Starter Home vs. Forever Home: Making the Big Decision
You’re about to start house hunting, but with each passing day, you’re flip-flopping from investing in a starter home to buying your forever home. There are countless pros and cons to both decisions, and the right choice largely depends on your budget and your future plans.
No matter what type of property you buy, you can turn to Brothers Restoration to fix water damage and other maintenance issues. For now, here are a few of the benefits and drawbacks of both starter homes and forever homes.
Choose Homeowners Insurance
Whether you want to buy a starter home or your forever home, you’ll need to purchase homeowners insurance. Additionally, you’ll need to invest in a home warranty. This is because while homeowners insurance will cover structural damage, theft, injuries on your property, and damage to your belongings, it will not cover repairs for home systems or appliances.
Your warranty is a contract that you will renew yearly. Here’s why finding the best home warranty company is important – this policy will fund expenses for repairing your plumbing, HVAC, and electrical systems, as well as appliance repairs.
The Perks of a Starter Home
Buying a starter home will generally be more affordable than buying a forever home. In turn, you’ll pay lower utilities bills and spend less on maintenance, simply because your home will probably have less square footage. Plus, you could potentially rent it out in the future!
Starter Home Downsides
Yes, starter homes tend to be cheaper, but this is because they are generally smaller, so if you plan on growing your family, you don’t want to buy a house where you’ll feel cramped. Ally states that if you want to have children in the future or give your kids another sibling or two, you should look into buying a larger home.
If you’re considering buying a fixer-upper for your starter home, be aware that renovation costs can eat into your budget. Pay close attention during any inspections to avoid homes with water damage – the signs can include cracks across the walls or foundation, the smell of mold, warped hardwood floors, or rust staining. Should you end up with a water-damaged home, you’ll want to contact a restoration service immediately.
Finally, buying a starter home means that you’ll need to plan for another move down the line. Moving can be stressful and expensive, so if you do not want to move again in the future, you may be a good candidate for buying a forever home.
The Pros of Buying a Forever Home
Your forever home will likely be more spacious than a starter home, and you might have nicer features and amenities, too. Plus, you and your family will be able to finally put down roots in an area you love. It can be a relief to know that you no longer have to move around.
Forever Home Drawbacks
A forever home will almost inevitably be more expensive, so you need to ensure you genuinely have the room in your budget for this investment. Furthermore, if you notice any serious flaws after your purchase, you may not be able to remedy these issues. Team Margagliano recommends choosing a home in a neighborhood you truly love – because while you can always renovate your home, you cannot change its location.
Buying a home is a major financial decision, and you want to put lots of thought into it so that you can make the right choice for your family. You may want to save and buy a starter home, or you may feel ready to settle down in your forever home. Either way, these tips will help you weigh your options!
Are you dealing with water damage in your home? Brothers Restoration can serve you on-call. Contact us today at 720-979-2696 to learn more about our services.
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