Comparing 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. 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.
You will gain various benefits when you buy a starter home. Firstly, a starter home will be affordable. Younger individuals and couples who want to get on the property ladder quickly can find this alternative something possible to do. You also get the benefit of moving into the home quickly because it is something 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 are also various downsides of choosing a starter house. There will be the need to move since the starter house is not somewhere you will live forever. A lot of time, energy, and even money are spent when moving. Secondly, you will incur various upfront costs to make it a comfortable place to live in and to customize it to your preferred tastes. Even if it may be fine structurally, the starter house cannot be the house of your dreams, and you have to spend to make it what you want. 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. The forever house will be your dream home, and most features about the home will be what you have selected yourself, thus adding to your satisfaction. A forever home will usually be larger than a starter home, and this will cater for a family that is growing. There will thus be enough space for pets and children, which makes a big difference. Thirdly, a forever home provides stability to the buyer because there will be no need for further housing decisions for a long time to come.
There are also multiple disadvantages of purchasing a forever home. Firstly, the expenses involved in purchasing a dream home will be significant. 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.
Based on where one is and what they want in life, they should make decisions that are suitable for them.
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