Starter home or future home?
First-time buyers usually would steer toward smaller, more affordable homes to build equity and and build credit. Experienced homeowners are directed toward homes that could accommodate a larger family, visits from grandparents and other family members.
But that’s all been turned on its head now. Fact is, a study by Bank of America found that 75% of first-time buyers plan to forget the starter home and go big on a house for their future. Meanwhile, retirees are eager to drop the hassles of a huge family home, opting instead for smaller homes.
Where are you in life and what home is right for you? It’s not about your age, but more about what is feels right for you.
What type of home will fit the way I live? Are you a mover? Sense of Community? Life is constantly shifting, be prepared for curveballs.
How much can I afford? This all depends on the down payment you can afford. This will help you decide on location, style, and improvements if necessary.
Are you buying a home for profit? Dream homes are forever homes, take longer to appreciate and hold their value much longer. Starter homes is the way to go to make profit within the recommended 5 year process.