Starter Home or Forever Home: How To Choose
Your decision to buy a home in Catonsville, Maryland, can be exciting. But it can also cause sleepless nights from being indecisive about a location, a type of home, and an amount you’re willing to spend. Homebuyers often wrestle with whether or not they should buy a home they can live in forever, or a starter home that can make homeownership a reality when they have limited resources. It’s important to choose a home that fits your lifestyle and your needs. If you're looking to buy a home and are still in the decision-making part of the process, here are some things you should consider..
The Pros and Cons
Before making any major purchases, it’s important to weigh the pros and cons. When choosing between a starter home or forever home, many decisions have to be made: how long you plan to stay there, what you can afford, what you want, and so much more.
Starter Homes
The cost to buy a starter home is typically lower than that of a forever home. This is because it might have less square footage, smaller rooms, and economy materials and fixtures. These types of homes are a good choice for first-time homebuyers that are interested in living in an area short-term, or planning to upgrade when they can afford a larger home.
When thinking about your needs, consider storage space. Smaller square footage means minimal storage. But just because starter homes may be smaller, it doesn’t mean they can’t be a good investment. Homes of any size can be a wealth-building tool as their equity increases. A starter home also has investment potential, as single-family rentals are popular with young families. Also, if your lifestyle allows you to buy a starter home in a vacation destination, it can become a lucrative short-term rental.
Forever Homes
A forever home is a place to live comfortably long-term and is expected to increase in value. These buyers may seek luxury bathrooms, granite or quartz countertops, high-end appliances, and wood floors. Dedicated office spaces are also popular with those whose lifestyle allows them to work remotely. Additionally, the neighborhood makes a difference for people buying forever homes. These buyers often need their forever home to be within good school systems, be in a quiet neighborhood, and have minimal traffic. .
But these amenities come at a cost, making forever homes more expensive than starter homes. It can take years to save enough money for a down payment, and monthly payments for a larger home can strain a budget. In some neighborhoods, monthly HOA dues can be more than a vehicle payment. A forever home can also require more upkeep than a smaller starter home. Those who buy large forever homes can expect to pay more for lawn care, roof repairs, window replacements, utilities, and taxes.
Make the Move
Whether you purchase a starter home or forever home, you’ll need to choose a moving company. Completing an online search for ‘moving companies near me’ can provide online reviews, which can tell you a lot about a company. Always get written estimates from movers to prevent surprise charges. Ask questions and be thorough in listing items you need them to move. If an item isn't on the list, most movers refuse to touch it. You might also want to inquire about insurance coverage for valuable items that may get damaged or broken during the move.
Insure Your Investment
Look at all the options as you decide whether to purchase a lower-cost starter home or a more expensive forever home. Your budget, career status, and family needs are factors that may influence your decision.
Once you decide what’s right for you, look for an honest, reliable moving company, and contact Lines Insurance and Financial Services for your insurance needs.
Information provided by Suzie Wilson of HappierHome.net.