a Guide on the Better Option 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. One may wonder which is better between buying a starter home so that they can get on the housing ladder quicker or if they need to wait longer so that they can purchase their dream home, which can also be referred to as a forever home. Discover the advantages and disadvantages of both herein.
You will gain various benefits when you buy a starter home. You will be able to get a starter home affordable. Younger individuals and couples who want to get on the property ladder quickly can find this alternative something possible to do. Secondly, it will be possible for you to move into the house soon because it is a house that you can afford. A starter house can increase in value rapidly, and can, therefore, serve as an investment. When you are among the first to move into an upcoming area, the property may be worth exponentially more in the future when the place becomes a sought-after location.
There will also be various disadvantages of getting a starter house. There will be the need to move since the starter house is not somewhere you will live forever. Moving involves a lot of hassle and is time-consuming. You will need various upfront costs to make the home comfortable and in line with your preferences. While it may be structurally okay, you will need various improvements so that it can be what you wanted to be since a starter house can never be the house of your dreams. Thirdly, you may experience trouble selling on a starter house, and the process of getting out of it can be long and arduous if no one wants the property.
Buying a forever home will avail multiple benefits to you. The forever house will be your dream home, and you will have most of the things about it satisfying your personal preferences. When you have a growing family, a forever home will be suitable because the houses are generally larger than starter homes. 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 will need to spend on down payment and mortgage, and you may need to save up for many years so that you can get here. A forever house may also continue appreciating, thus causing decreasing affordability over time. Purchasing a forever house also needs people who are committed to making that happen, and it may not work for someone opposed to commitment.
Depending on a person’s current circumstances and aspirations, one should make the decisions that work best for them.