Buying a Starter Home or a Forever Home: Which is Right for You?
Thank you Katie Conroy, guest blogger, for sharing these home buying tips with our audience!
When you enter the market for a home in Cheyenne, think about what you truly want and need. You can buy a starter home for a lower cost, or a forever home meant to create lasting memories for your family, albeit with more challenging upkeep. It’s a lot to consider, so it’s best to have a dedicated agent from RE/MAX Capitol Properties on your side when you start your search. To help you determine which path to take, check out the following tips.
Benefits of a Starter Home
A starter home can be an excellent way to dip your toe into homeownership. You may not have to spend as much on maintenance since these homes are usually smaller than forever homes. They’re often cheaper than forever homes too, and they can be paid off more quickly and potentially used as investment properties after you move to your next home.
Drawbacks of Starter Homes
Starter homes typically contain more generic fixtures, have generic floor plans, and are often located in planned subdivisions on small lots. They’re usually small, so expanding your family may cause you to run out of space. Selling an older starter home in Cheyenne can also be difficult since buyers typically have access to a plethora of newer starter homes in the same or adjacent markets.
Why a Forever Home Can Be Ideal for Your Family
A forever home provides a place for your children to grow up and is intended to be a place you truly love. They’re often built with custom floor plans or are a buyer’s design and build, so a forever home is more likely to have a floor plan you personally love. Since you’re likely to be staying in this home for a significant while (or maybe the rest of your days), making improvements to the home, such as installing custom cabinets or countertops, can feel more rewarding.
A Forever Home Has Its Own Costs
Forever homes are meant to be places that you love and can leave your mark on, so they usually don’t come cheap. The larger sizes of these homes mean they have higher maintenance and utility costs, and the pricier fixtures mean repairs don’t come cheap either. Of course, those luxe fixtures can add value to your property, which comes in handy if you ever have to sell.
How To Fund Your New Property
A starter home may be a better choice for first-time homebuyers, newlyweds, or singles who want to ease into property ownership and purchase a potential investment property. A forever home is suitable for people who already have families or growing families, older homeowners, or anyone who demands a more custom floor plan.
Whether you’re buying a starter home or a forever home, figure out how much you can spend. Doing this narrows your options, makes the search easier, and helps you avoid making an offer on a home you can’t afford. If you can’t put down a 20% down payment, look into a VA loan, an FHA loan, or various first-time buyer homeownership programs. Special loans are also available for those moving to rural areas.
It’s also worth considering a home warranty, whether you buy a starter or a forever home. A home warranty ensures systems are covered in the event of a breakdown so that you’re not paying out of pocket for major repairs in the first year. If you’re unsure about how to choose the best home warranty company, search online for reviews, or talk to your real estate agent for recommendations.
Both Starter Homes and Forever Homes Can Be Rewarding
You can enjoy a satisfactory home purchase by choosing the right type of home for your family’s long-term needs. Assess the costs and figure out what you can afford before searching for a home. Consider various government programs that can assist with your first home purchase and lower down-payment costs.
When you’re ready to buy, connect with RE/MAX Capitol Properties to find the perfect Cheyenne home for your family and budget. Call today! 307-635-0303
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