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A Comparison between Starter Homes and Forever Homes for First-Time Buyers

It is not cheap to buy a house, and the current median price for a home in the US is $280,000. One may have mixed feelings of excitement and daunting if they are first-time buyers. You may be wondering if it is better to buy a starter home and get on the housing ladder quickly or to wait longer to purchase a forever house, which is your dream home. Get to learn the benefits and downsides of each below.

You will gain various benefits when you buy a starter home. Firstly, a starter home will be affordable. Young couples and individuals can prefer this option when they are seeking to get on the property ladder quickly. You also get the benefit of moving into the home quickly because it is something you can afford. Thirdly, a starter house can serve as an investment because it can grow quickly in value. When you move only into an upcoming area, it may be worth much more in the future when the area becomes a sought-after location.

There will also be various disadvantages of getting a starter house. There will be more moving because a starter house is not a forever house. A lot of time, energy, and even money are spent when moving. You will need various upfront costs to make the home comfortable and in line with your preferences. Even if it may be fine structurally, the starter house cannot be the house of your dreams, and you have to spend to make it what you want. The other con is that you may have trouble selling a starter house, and you can face a long and tiring process to get out of it if no one wants it.

Buying a forever home will avail multiple benefits to you. The forever house will be your dream home, and most features about the home will be what you have selected yourself, thus adding to your satisfaction. Forever homes also tend to be larger than starter homes and can cater for growing families. Thus, couples who are starting a family can have enough space for children and pets. Thirdly, a forever home provides stability to the buyer because there will be no need for further housing decisions for a long time to come.

When you buy a forever home, you also experience multiple cons. Buying your dream home will need you to spend a lot of money. You may have to spend on down payment and mortgage, and you may have to wait many years to save up for this. The forever houses may also keep appreciating, such that you experienced decreasing affordability over time. Buying a forever house also requires people with commitment, and anyone opposed to commitment should not opt for it.

Depending on a person’s current circumstances and aspirations, one should make the decisions that work best for them.

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