If you’re not sure whether to buy a starter home or a forever home, there are a few things to consider. First, think about your current situation and where you see yourself in the future.
If you’re single or plan on starting a family soon, a starter home may be a good option. However, if you’re established in your career and don’t plan on moving anytime soon, a forever home may be a better choice.
Let’s explore your decision in greater detail to ensure you make the most suitable investment.
What You Need to Consider before Choosing
There are several things you should take into account when trying to decide whether to purchase a starter home or your forever home.
One crucial thing to think about is your budget. A starter home will likely be more affordable than a forever home, but it may also need more work. If you’re not handy or don’t have the time to make repairs, a forever home may be a better investment.
Finally, consider your lifestyle. If you like to entertain or need a lot of space, a forever home may be a better fit. However, if you’re happy with a smaller space and don’t mind making some repairs, a starter home could be a great option.
No matter which type of home you decide to buy, be sure to do your research and work with a reputable real estate agent. With a little planning, you can find the perfect home for your needs.
What Are the Pros and Cons of Starter Homes and Forever Homes?
There are both pros and cons to consider when deciding whether to purchase a starter home or a forever home.
A starter home is typically more affordable than a forever home, but it may need more repairs. If you’re not handy or don’t have the time to make repairs, a forever home may be a better investment.
A forever home will likely be more expensive than a starter home, but it will also probably need fewer repairs. If you’re looking for a move-in-ready home, a forever home is probably your best option.
Another thing to think about is your budget. A starter home will likely be more affordable than a forever home, but it may also need more work. If you’re not handy or don’t have the time to make repairs, a forever home may be a better investment.
Should You Insure Your New Home?
Once you’ve decided whether to buy a starter home or a forever home, it’s important to think about insurance. Homeowners’ insurance is not required by law, but it is recommended. Your mortgage lender will likely require you to have insurance if you have a loan on your home.
Homeowners insurance protects your home from damage or loss due to fire, theft, weather events, and more. It also provides liability coverage if someone is injured on your property.
The cost of homeowners insurance varies depending on the value of your home, the location of your home, and the amount of coverage you choose. Be sure to shop around for the best rate before buying a policy.
Similarly, you should also look into a home warranty. Unlike homeowners’ insurance, home warranties insure the contents of your home, covering wear and tear, as well as breakdowns for your HVAC and other systems. So are warranties worth it on appliances? Absolutely! This way you have peace of mind and you can avoid not paying for costly repairs and replacements out of pocket!
In Closing
There are several things to consider when deciding whether to purchase a starter home or your forever home. Be sure to think about your current situation, budget, and lifestyle before making a decision. Don’t hesitate to speak with Realtor Michelle Thomas for guidance and direction.
Article provided by Suzie Wilson suzie@happierhome.net