If you’re looking for a starter home, you probably know some of your criteria already. A starter home is a more affordable and practical stepping stone to eventually owning a larger and more expensive forever home. Even with this concept in mind, it’s hard to know what to look for. Here we’ll go over the biggest things to keep in mind when searching for the perfect starter home.
Finding a starter home in a dream home neighborhood is an excellent way to experience all an area offers. For this reason, it’s recommended that you look for a starter home in or nearby where you eventually intend to live long term. You’ll be able to judge and access local amenities and businesses, school districts, transportation and overall feel of the location while paying less. If you want to live near family, friends or your job you can experience those benefits before finding your forever home.
This also means that if you change your mind about where you want to live, you’re also in a much more flexible position to move elsewhere. A starter home is already intended as a short-term living situation, so you will be more mentally and fiscally prepared to try somewhere new.
Even though you’re not likely to stay in a starter home for a long time, it’s important to find one where the local housing market is healthy. Consider a property in an area where home values and sale prices have either remained steady for years or have been gradually increasing. Be wary of neighborhoods that have dropped in price—while you may score an excellent deal on a home and mortgage, lower property values mean you may not recoup the cost when you eventually sell the home.
If you’re uncertain about market trends in your desired area, consult a real estate professional for guidance. They’ll be able to point you toward a smart move so that you find the best property for your needs.
Some people equate the idea of a starter home with a fixer-upper. While fixer-uppers can be extremely affordable, they are often far more work (and expense) than new homeowners are prepared for. If your goal is to live in a starter home while saving money for a different home in the future, the last thing you want to do is spend thousands of dollars on repairs and improvements. This will delay your longer-term goals and probably add unnecessary stress to your living situation.
To avoid this, weigh your options when considering a property with existing issues. Some are easy and inexpensive fixes that can equal a great deal, while others might leave you in the red. Steer clear of major problems like a failing roof, foundation issues or extensive mold or pest problems. These problems are not only expensive to fix but require immediate attention—there’s no putting them off for later.
Starter homes can be incredibly beneficial for many first-time homebuyers. However, avoiding some common pitfalls will ensure that you find the right starter home to help you accomplish your future goals without sacrificing your short-term quality of life.
Mark comes to us with extensive experience in the real estate industry with over 20 years of experience working with buyers, sellers, and builders. Mark has been an active member of RACM, REALTOR Association of Central Massachusetts, since 2001 and has built a formidable reputation in Worcester county.
Consistently ranked among the top 10 Realtors in Worcester county with career sales totaling 300 million in pending and sold, Mark is an extremely valuable resource for those getting ready to list their home, purchase a new home, or build from the ground up.
As a Shrewsbury native, and a seasoned real estate professional, Mark joined Andrew Abu REALTORS and works side-by-side with a talented team of industry experts who specialize in market trends and local market stats, to keep ahead of the curve and combine home marketing with innovative technology and forward-thinking. His valued reputation with client's and business partners for the past two decades and proven success with record setting sales, will leave you in capable hands during any real estate transaction.
