It wasn't uncommon that there was a "natural" progression to everyone's home buying activity. You would start with something smaller that might work for you as an individual or a couple... a starter home it was called. Then you would work your way up as your family composition and financial situation changed. But, do you need to follow that same path or could you make your dream home your starter home?
Today, many buyers are skipping the "starter home" stage and opting to go straight for their dream homes. In a recent article by Inc., it was shared "Millennials consider owning their own home as an important part of living the American Dream." The homes they are buying are bigger, more expensive properties that provide the upgrades they desire. This approach is with the intention that they will plan to make this their longer term home and just start there earlier.
As you are weighing out just where you best suited to start, Here are a few things to consider:
What are the reasons you are purchasing a home?
Is your goal to lower your monthly living expenses or do you want a place to raise your kids and put down roots? Are there factors that lead you to certain areas (e.g. schools, proximity to work, etc) Do you want this to be your only purchase, or are you willing to go through the process again in a few years?
What budget have you set aside for a home purchase?
Can you buy your dream home with what you can currently afford, or would that stretch your budget too far? It's crucial to consider how much you'll need to have on hand for a down payment and how large of a loan you can qualify for. Your credit score and the expected interest rate will also play a factor.
What length of time could you reasonably live in the home you purchase?
Are you in a position to elect to remain in one geographic area for quite a while or is there a likelihood that job or other reasons could relocate you?
Does the market put your dream home within your reach?
What is the current housing inventory, and will you be competing with other buyers? Favorable market conditions mean you'll get more house for your money, making it an ideal time to purchase a forever home.
Get in touch today if you're ready to buy a new home. If you're unsure about a starter home or 'forever' home for your family.
These are big decisions. Having a professional realtor helping guide you through these and other considerations could be very helpful. I would be happy to sit with you to discuss different options that are available to help you accomplish your short and long-term goals.
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