Starter Home or Forever Home? Which to Buy?

Buying a home is an exciting and monumental decision. Whether you are looking for a starter home or forever home, there are some key factors to consider before signing on the dotted line. Real estate pro Matthew Share has compiled a list of tips that will help make this decision easier.

Evaluate Your Current and Future Financial Situation

When searching for your dream home, it’s important to take into consideration your current and future finances. Factors like income, credit score, debts incurred as well as savings goals including retirement funds or college tuition should be taken into account before deciding between an economical starter house versus splurging on the forever home of your dreams. This will ensure you don’t become overburdened with a mortgage payment that could jeopardize other essential investments in life ahead.

Factor in the Cost of Home Security

When navigating the world of real estate, there are a lot of considerations to take into account. From budgeting constraints to proximity and commute times — every factor can contribute in unique ways. But paramount amongst them is security. Making sure your family feels safe when they call their new abode home should always remain top-of-mind while hunting for homes both starter or forever alike. First, learn more about the latest home security systems and devices. Look for reviews, recommendations and troubleshooting tips from industry experts.

Determine Your Primary Motivating Factor for Wanting To Buy A Home

When deciding whether to buy a starter or forever home, it is important to determine why you are buying a home in the first place. Are you looking to build equity over time? Do you want something move-in ready? Is it important to have space for entertaining? Answering these questions will help narrow down what type of property may fit your needs best.

Find the Perfect Starter Home for Your Present and Future Needs

Money Crashers notes that when considering a starter home, think ahead and make sure that it can easily adapt to your future needs such as expanding the family size or entertaining guests. It is often more cost-effective than purchasing the larger property first. Keep in mind, however, that investing in an upgrade later could entail massive expenses not budgeted for originally.

Consider The Job Market In The Area

When making the big decision to buy a starter or forever home, factors such as job market security and wages should be taken into account. Research local industries to gauge employment opportunities that could impact long-term financial stability when relocating away from one’s current location. This information can help inform quality-of-life decisions related to homebuying.

Make An Informed Decision About Your Home By Comparing Maintenance Costs

When comparing two properties, The Balance points out that size and age can affect the long-term cost of maintenance. Researching local market trends for things such as insurance rates is necessary before investing in a home, as prices may vary from region to region. Don’t forget about ongoing repairs or renovations that come with owning an older property.

Secure Your Dream Home With An As-is Inspection By A Professional

If you’re looking to purchase an “as is” property, it’s best to bring a knowledgeable inspector along. Keep in mind that the value of any home may depend on changing market conditions and other factors like regional zoning laws. By taking these into account for each case specifically, one can make more informed decisions about short and long-term investments.

Discover Your Top Priorities When Searching For A New Home

Smart investments can help bring rich returns in the future, so when considering which neighborhood to choose it’s important to take into account the amenities available. Look for quality schools and parks — these amenities are highly sought after, raising property values due to increased demand. Consider what matters most within your chosen community now; this could yield major rewards later on.

Deciding between purchasing either a more affordably priced starter home or an expensively priced forever home takes careful consideration before committing. Consider different factors including finances, lifestyle accommodations, and community amenities. Comparing costs and benefits is essential to crafting an optimal long-term plan for your home.

Content contributed by Andrea Needham of eldersday.org