Jumping into the housing market for the first time is exciting. The first step is deciding between buying a smaller property, such as a two-bedroom house or a condominium, that you can see yourself starting off in or purchasing a forever home that has everything you want. Before you decide, contact Central Oregon local realtor Daren Cullen and consider the pros and cons of each and keep the moving tips below in mind when you finally purchase your first property.
Pros of Buying a Starter Home
Dipping your toe into the housing pool with a starter home has many pros. The most attractive is affordability. You can buy a starter home with less capital and a shorter wait time. You also have less upkeep and lower property taxes. There is less commitment, which allows you to use the opportunity to see what it is like to own a home. When you are ready to purchase your forever home, you can use it for future income by renting it out.
Pros of Buying a Forever Home
There are some great reasons to jump right in and buy a forever home. If you have the financing, you can avoid moving again and put down your roots. This is a great option if you know that you are happy in your current location. If you are already thinking about expanding your family, you can purchase a larger forever home where your family will grow. You can also customize it however your like. Investing in big, personalized features is more reasonable with a forever home because you have no need to consider the resale potential.
The most obvious con for buying a starter home is the size. One study shows that the average American family no longer fits the nuclear family mold. Most people need roommates to make the cost of living more affordable. Additionally, starter homes often need more repairs, and without necessary repairs, you will likely find it more difficult to sell.
Cons of Buying a Forever Home
Forever homes are almost always more expensive than starter homes. It can be more difficult to obtain financing because lenders want to see well-established credit for larger loans and mortgages. A bigger house also equals more upkeep. Additionally, purchasing a new build for your forever home could take away from your return on investment. Remodels offer fast sweat equity, but a move-in-ready home typically needs only minor cosmetic changes.
Moving Tips You Can Apply to Either
Whether you decide on a starter or forever home, your next step after purchasing is to move. Without proper preparation, moving can become a significant stressor. The best stress-relieving option you have is to hire a moving company. Look for ‘local movers near me’ on Angi for easy vetting. Schedule a meeting to get a quote and talk about what you need and expect. Never go with the first moving company you find. Gather quotes, read reviews, and compare companies before you make a final decision. The most professional companies will conduct an in-home inspection to assess your needs and give you a more accurate quote.
Start your venture into the home-buying process with an honest evaluation of your finances and take that information to a realtor who can show you what is available in your price range. Plan ahead as much as you can, and remember to write down your expectations so you have a record of what you want and need from this process.
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