There’s a reason so many first-time home buyers end up purchasing starter homes. While starter homes tend to be less spacious and updated, they also tend to be less expensive. In today’s market, that’s an important thing since home values are high on a national scale.
But what if you have a large sum of money socked away for a down payment on a home and a high enough salary to make a larger property viable? You may, in that case, be inclined to skip the starter home and purchase your forever home.
That’s not necessarily a poor choice. But before you make that decision, consider these three benefits of starting off with a starter home.
1. Homeownership might cost more than you think
Owning a home involves a lot more than just paying your mortgage every month. You also have property taxes, homeowners insurance, maintenance, and repairs to deal with. Your total costs may end up coming in higher than anticipated.
That’s why a starter home is a good idea for new buyers. That way, you’re less likely to get overwhelmed if your costs end up being more substantial, and you’ll put yourself in a better position to determine whether you can really comfortably afford a larger home should you choose to upsize at some point.
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2. You can ease your way into home maintenance
If you’ve never owned a home before, you may be shocked at how much maintenance it entails. You could end up spending…
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