Not all people buy starter homes, but the practice is very common. It just means that people buy a first house with no intention of spending their life there forever. They simply want to learn more about homeownership or buy a home they can afford, knowing that their forever home is still out there — even if they’ll need to see some career advancement before they buy it.
Often, people live in these homes for just three to five years. With this short-term plan, what should you look for in a home like this?
A home that meets your basic needs
Start by considering what things you need, not what things you want. A pool may be a great goal for your long-term home, for instance, but you don’t need it in your starter home. If you have two kids, though, you do need a home with at least three bedrooms. Meet the needs first and let some of your desires wait so that you can keep the price down.
A home that can be resold easily
Another thing to consider is how easy it will be to resell the house. You’re planning to leave shortly, after all, and you want that transition to go smoothly. This may mean picking a more generic home, for instance, rather than one with the type of design and character that you love. You want a home that is in great condition, that shows well and that will appeal to the widest possible range of potential buyers.
Getting the right home for you
A starter home is not just a house, but an investment in your future. As such, you need to know as much as you can about the legal process of buying the house and how to set yourself up for success in the years to come.