The Baby Boomer generation is venturing into adulthood and it’s time to have their dwelling as their families grew, career advanced. So you are all set to jump in the pool of buying a home. But the first question comes to mind: “Starter home or forever home?”
The opportunities to work remotely have opened more choices to homeownership. So what are you going to dip your toes in: A starter home that’s more affordable or a little bigger forever home?
There is no clear-cut answer. It all relies on your accomplishments and your circumstances. Here we explain the benefits and drawbacks, including both the homes, and help you decide which option is right for you.
What is a starter home?
As the name states, a starter home is a property that is not ideal to live on a long-term basis. Instead, it is a home that suits your needs for a limited period. For example, Port Aransas real estate has a starter home or condominium that has two bedrooms. It is a great option for younger homebuyers as it’s less expensive, and you can get it without waiting for too long. Also, it saves you up for a down payment.
When you compare it with forever homes, it tends to be smaller and less updated. It allows you to build property at the same time, something that you can’t do when you are on rent.
Benefits:
Quite affordable: It is undoubtedly one of the most incredible features to get a starter home. Starter homes are quite cheaper than a forever home, and you can purchase it without waiting until you have a huge down payment.
Low tax: When evaluating your option, you should consider that a starter home has lower property taxes.
Less/No maintenance: Smaller place means less maintenance is needed, leading you to save money, especially when you need to heat or cool your home. There are Port Aransas homes for sale that you can plan on buying with less maintenance.
Drawbacks:
Small area: Starter homes have less space to fulfill your needs when you have children or want to live with family members.
Demand repairing: It might need a little repairing, so getting an inspection before you buy is recommended. Make sure you are ready to deal with repairs.
Take time to sell: The starter home is usually not in an ideal location. As a result, you might face problems selling when you decide to upgrade.
What is forever home?
A forever home is a house that you can imagine yourself living in for years. It has every facility that you might want, from a larger kitchen to a backyard and more bedrooms with easy transportation. It is best if you are looking to settle down for at least ten years and a place that can tackle the upcoming life-changing events like having kids. There are houses for sale in Port Aransas in a beautiful location that you will not plan to move to in the near future. It also has a sky-high resale value.
Benefits:
Make your own personalization: Without thinking too much about resale value, you can feel comfortable investing in features that suit your lifestyle.
Less moving: If you are often moving or changing schools, it takes an emotional toll on your children. Also, moving often demands time and money.
Gather manifesting pieces of furniture: As you are in it for the long haul, you can safely invest in decor and furniture pieces that work perfectly in your space.
Drawbacks:
Expensive: A forever home will likely cost you more than a starter home. And it also makes your finances feel a little tighter. For example, if you want to buy a home near an island, it costs you more, but you can’t miss the opportunity right now as north padre island homes for sale that you can buy at a fair price.
Demands upkeep: With a larger space, it needs maintenance, and also it costs you more to heat and cool your home.
Slow ROI: If your home is move-in ready, you won’t gain faster equity through remodels. Over time, it is likely to gain value and not as fast as sweat equity.
Superior tips to make a smart choice
Spend only on what you can afford.
Plan to buy a home for at least a few years, not for a few months.
Consider the potential resale value.
Keep “Forever” in practice.
Final Thoughts:
A starter home is a fair property that is meant to be an entry-level home with fewer amenities. Forever homes are best for adults who want to live in a particular area for a long time. However, many seniors choose to downsize later in life, so your forever home doesn’t mean forever for life. Consider the pros and cons of both the type of home and reach out to a Port Aransas real estate agent when you are ready to take the next step of buying a house.