a Guide on the Better Option between Starter Homes and Forever Homes for First-Time Buyers
Buying a house is not a cheap thing to do, and the median house price in the US is currently at $280,000. For the first-time buyer, buying a house can be both exciting and daunting. You may be wondering whether it is better for you to buy a starter home and get yourself on the housing ladder quickly or to wait longer and safe for a forever house, which is your dream home. Discover the gains and cons of each in this article.
Starter homes will avail multiple benefits to you. Firstly, a starter home will be affordable. For younger individuals who want to get on the property ladder quickly, they may find this option attractive. Secondly, you get to move in soon when you buy a house that you can afford. A starter house can increase in value rapidly, and can, therefore, serve as an investment. When you move into an area that is sought after, your property will be worth exponentially more in the future.
Choosing a starter house will also come with multiple disadvantages. 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. You will need various upfront costs to make the home comfortable and in line with your preferences. 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. 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.
There will be various advantages that you get when you choose 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 have to spend on down payment and mortgage, and you may have to wait many years to save up for this. The forever houses may also keep appreciating, such that you experienced decreasing affordability over time. Buying a forever house also requires people with commitment, and anyone opposed to commitment should not opt for it.
Depending on a person’s current circumstances and aspirations, one should make the decisions that work best for them.
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