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Your Guide to Getting the Best Deal on Your Home
Whether it’s your starter home or forever home, you deserve to get the best deal possible. This guide from MAE Capital Real Estate and Loan looks at the pros and cons associated with buying either type of home, as well as important considerations to take into account.
Starter Home or Forever Home?
If you’re a first-time homebuyer, the decision to buy a starter or forever home can be difficult. As you weigh your options, there are many factors to consider. The most important is your future plans and how much space you’ll need in the next few years.
Should You Rent?
When deciding whether to buy a starter home or a forever home, you should also consider the possibility of renting. While this is not always an option, Money Management International notes that it may be a solution for those who don’t have the money saved up or have bad credit.
Considerations Before Buying Your First Home
Ramsey Solutions points out that if you are looking for your first home, then you need to ask yourself a few important things, such as, am I ready to buy a starter or forever house?
You should take into consideration your future plans, the location, and the price. Are you looking to settle down in one place, or do you want to keep moving around? What is your budget like?
The pros of buying a starter home include affordability, less upkeep, and the possibility to earn future income (i.e., renting it out). The cons of buying a starter home include smaller size, the possibility of needing repairs, and typically more difficult to sell.
What to Consider When Buying a Starter or Forever Home
Before deciding whether to purchase a more affordable starter home or your forever home, there are a few things you need to consider.
The first is the size of the home. Starter homes are smaller and do not typically have as many amenities as a forever home. For example, if you have a growing family, starter homes may not be the best choice for you.
The second consideration is how much upkeep will be required from homeownership. Finances and time constraints should also be considered when purchasing a starter or forever home. Another factor is purchasing a home warranty, which will help offset any costs for minor or major repairs down the road. So if you're looking for the best home warranty company you’ll want to start your research right away. At MAE Capital Real Estate and Loan, we will pay for your home warranty if you use one of our buyer’s Agents to help you find the perfect home and the warranty for peace of mind. You’ll also need to be prepared to put in the work needed to maintain your property? Once these decisions are made, it’s time to decide which type of property meets your needs!
The pros of buying a forever home include putting down roots, you won’t have to move again, and they’re a larger size so you can grow your family. The cons of buying a forever home include a higher cost and more upkeep.
As you can see, you have a lot to think about as you compare the pros and cons of starter homes and forever homes. Depending on your current financial situation, it might make more sense to go with a starter home initially and then work your way into a forever home.
MAE Capital Real Estate andLoan can help you make the best decision based on your needs. Bundle Your Real Estate services with allowing MAE Capital Real Estate and Loan and save thousands of dollars and get a lower than market interest rate thus a lower mortgage monthly mortgage payment. We look forward to helping you with all of Your Real Estate needs.
Authored by Suzie Wilson
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