Buying a house is not a cheap thing to do, and the median house price in the US is currently at $280,000. For a first-time buyer, the thought of purchasing a home is an exciting, but daunting prospect. One may wonder which is better between buying a starter home so that they can get on the housing ladder quicker or if they need to wait longer so that they can purchase their dream home, which can also be referred to as a forever home. Discover the gains and cons of each in this article.
Buying a starter home will have numerous advantages. Firstly, a starter home will be affordable. Younger individuals and couples who want to get on the property ladder quickly can find this alternative something possible to do. Secondly, it will be possible for you to move into the house soon because it is a house that you can afford. A starter house can increase in value rapidly, and can, therefore, serve as an investment. 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.
Choosing a starter house will also come with multiple disadvantages. 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. While it may be structurally okay, you will need various improvements so that it can be what you wanted to be since a starter house can never be the house of your dreams. Thirdly, you may experience trouble selling on a starter house, and the process of getting out of it can be long and arduous if no one wants the property.
There will be various advantages that you get when you choose a forever home. 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. When you have a growing family, a forever home will be suitable because the houses are generally larger than starter homes. 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. You will be required to spend a lot to purchase your dream home. You may need to save up for many years so that you can afford your dream house because of the requirement to pay down payment and mortgage. Forever houses are also unlikely to get any cheaper as time goes by since the home may keep appreciating. Purchasing a forever house also needs people who are committed to making that happen, and it may not work for someone opposed to commitment.
One should choose what works best for them depending on your current circumstances and where they aspire to be in the future.