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PRECIOUS REALTY LINKS Does Your Loved One Need Live-In Help? Downsizing: Sell Your Home and Save Money How to Nativate Senior Care When Your Parents Have Different Needs The Home Buyer's Choice: Starter Home or Forever Home? How to Own Multiple Homes in Different States When you Have Pets A Homeowner's Guide to Managing a Home Renovation |
The Home Buyer's Choice: Starter Home or Forever Home? by June Duncan Precious Realty can help you find that perfect home, whether it's your starter or forever home. Browse the website for current listings, or get in touch by calling 516-216-7462
Buying a house is a big change from the lifestyle of renting property after property. Eventually, you will want a place to call your own. The big decision you will have to face is whether you want to settle down in your forever home or make a smaller transition with a starter home. According to one survey, 72% of homeowners began with a starter home. The choice you make for yourself and your family will depend on how you weigh the pros and cons of a starter home versus your forever home. Below, Precious Realty presents some things you need to consider. Pros of Buying a Starter Home The main draw of a starter home is affordability. Your concept of a forever home might include luxurious amenities, massive outdoor space, and an idyllic neighborhood. Checking off all these wishes may be unrealistic when you first decide to purchase a house, so going with a starter home gives you time to accumulate your finances. A smaller starter home will probably require less upkeep on your part as well. As an additional consideration, your first home can serve as a form of passive income if you decide to rent it out after you relocate. Cons of Buying a Starter Home Compromising on a starter home usually means settling on less space than you would have liked. This can be especially rough if you are trying to raise a family. Multiple children may have to share a bedroom in your starter home, which can lead to conflict. Another con is that your starter home can be costly in a different way. A cheap initial price may be a sign that the place requires extensive repairs in the long run. Though you can counter this issue by paying for a home warranty in the first year. Home warranties can be a great safety net, and can cover the costs of major systems breakdowns without you having to shell out a lot on your own. This is just one example of a company, Greenberg & Merola has no knowledge of this business in particular. Select the best home warranty company for you when you're preparing to close so you can get it all done at once. Pros of Buying a Forever Home The primary reason to buy a forever home is to put down your roots. There is a lot of relief in knowing that you are exactly where you're supposed to be and you don' have to move again. Your perfect forever home will be a great place to raise a family, adopt a pet, or live out any other goals you hold. Another benefit of a forever home is that it can grow and change with you. The house is yours and it always will be, so you may feel free to customize and expand it as you see fit. Cons of Buying a Forever Home The obvious con of purchasing a forever home is the huge cost that you might incur to satisfy everything on your wishlist. If you are passionate about someday owning a forever home, consider continuing to rent properties so that you can save more money. Owning a house is a large commitment whether you choose a starter home or a forever home. As a first-time homebuyer, it's important to think through the decision carefully and make the choice that's best for the future of your family and yourself. Contact us BUT FOR FASTER RESULTS CALL US AT 516-216-7462.CONTACT US AT:
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