A Comparison between Starter Homes and Forever Homes for First-Time Buyers
Purchasing a home isn’t a cheap thing, and the current median price house in the US is $280,000. One may have mixed feelings of excitement and daunting if they are first-time buyers. You may be wondering if it is better to buy a starter home and get on the housing ladder quickly or to wait longer to purchase a forever house, which is your dream home. Get to learn the benefits and downsides of each below.
You will gain various benefits when you buy a starter home. The first benefit is that starter homes provide affordability. For younger individuals who want to get on the property ladder quickly, they may find this option attractive. You also get the benefit of moving into the home quickly because it is something you can afford. You can also purchase a starter house as an investment or rental opportunity since it can quickly grow in value. When you move only into an upcoming area, it may be worth much more in the future when the area becomes a sought-after location.
There will also be various disadvantages of getting a starter house. The nature of the starter houses that you won’t live in it forever, and you will thus need to move more. Moving involves a lot of hassle and is time-consuming. Secondly, different upfront costs will be involved to make the place personalized and suitable for your tastes. A starter house won’t be the house of your dreams, and you will need to spend so that you can make it more comfortable for you. You may also face difficulties trying to sell the house, and if no one wants it, you can go through a long and exhausting process to get out of it.
You will attain different gains when you decide to purchase a forever home. A forever house will be your dream house; thus, most of the things about it will be satisfactory to your personal preferences and comfort. A forever home will usually be larger than a starter home, and this will cater for a family that is growing. Therefore, a couple who is starting a family can have enough rooms and land for children and pets. A forever home will also provide stability to the homeowners since they will not need to make further housing decisions in a long time.
Purchasing a forever home will also have various downsides. Buying your dream home will need you to spend a lot of money. You may need to save up for many years so that you can afford your dream house because of the requirement to pay down payment and mortgage. A forever house may also continue appreciating, thus causing decreasing affordability over time. Anyone who is averse to commitment should also not think of choosing a forever house.
Based on where one is and what they want in life, they should make decisions that are suitable for them.