Buying your starter home can be exhilarating, stressful, and – let’s be frank – out front scary. Purchasing your first property is a giant milestone that gives you a chance to start building home equity and planning for your forever home. It is one of the most expensive purchases you will ever make, and it is a place you and your family will call “home” at least for a few years to come.
When you purchase a home from Legacy Homes of London, you cannot go wrong. Yet, there are still a few aspects you should keep in mind when shopping for your first house. Without further ado, here is what to look for in a starter home.
What is a Starter Home?
A starter home is a smaller type of house or an apartment purchased as a first home. Such properties typically have one to two bedrooms and aren’t meant to be lived in for a long time. With today’s unrealistic housing prices, many younger homebuyers choose to start with smaller homes and are willing to compromise on the home’s amenities, location, and other nice-to-have features.
While starter homes aren’t meant to be perfect forever family residences, they are a great option for homebuyers who are looking to get their foot in the door and start earning home equity.
What to Look for in a Starter Home: 4 Questions to Ask Yourself
With the right starter home, you will be able to enjoy your life in it for the next 3 to 5 years, while knowing that, when the time comes, you can successfully sell it and upgrade to a more high-end option. Here is what to look for in a starter home to turn your homeownership plans into a reality:
Can You Afford This House?
Unfortunately, many home buyers are looking for the perfect adobe, often forgetting about the realistic financial situation they are in. If you are a first-time buyer, you have never had to regularly pay a mortgage before. As such, it is of the utmost importance to approach the buying process from a practical standpoint rather than being carried away by emotions. Sure, modern stainless steel appliances may make you feel good, but so will realistic mortgage payments that won’t leave you empty-pocketed.
Does the Home Fit Your Lifestyle?
When thinking about what to look for in a starter home, first-time home buyers often make the mistake of thinking what they want INSIDE the home rather than what they need OUTSIDE of it. Rather than searching for a move-in ready property that has a jacuzzi in the backyard and a gorgeously-updated kitchen, consider other factors like distance from your work, schools, and other necessities.
Has the Property Been Well-Maintained?
Popular home improvement TV shows make it look easy to undertake a DIY home renovation project. However, the reality isn’t that simple. Buying a fixer-upper as your starter home will require a lot of additional financial investments and time commitments. Instead, it is best to buy a home that has been well-maintained and does not require any major repairs for a few years to come.
Another alternative is to purchase a new construction home from a trusted builder like Legacy Homes of London. A new construction home is NEW, which means that you won’t have to worry about renovations in the foreseeable future.
What Will You Want in a Few Years?
Another important aspect of what to look for in a starter home is your plan for the future. If you are thinking of staying in your first home for at least a few years, consider where you would want to be in that amount of time. Are you planning to have children, get a dog, or open a home business?
You may love the idea of living in an apartment now, but, as you grow older, you might want to expand your family and enjoy more privacy. Buying a townhouse from Legacy Homes is a great starting point, as it will be spacious enough for a young family, while being more affordable than a single-family home.
Find Your Perfect Starter Home with Legacy Homes
Unarguably, finding and buying your first home can be stressful. Luckily, by learning what to look for in a starter home, you can prepare yourself for this one-of-a-lifetime experience.
With Legacy Homes of London, you can purchase the perfect starter home to grow your family in. Based in London, Ontario, our gorgeous custom townhouses are expertly designed to combine function, beauty, and budget-friendly prices. Find your first home now.
