3 Options For Buying A Starter Home

Posted on: 3 October 2017

If you are getting ready to purchase your first home, you might not be ready to invest in a big, fancy house just yet. Even though some people go ahead and buy their "forever home" when buying for the first time, there are many benefits of buying a more affordable home instead. This can help you stick within your budget and can leave you room to grow financially without feeling suffocated by a huge mortgage. However, you could be wondering how, exactly, you can find a starter home. These are a few real estate options that you can consider if you are looking for the perfect option.

1. Consider a Townhouse or Condo

One option that you can consider is buying a townhouse or condo rather than buying an actual single-family home. If you are accustomed to living in an apartment, this can be quite familiar for you. Prices are often lower for townhouses and condos than for single-family homes, so you can stay within your starter home budget. Plus, you generally will not have to worry about things like lawn and roof maintenance. Just make sure that you are aware of how much your condo fees are going to be, since this can add to the cost of owning your starter home.

2. Look at Older Houses

In general, you are going to be able to find a better deal on an older home than on a new one. If you are willing to put in a little bit of work, you can always buy an older home that needs a little bit of work and can fix it up. This can throw you right into home ownership, but it can be a good way to make your investment worth more, which can help you buy a bigger, nicer "forever" home later on.

3. Consider Going with Less Square Footage

Another good option for buying a starter home is to look for a smaller home. You might even find that you can buy a newer home if you opt for one that has less square footage. Smaller homes are generally more affordable than larger homes that are otherwise comparable, and they can have more than just cost benefits. With a smaller home, you do not have to worry about as much maintenance. Plus, you're sure to find that it's easier to clean. For someone who is looking for an easier experience with their starter home, going with a smaller house is a good option.