For Your Consideration: A Starter Home or a Forever Home
Buying a house is one of the most important decisions you'll make in your adult life. It’s also one of the biggest investments you will ever make. When deciding whether to purchase a more affordable starter home or invest in a forever home, it’s important to consider all factors before making your decision. Blueprint Real Estate Advisors has some tips to help you decide which type of home is best for you.
The Case for a Starter Home
A starter home is typically less expensive than a forever home, so it allows first-time buyers to get into the housing market without breaking the bank. Starter homes are also easier to maintain than larger homes, as they require less upkeep and fewer repairs. Also, if you plan on growing your family soon, you can make a move without much trouble.
The downside of buying a starter home is that they tend to be smaller and have fewer amenities than larger homes. This means that if your family grows or your needs change over time, you may have to move again sooner rather than later. Additionally, some starter homes may need more repairs or renovations than larger homes due to their age and size, which can add up quickly.
Why a Forever Home Might Be for You
The biggest advantage of buying a forever home is that it can accommodate potential changes in lifestyle or family size over time without having to move again down the line. These types of homes also come with more amenities, such as multiple bathrooms and bedrooms, spacious kitchens, and large backyards for entertaining guests or playing with pets and children. Furthermore, they also tend to appreciate in value faster than starter homes due to their size and features.
The downside of buying this more expensive property is that it requires more money upfront for the down payment, as well as ongoing maintenance costs due to its size and features. Additionally, these types of properties often have higher taxes associated with them since they are usually located in desirable areas with high property values.
Have an Eye on the Future
When deciding between purchasing either type of home, it’s important to think about what your plans are regarding family size and lifestyle changes over time and how much money you can realistically afford upfront. If you plan on staying put for many years, investing in a forever home might be worth considering. However, if there’s even an inkling that you might move within the next few years, then perhaps purchasing a starter home would be better suited for your current situation.
Know Your Financing Options
When you're ready to look for a home, it's crucial to explore all of your options for a loan. Depending on where you live, how much your income is, and what your credit score is, you may qualify for a mortgage that doesn't require a large down payment or one with a lower interest rate than others. Talk to your lender about your options and make sure you understand all that comes with them.
Don’t Forget Your Home Warranty
When deciding whether or not to purchase a home warranty, it’s important to weigh the cost of the warranty against potential expenses for appliance repairs. Consider the age and condition of your appliances. Keep in mind that homeowner's insurance applies to theft, damage, and injuries but doesn't cover appliances and major systems such as electrical wiring, so a home warranty can be extremely beneficial. Give this a try when you're ready to make a decision.
Deciding to buy a home should take some thought. This is especially true if you have limited options where mortgage lenders are concerned. With the right amount of planning, you can choose the best type of home for your needs without a lot of stress.
Ready to buy your dream home? Reach out to Blueprint Real Estate Advisors.
Guest Blogger: Andre Griffin