I can!), but in April it's even worse. Whether you are from Mars or from Venus, I know there are some things that we can all universally agree on.
