Should you buy a starter home or keep saving for your dream home? Buying a home is exciting. Most people have visualized their dream home with a large, inviting kitchen, multiple bedrooms for family and guests, and perhaps even a backyard with a built-in barbecue, pool, and fireplace. Yet this dream is often out of reach financially for first-time home buyers.
These buyers are ready to find a starter home and perhaps are wondering if saving for a forever home makes more financial sense. Before making this decision, it’s important to consult with a professional financial adviser about your unique situation.
More often than not, getting a starter home makes the most sense. So what should you look for in your starter home? Most likely, your starter home won’t have all of the features you have dreamt about, so it’s important to understand the difference between want features and need features. For instance, the number of bedrooms might be more critical than the huge eat-in kitchen. Finding a home near a park for the kids might take precedence over the expansive view over the water.
Focus on affordability and find a home that suits not only your immediate needs, but offers the ability to grow in equity. Your starter home should be viewed as a financial tool to build wealth and position you to move up to your forever home. Building wealth through home ownership is a great way to ensure you’ll be able to buy that dream home when you’re ready.
As always, contact us if we can assist you in any way.
-Kira Brown, “Beach Living Made A Breeze!”
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