When it comes to buying your first home, there’s a lot to think about. Do you buy an affordable starter home with the intention of selling and upgrading in the future? Or do you buy your forever home right away? There are pros and cons to each decision, so it’s important to consider your options carefully. Here’s some expert advice from Executive Home Inspections to help you decide whether to buy a starter home or forever home.
A Starter Home May Need Repairs
Most buyers looking for starter homes are working with a low buying budget. For this reason, your options may be limited to homes in need of repairs. As long as you know what you’re getting into, this might not be a problem. But hidden maintenance issues can be very costly. Be sure to get a thorough home inspection before buying. This is especially important if you’re buying a home “as is.” Sellers list homes for sale “as is” if they are not willing to make repairs or offer credits for any defects. It’s a good idea to consult a lawyer before buying a home “as is.” You should also examine land records for red flags.
A Forever Home Could Be Harder to Maintain
While starter homes may come with a few urgent repairs, forever homes tend to require more ongoing maintenance work for the homeowner. This is because forever homes are often larger and feature more complicated systems and amenities. Buying a forever home means taking on more cleaning, maintenance, and yard work. This is no problem for an experienced homeowner who wants to settle in and grow old with their home, but first-home homeowners may feel more comfortable with a simpler, smaller starter home. Regardless, Scotiabank recommends estimating a home’s maintenance costs before buying.
Starter Homes Are More Affordable
Besides costing less in ongoing maintenance, starter homes are also more affordable to purchase. This can be beneficial for first-time homeowners with smaller down payment amounts or limited credit history. While this also means your starter home will have a smaller resale value, you can always hold onto the home when you move and rent it out to continue building equity. Of course, buying a cheaper home might mean living in a smaller space with few amenities. You may also have to compromise on location for the sake of affordability.
Forever Homes Let You Put Down Roots
If you know you’ll want to live in your new home for at least the next 10 years, consider buying a forever home. Your forever home will let you put down roots and settle into the community. You’ll be able to personalize the home without worrying too much about how your upgrades might affect the resale value. And you won’t have to move again anytime soon! Of course, this also means you’ll have less freedom to pack up and move somewhere else in the event of a major life change. This is why forever homes are popular among people who intend to start a family. For younger buyers who aren’t quite sure where they want to live, a starter home may be more ideal.
It’s important to approach your first home-buying experience with a plan and a level head. Make sure you know whether you want a starter home or a forever home before you start looking. This will save you a lot of time and money! Think about whether you want to buy an affordable “as-is” home or find a bigger place with all the bells and whistles you’ve ever dreamed of. Once you know what you’re looking for, get in touch with a local real estate agent and start hunting!
Whether you’re looking for a starter home or a forever home, be sure to get a home inspection before committing to your purchase. Executive Home Inspections offers thorough and professional home inspections in the Edmonton, Alberta area. Call today to book your inspection! (780) 651-3608
