If you are currently in the market for your first home or are looking to upgrade in the size of your home, chances are the word “starter home” might be in your vocabulary, for several reasons. If you are a first-time buyer, you may have your parents and friends telling you to consider a “starter home” as you venture into the world of homeownership. If you already are a homeowner, you may be looking for more space because you have quickly outgrown your starter home. Whatever the reason may be, starter homes are becoming more a thing of the past and less of a reality in the future. Weston Dean Custom Homes, a premier Boerne custom homebuilder
, shares why buyers are forgoing the starter home route now days.
In today’s world, many first-time buyers struggle to come up with a down payment for their first home. Since this is the case with many buyers, they are typically waiting longer to buy a home and saving up so that when they do purchase a home, they can afford a home that is more of a long-term solution for them.
Many buyers are also not wanting to buy a starter home, only to move a few years down the road to a larger home. Picking up and moving is not only an exhausting task, but also an expensive one. Add having kids on top of that and it is something most buyers no longer want to mess with. They would rather wait and get a larger home that can be more of a long-term solution for them to grow their lives into rather than grow their lives out of the home.
However, there are both pros and cons to starter homes above and beyond the fact that it is easier to not have to move multiple times when you go the starter home route.
A benefit to starting with a starter home, is that you will be able to build equity quicker than if you waited until later down the road when you could afford a larger home. It also gives you a good taste of what homeownership is, and what it costs.
Sometimes when buyers purchase a home that is bigger than what they need, they also fall into the trap of bigger expenses that can come with a bigger home. That, and all the different fees and taxes that come along with homeownership. Sometimes, getting your feet wet with a smaller home at a lesser investment cost can me a good move for some buyers.
In the end, it is best to weigh the pros and the cons when considering if a starter home is the right investment for a first home, or if you are better off waiting longer and purchasing a home that you can live in more long-term.
Weston Dean Homes is a San Antonio area custom home builder. For more information call (210) 408-9107.