What is a Good Starter Home?

Being a first-time homeowner is a lot of responsibility. You have the power to make decisions based on what you visualize for your space and comfort. There are details that need to be taken into consideration when choosing the type of home you want to create or purchase for yourself. Remember, this is an investment; probably one of the most expensive ones you will make in your lifetime. 

Starter homes do not usually have all the amenities you would want. In the long run you then have the opportunity to build and invest in your dream home from the profit you make over the years. So choose wisely, deliberating the below main ‘ingredients’ needed when purchasing a starter home.

 

Affordability

When looking for your first home, you need to have a solid plan. Your budget/affordability will be the main subject around which house is suitable for you. If you are a first-time buyer, you will need to apply for preapproval on your mortgage. Instead of spending all of your hard-worked money on your first home, it is wiser to look for property that you can pay for while having pocket change every month. It is ideal for you to stay in your starter home for a few years after purchase to settle and save money for future homes or other investments. 

 

Location

Consider the benefits and cons of the locations you visit based on your affordability and the type of lifestyle you associate yourself with. You might find yourself choosing a quiet neighborhood with beautiful well-kept gardens over a noisy “student” district that you might regret after a few weeks. Think about what you want to surround yourself with. Peace, noisy children, busy highways, loud college students, etc. it is really up to you.

Observe traveling distances from your work, shopping centers, parks, etc. You do not want to purchase a home that is far away from what you need in your lifestyle. It will cost you for traveling up and down and bring upon stress when you have to sit in unnecessary traffic in order to get to where you need to be. 

 

Property Maintenance

A lot of affordable properties you will find within your budget could be semi-abandoned and not been maintained in a way it should be. Do not buy a house where you will spend more on maintenance and repairs than on the actual price you bought it for. It can take you so much longer to recover those extra expenses, delaying the time you will have to save on purchasing your dream home. Get an inspection before you buy the property and be sure that you are ready for the costs. If you do not have the means for renovations and upkeep, consider purchasing a more maintained home to avoid sinking into financial distress.

 

Future of the Investment

You won’t be living in that home forever, so what happens when you are ready to move on? Will the value of this property appreciate over the years? You need to formulate a strategy for when you are ready to move out, if that means renting it out or selling it and transferring ownership. 

 

Choose a starter home that is well within your affordability, considering your plans for the future. By the time you want to move, you will have the knowledge and experience of what to expect when purchasing a home of your choice, family size and lifestyle.