The Starter Home vs. Forever Home Debate
The Starter Home vs. Forever Home Debate
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Guest Author: Jim Vogel
The Starter Home vs. Forever Home Debate
Buying a home is one of the biggest decisions you will make in your life. It is important to consider all of the pros and cons before deciding whether to purchase a more affordable starter home or invest in a forever home.
Pros of Buying a Starter Home
Buying a starter home can be an excellent way to get into the housing market without breaking your budget. If you choose wisely, you may be able to find a starter home that is close to amenities, has good schools nearby, and is well-maintained. You may also have the opportunity to add value by making renovations or improvements over time.
Cons of Buying a Starter Home
The downside of buying a starter home is that it may not meet all of your needs in the long run. You may outgrow your space quickly if you plan on having children or if your family expands in any other way. Additionally, there may be hidden costs associated with owning an older home such as repairs or maintenance that could eat into your budget over time.
Pros of Buying a Forever Home
Purchasing a forever home is an exciting opportunity that comes with countless benefits. You’ll have plentiful space for all family members, both present and future, not to mention the potential access to amenities like swimming pools and tennis courts.
The best part of buying your dream home now is being able to personalize it exactly as desired from day one. Not only does the idea provide convenience but also peace of mind knowing there’s no need to worry about moving again anytime soon if ever at all.
Cons of Buying a Forever Home
The downside of buying a forever home is that it can be more expensive upfront than buying a starter home. It can also take longer for the house to appreciate which means it might not be worth as much when it comes time for resale compared to what you paid for it initially. Additionally, taxes and insurance costs can add up quickly which could cause financial strain down the line if not planned for properly ahead of time.
Carefully Consider Your Finances
Before jumping into the exhilarating process of property ownership, take a moment to reflect on your current savings and expected costs. This will ensure that you make an informed decision about which type of residential asset is ideal for your budget. Additionally, this will give you confidence in knowing it was the right choice all along.
Research Mortgages To Determine How Much You Can Afford
No matter which type of property you decide on purchasing (starter or forever), researching types of mortgages ahead of time and using a mortgage calculator will help determine how much house within each category (starter vs forever) is within reach financially speaking based on current income levels plus any additional income streams already secured. This will help narrow down options so that only properties within reach are considered during this exciting process.
Stay on Top of Home Maintenance with an App
Whether you purchase a starter home or a forever home, you’ll want to take good care of it. It can be hard to keep track of regular maintenance and to find the right people when something goes wrong, but there is a great solution. With the home management app, you can get connected to experts in your area who are perfect for your renovation, maintenance, and repair needs. Plus, the app will track important upkeep deadlines for you so you never miss a filter change or HVAC checkup.
Plan To Buy A Home Warranty For Whichever House You Choose
Purchasing a home warranty is an important step when considering any house. It provides coverage on major home systems and appliances, should they need to be repaired or replaced due to everyday wear and tear. The cost of this kind of protection can vary depending on the level of coverage desired and the size of your home. Look online for in-depth reviews for different types of home warranties, helping you make an informed decision on which warranty works best for your needs.
Weigh Your Options Carefully
Deciding between buying either a starter or a forever home requires careful consideration. Take some time now before making any big decisions regarding moving out into solo apartment life by researching different areas, organizing bills ahead, and buying a home warranty. Reviewing your current finances and thinking about where you see yourself in five years is a great place to start. Doing all of these things ahead will help ensure you make the best decision possible when it comes time to purchase either type of property available today.
For the professional experience you need to find your perfect home in Cincinnati, Liberty Township, West Chester, Mason, and other communities, contact Realtor® Kathy Koops today!
