Many young people start as homeowners by purchasing residential starter homes. A starter home is ideal for a new homeowner, and you can find these home types in most cities and towns. If you want to purchase a starter home, what should you look for in a house? What are the best features to consider? Here is an explanation of some of the best features to find when buying your first home.
One vital feature to find in a starter home is an affordable price. While you will not want to buy an old, run-down property that needs major renovations, you can buy one that needs a few minor things. The most important thing is that you stick with a low budget for the purchase. If most homes in the area cost around $200,000, you might find a starter home for around $150,000. You pay less for these homes because they are designed for first-time homebuyers.
Smaller in Size
You might notice that starter homes are smaller in size compared to forever homes. A starter home should be big enough to accommodate your family for a few years, but it does not need to be huge.
One vital aspect of starter homes is low costs. These costs do not only refer to the purchase price, but they also refer to the other costs. For example, the costs for maintaining the home should be low, and the property taxes should not be overly expensive. If you buy a home that needs some work, you might be able to increase its value by doing the work yourself. Making some small improvements can help you increase the home's value.
Finding ways to increase the home's value can assist with your exit plan. When you buy a starter home, you purchase it to sell it in a few years or so. Therefore, you need an exit plan. As a result, you should keep this in mind when buying a house. One of the best things to do is choose one that will sell quickly when the time comes for you to upgrade.
A starter home is one that you might live in for a year or longer, but it is not your forever home. As you search for one to buy, keep that in mind, and remember the features listed here. You can ask a real estate agent to help you find some great properties in your area.