If you’ve begun your first ever real estate search, chances are you’ve heard the term “starter home” used before. While this term is extremely common, first time buyers may not technically know what it means. Is a starter home a style of house, or does it refer to a price range? How will you know what you’re looking at is the perfect starter home? In this blog, we will explore the concept of starter homes, their characteristics and what you need to know about this important term as a first time home buyer!
Defining “Starter Home” – What is it?
Usually, a starter home is a more modestly priced property meant for people who are looking to purchase for the first time. They generally are meant to meet every essential need of a homeowner without breaking the bank and are a means to build your equity while having a place to call your own. This term also implies that while you may love the place you buy, this property is a stepping stone towards a bigger or fancier home in the future.
What Should I Look For?
When you start the hunt for your dream home, there are a few items that you need to take into consideration no matter what your other “must haves” are. Keep on the lookout for homes that are affordable, in a location you can make the most of and fit your basic needs like number of bedrooms, storage space and yard size. These three items are the most important when searching for a home, as they are things that you will most likely be less flexible on than some of your other requirements and can make or break a home. For example, if you find a home in the perfect neighborhood that meets all of your needs but the price is out of your range, it will require heavy renovation soon, and it is far away from the people and things you like to see, this is not necessarily going to be the best home choice for you to start out with and build off of. Keep on the hunt, your perfect starter home is out there!
A starter home is more than just a place to live; it represents the beginning of a homeowner’s journey. These homes cater to the needs of first-time buyers by offering affordability, a manageable size, and a place in the real estate market. As you progress in your life and career, you may eventually move on to larger properties, but the memories and lessons learned in your starter home will always hold a special place in your homeownership journey.