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Starter Home Or Forever Home?

December 20th, 2016

Starter Home Or Forever Home?

As a first time homebuyer your life can be filled with numerous questions. Should I purchase a house or a townhouse? Do I want carpet or wood flooring? The questions go on and on, but perhaps the most important question to ask from the very beginning is whether to purchase a starter home or a forever home.

With this choice at hand, there are a few questions one should ask themselves to help determine an answer.

How Much Home Can You Afford?

This is perhaps the most important question a person can ask themselves, as the answer will very likely narrow the results down for you. Check your finances and thoroughly vet any debts to get a realistic valuation. Additionally, be sure to account for utility bills, any HOA fees, etc. Most starter homes are typically cheaper, thus requiring a lower down-payment and closing costs.

Where are You at in Life?

Are you single? Are you looking to start a family? Do you already have a family? Knowing where you’re at in life and what your immediate goals are will help you shape and narrow your home search. While it’s great to have an eye on the future, the way life is constantly changing, it’s better to cater to your immediate needs.

Do You Potentially Want to Rent Your Home Out?

When thinking about the future, the day may come when your home no longer suites your needs. What do you do then? While you could just sell and move on, the smarter move would be to turn the property into a rental. Remember that being a landlord is not for the faint of heart. You’d be responsible for collecting rent, fixing any repairs, and possibly having to evict a tenant, but if you’re up for it, renting the property out could be a great source of extra income.

So you certainly have some questions to answer. To learn more about available Henderson homes for sale contact a member of The Gore Group today!

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