How to Decide If Your House Is a Forever or Starter Home

Source: Photo by MART PRODUCTION from Pexels

Guest Author:  Alice Robertson

The median home price in Cincinnati, OH, is $151,907. This figure differs immensely from the national average of $374,900. While the disparity is beneficial for homebuyers in the area, it raises the following question: “Should your next house be your forever or starter home?” Here, it helps to weigh the pros and cons.

Pros of a Starter Home

When you purchase a starter home, it generally is smaller and less expensive initially. For that reason, you have fewer maintenance tasks, so you can save your money and have more to spend on enjoying life. Additionally, when you are ready to move, you may be able to monetize that starter home into a rental property.

Cons of a Starter Home

While there are benefits of a starter home, keep in mind that it may need significant repairs that can cost you time and money. You might also have to make substantial upgrades, so it meets your needs.

Moreover, you may find a starter doesn’t have enough space for you to live comfortably and therefore may always look cluttered. Plus, it might not have enough room to expand your family anytime soon. Consequently, you may need to move sooner than you wish. Not to mention, selling a starter home isn’t as easy as a forever home.

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Pros of a Forever Home

If you choose to make this Cincinnati dwelling your forever home, you won’t have to move again and contend with the expenses and time of the moving process. Plus, you’ll have room to expand your family with a larger home. There is also more space for your belongings, and to do with that space as you please. In addition, you can make upgrades based on your likes and will not need to keep either prospective buyers in mind or the value those upgrades will add.

Cons of a Forever Home

When you purchase a forever home, it tends to have more space and items. This means you will spend more time cleaning and maintaining the house. The additional maintenance can result in spending more money to hire professionals or dedicating time to doing it yourself. When you do it yourself, you have less time to enjoy your family.

Although a forever home may better suit your needs, it usually has a higher price tag. Therefore, you may have less spare money to spend on going out to eat, traveling, and other luxuries.

Special Consideration

Whether you have a starter or a forever home, you must protect your investment with insurance. Homeowners insurance covers damage to your home, any injuries that happen on the premises, and your belongings in the event of theft or disaster. However, possessions that break down are not protected. In this situation, having appliances and systems covered by a home warranty is the best protection you can count on.

Choose Based on Your Needs and Live a Happy Life

Consider your needs and desires when choosing between a starter or a forever home. You will then live a happier, less stressful life. For assistance finding a home in Cincinnati, OH, visit theCincyBlog.

About the Author:  Alice Robertson started her career as a professional house cleaner in the home organization industry. She decided to open her own home organization business after cleaning and organizing her clients’ homes for years. She has built an impressive client list over the years which helps make spaces in homes and businesses more functional. To share the great cleaning and organizing advice, she recently created Tidy Home.