Finding a good starter home can feel like searching for a needle in a haystack. That’s because there is almost always a discrepancy between what you’re looking for and what you can actually buy. The excitement of making the biggest purchase in your life usually gives way to the stress of searching after a few days.
For newlyweds and young professionals, it is important to have a realistic idea of what makes a good starter home. The difference between this and, say, your dream residence is huge, so tempering expectations now can help you avoid disappointment later.
This doesn’t have to be a negative though. You will love your starter home and as long as you know what to look for, finding it can be relatively stress free.
Qualities of a good starter home
Long story short, a good starter home must fit within your budget. Purchasing one you’ll struggle to afford immediately places you in an uncomfortable situation. What’s more, it may make it difficult to save for your next home.
An affordable, modest starter home is a great way to secure your future without having to make huge sacrifices or take risks. It may not have all the bells and whistles, but you will be better off down the road.
As life moves on and your family grows, most people will find their first home no longer has the space or amenities needed. A good starter home will be one with resale value that hopefully increases in price over time. The capital appreciation of that first residence can be used to finance the purchase of your next home.
It is difficult to make buying a starter home a completely rational experience. Emotion is going to be involved. While it’s most likely impossible to get everything you want, you don’t want to settle for a house or condo that doesn’t make you feel something positive. Even if you only plan on living there for a few years to build your finances, you don’t want to be miserable.
Looking for a starter home? Start your search on Dot Property!