Homeownership is an exciting journey, but before you can run, you have to first learn how to walk. That’s why so many homeowners choose to start small in order to get their feet wet. Buying a starter home allows first time home buyers to become familiar with what it’s like to own and maintain a home. Once established, you can choose to upgrade to a larger home or purchase a second property.
Below, we’ve shared some tips on how to find the perfect starter home for you and your family.
What Is a Starter Home?
A starter home is an affordable, smaller-sized home. Because they are usually only two to three bedrooms in size, they are often easier to maintain and more moderately priced. While starter homes may not have as many amenities, they allow first time home buyers to get their bearings and build equity. Building their personal wealth in this manner allows many buyers to purchase larger, more expensive homes later on. A starter home can be a great stepping stone for getting started with your homeownership journey.
Tips for Buying a Starter Home
If you’re a first-time home buyer, you may be unsure of what to look for in a home. Here are some tips on how to find the right starter home for your needs:
Get Prequalified
Before you even think about starting your home search, you’ll want to speak to a lender first. It’s important to get prequalified for financing before you start shopping for a home. That way, if you find a home you want to buy, you can move forward with submitting an offer.
Keep It Simple
Buying your first home can feel overwhelming. There’s no need to make things more complicated than they already are. You’ll want to look for a home that’s in good shape and will be easy to maintain. Maybe it won’t have all the amenities on your wants list, but will it work for now? Keep in mind, most buyers only live in their first home for two or three years. You don’t want to settle for something you don’t like, but at the same time, keep in mind that you’re not searching for your forever home.
Stay Within Your Budget
Just because you get approved for a certain loan amount doesn’t mean that’s what you should spend. Your mortgage payment should be comfortable and feel like something you can easily afford. Figure out what your budget is and stick to it, no matter what. Even if it takes you a little longer to find the right home, you’ll be grateful that you didn’t overstretch yourself financially.
Contact Our Team Today
Are you ready to begin your homeownership journey? We love working with first time home buyers! Call our office today to get started with the application process!
