If you currently live in an apartment and are ready to make the move of buying a house, you might wonder whether you should choose a starter home or a home you plan to live in for a very long time. As you contemplate this decision, here are several factors you should think about to help you decide which type of home you should purchase.
Your financial situation
Starter homes are typically less expensive to purchase, but they may need some work. People who do not have a lot of money saved or a lot of income will often stick with purchasing starter homes, as they are more affordable to buy and maintain. If you are in a great financial position with a secure, steady income, you might be able to afford a house that is a step up from a starter house, but you should always fully examine your financial situation before making this decision.
Your plans for the future
The second factor to evaluate is your plans for the future. Do you have plans to stay in this area for a long time, or are you hoping to move in the next few years? Do you currently have kids, or are you planning on having them soon? Thinking about your plans for the future is a great way to determine what type of house to buy. If you think you want to stay put for at least three years but not a lot longer, buying a starter house could be a good option. If you prefer to buy a house that you will not have to move out of for at least 10 years, buying a house that is nicer than a starter house could be a better choice.
Your ability to renovate homes
The other thing you should consider is how good you are at making renovations to homes. If you buy a starter house, there is a good chance it will need some work, such as painting or replacing the cabinets. If you can do this type of work yourself, it might be worthwhile to start out in a starter home rather than a more expensive home that does not need any work.
These are four good factors to analyze as you prepare to buy a house, and these factors can help you decide which type of home you should look for. If you would like more information on homes for sale, ask a real estate agent in your town for help.
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