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Important Tips for Choosing Between a Starter and Forever Home
Suppose you feel stuck between a rock and a hard place when it comes to choosing between a starter home and a forever home. With any major financial decision, especially one this big, you need to weigh your options and consider your choices. Here are some helpful tips that might help to make this decision a bit easier for you.
The differences between the two
Deciding between a starter and a forever home comes down to whether you can envision living there for a lifetime or not. This is one of the main differences between the two and should be the starting point when deciding which one is best to buy. However, there will be a lot more to think about down the road, which is why you should carefully weigh out the pros and even cons of each before making a final decision.
Weighing up the costs involved
Of course, deciding between two potential properties means taking a careful look at your budget to see what you can afford. This includes taking into account all those extra expenses that you might not have thought of before, including investing in a home warranty to protect your home appliances and systems should they break or require maintenance at some point. This is important to investigate since homeowners insurance will only protect the structure of your home and belongings should any damage occur due to inclement weather or theft, as well as provide the necessary insurance if anyone gets injured on your property. On the other hand, a home warranty will insure things like your heating and cooling system as well as your plumbing and electrical systems if they need maintenance or repair work done to it.
You'll also need to weigh up the cost of a mortgage and research options in terms of what mortgages you can qualify for, taking your income, your credit score, and how much you desire to lend into account. For example, you may have to opt for an FHA (Federal Housing Administration) or VA loan if your credit score is not that great. But then you also need to think about things such as the down payment and other costs such as property taxes and insurance, depending on the mortgage loan you choose.
Some of the main advantages of purchasing a starter home include:
- Getting access to a cheaper property because it is usually smaller and doesn't usually have all those fancy extras that you would find in more expensive properties.
- There isn't as much to maintain. Usually, a starter home is very basic, which means you don't have to worry about as much upkeep in terms of maintaining an expansive well-manicured lawn, for example.
- There is less property tax to be worried about than if you were to buy a larger home with a higher purchase price.
- It allows you to try your hand out at DIY projects on a smaller scale if you want to give home renovations a go without as much risk.
Pros of purchasing a forever home
- Some of the benefits of purchasing a forever home include not having to search again for a suitable family home.
- You can start exploring ways of decorating your home according to your own unique sense of style without worrying about potentially having to move everything over to new premises if you're not 100% certain about your current living quarters.
- There will also be much more peace and contentment within the family, knowing that you won't have to upend everything and everyone again should you come upon a home that you feel would suit your family even better.
At the end of the day, deciding between a starter home and a forever home is going to come down to deciding what's best for you and your family, while being aware of all the factors that might sway or persuade you into choosing one or the other.
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