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Choosing between a starter home and a forever home can be challenging. Should you purchase a condominium or a townhouse, or a forever home that has all your desired features? It can be difficult to make a decision without access to some help. Today, Southern Diva Designs shares some tips on how to choose the right home for you and your family.
Is a Starter Home Right for You?
A starter home can be a fixer-upper or brand new, but it's more affordable than a forever home and doesn't require a lot of maintenance. Some home buyers purchase a starter home so they can rent it out in the future. You can also build home equity with a starter home for major expenses or home renovation.
The major drawback is that it might be difficult to sell, and you may also end up paying for more repairs, which can hurt you financially. A starter home is usually smaller, which is not ideal if you're planning to raise kids soon. Consider a starter home if you don't have the budget for a bigger house.
Buying Your Forever Home
One of the biggest benefits of owning a forever home is that there's no need to move again. This means you can customize your home all you want — the sky's the limit. Forever homes are also bigger, making them the best option for homeowners who want to start a family sooner.
Still, there are some downsides to purchasing a forever home. For one, you'll need to save up as it is typically more expensive than a starter home. Because a forever home is usually bigger, it may require more upkeep. Also, if there's a major change in your life, selling a forever home can be difficult.
How to Choose a Home
The down payment, credit history, features you look for in a home, and your plans for the next five years are a few things to consider when choosing between a starter home and a forever home. Go with a forever home if you have the budget and you plan to start a family soon. If you haven't decided where to settle down permanently, a starter home may be ideal for you.
Purchasing a home is one of the biggest investments you'll ever make. Before shopping for a new home, it's important to explore the different types of mortgage options that are right for you. Getting an FHA loan is excellent for first-time homebuyers as you're not required to put in a large down payment or to have a higher credit score.
Especially if you’re buying a dated home, you will want to consider purchasing home warranty. Not to be confused with homeowners’ insurance, a home warranty provides coverage for major appliances and other essential systems for your home, like HVAC, plumbing, electrical, and more. Take the time to compare coverage inclusions and streamline your search for home warranties.
Are you ready to move in? Make your move stress-free by reaching out to local movers in your area. However, read online reviews to help you assess each moving company before you meet with them to discuss price and your other needs.
Start Saving for Your New Home
Choosing the right home shouldn't be difficult so long as you know the pros and cons of buying a starter home versus a forever home. Use the helpful guide above to help you make an informed decision, and consider protecting your new investment with a home warranty.
Southern Diva Designs seeks to make items that are loved and beautiful, that still serve a purpose in everyday life, and to design spaces that exhibit one's style while providing a place of comfort and the feeling of home. Questions? Don’t hesitate to ask!
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Blog provided by Economy Mom.