Sooner or later, we all reach that point in time when we’re ready to take that big step known as homeownership, and that likely means buying a starter home. But what is your ideal starter home? Is it, perhaps, a condo or a townhouse? Or is it a smaller home that’s the perfect size for a small family, or maybe one that needs a little work but carries an affordable price tag?
Whatever your situation, a starter house might be a wise move until you can afford the house of your dreams.
Buying a starter home
- In general, the average stay in a starter home is approximately five years, give or take.
- Your starter home might be located in the suburbs, while your future “forever” home is closer to the action of a big city. Are you ready for the longer commute while you save for your future?
- Be honest about how much house you can currently afford. If you’re looking at the numbers and they just don’t add up, a starter home is probably the better option until you can improve your financial situation. Make a commitment to saving for that “forever” home.
If you ultimately make the decision to go with a starter home, be sure to get a good home inspection, and then accompany your home inspector during the walk-through and take thorough notes. If something is amiss with the house, the home inspector can bring it to your attention before you sign on the dotted line. Your Realtor can ask for the repair to be made by the current homeowner prior to the sale taking place.
Renovations and repairs come with any home, so get to know the difference between routine and expensive maintenance and makeovers. Your home inspector or Realtor should be able to answer any questions that you have.
Buying a starter home, or a “forever” home, is a major step in one’s life. Therefore, surround yourself with knowledgeable people who can make your transition to homeowner as seamless as possible. For more information, please contact The Olear Team today!