"Buying your first house is one of the most exciting endeavors that you can experience."
Buying your first house is one of the most exciting endeavors that you can experience. It is a chance to find a place that is all your own and that is truly an amazing thought. When you start thinking about properties, you need to consider if you want to buy a starter home that you will eventually sell or if you want to take your time and buy the forever home where you will raise your family. Here at Paul Netscher Project Management, we know how big of a decision this can be so we offer some pros and cons to consider for each type of home.
Pros Of A Starter Home
If you plan to move around a lot during your life or you think that your life might change a lot over the years, then it might be a good idea to invest in a starter home that you will eventually sell. Since you don’t plan to stay there forever, you can usually find something more affordable so you can continue to save up for that future home.
In the case that you are short on money and you can’t afford a large mortgage, then this might be the way to go. Another idea that many people have when they eventually move into their forever home is to keep their starter home and rent it out for extra income. That is a perk you won’t have if you get your forever home first.
Cons Of A Starter Home
Since you are just buying a temporary house that will have a lower price tag, the house may be smaller than you are expecting. You need to look at your lifestyle and your belongings to see if a small, starter house is the right fit. Also, if the house is cheaper, then that may mean that it is a fixer-upper or it may have seen better days. If that is the case then there may be some headaches in your future and if you aren’t good at making repairs then you could pay even more to bring in a professional.
Pros Of A Forever Home
If you go out into the real estate market with the intention of finding your forever home, then the search could go on for longer, but you could end up with the dream house that you always wanted. Moving in will be exciting because you know that this is the place where you hope to put down your roots. If you are really satisfied with this property then you also won’t have to go through the trouble of moving again, which can be very reassuring to many people. Finally, if you plan to raise a family in this house, then you will likely have a larger property and you will have a lot more space for your belongings.
Another great benefit of a forever home is the opportunity to remodel and renovate certain rooms to your perfect specifications. When you intend to live there forever then the cost is well worth the effort.
Cons Of A Forever Home
Since you plan to live in this house for a long time, you will also need to put more thought into insuring the property than you would with a starter home. The downside is that this warranty can be expensive depending on the plan. However, it can be well worth it in the right conditions. Here's how a home warranty can benefit your TCO: Basically, if your home has a lot of appliances that can be costly to fix, like dishwashers and air conditioners, then a warranty can cut down the cost. When choosing a warranty, make sure to first look at your home inspection report and see if there are any red flags that show that your home may have future issues. If there is a chance that you could have a problem, then get the warranty.
Beyond the warranty, a forever home will likely cost more, so if you do not have the funds available then this might not be the right choice at this time. Also, a larger home will require more upkeep and maintenance, so you’ll need to plan for that as well.
Making the best choice for your family
As you can see, there is a lot to consider when deciding between a starter and forever home. Consider the pros and cons listed here and make the best choice for your family. If you need help with your big home construction project, then contact Paul Netscher Project Management at the form here.
Marjorie McMillian has been studying, practicing, and sharing the concept of whole health and wellness since “before it was cool.” While she doesn’t share medical advice on her website, comeongetwell.net, visitors will find reliable resources intended to help guide them on their journey to whole health.
Want to learn more about designing, renovating and building houses?
Paul Netscher has written 2 easy to read books 'An Introduction to Building and Renovating Houses - Volumes 1 and 2'. An Introduction to Building and Renovating Houses Volume 1 deals with Hiring Contractors, Managing Construction and Finishing Your Home. and Designing your ideal home Volume 2 deals with Finding Your Ideal Property and Designing Your Dream Home.
("Great for those that DIY. Very helpful in home renovations!" said a Reader on Amazon.com 5*****)
These books are available from Amazon and other online bookstores in paper and ebook.
I’m a construction professional, author of several successful construction management books, and a home owner. I’ve made mistakes in construction management, I’ve seen others make mistakes, but importantly I’ve had multiple successful construction projects and I’ve learned from the mistakes. I want to share these lessons and my knowledge with you.
Also available from:
and 'An Introduction to Building Houses - Volume 2 Finding Your Ideal Property and Designing Your Dream Home'
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