5 Advantages of Buying a Starter Home For Your First Home
In recent years, young home buyers have often been told their first home should be a “starter home”. Starter homes are lower-cost homes that can be good for first-time home buyers. They typically don’t have all the cutting-edge features that are toted around in luxury homes, but they do come at a lower price that makes them more accessible to people who may not have a lot of savings yet. Here are some many advantages of owning a starter home that all first-time Centennial Hills home buyers should know before they start house hunting.
Starter Homes Cost Less
Starter homes are appealing to a lot of people because the price tag is lower than other home categories. However, starter homes are also less expensive in other ways. For instance, starter homes will have lower property taxes because these taxes are often based on the sale price of the home. Utilities such as gas and electricity can also be a lot less expensive in starter homes due to the smaller size. The homes don’t require as much energy to heat or cool compared to larger homes, so homeowners can expect to save money.
Starter Homes Are Typically Easy to Sell
Most homeowners will one day outgrow their starter home, whether that’s due to starting a family or just wanting more living space. With starter homes, there will always be more first-time home buyers looking for a less-expensive option, so there will always be a demand for them. Three-bedroom, two-bathroom homes are always going to be popular, unlike eight-bedroom mansions that have a smaller pool of buyers.
Starter Homes Appreciate Faster
Because starter homes are always in demand by first-time home buyers, they also tend to appreciate faster than other homes. When a home appreciates, its value raises, so homeowner can sell the home for more than they what they bought it for. Appreciation will happen naturally because of a few factors, including demand, inflation, and location. Home buyers who see their home as an investment will want to pay attention to these factors when they consider which home they want to buy.
Starter Homes Require Less Commitment
Many first-time home buyers have already lived in apartments where all their maintenance is handled by the landlord, so moving into a home they own is a big difference. Starter homes give home buyers a chance to owning, living in, and being responsible for a home without the pressure of having just bought a home they expected to spend the next 30 years in.
Starter Homes Have Opportunities For Improvement
Starter homes are typically going to be basic. They might have vinyl floors instead of wood, laminate countertops instead of granite, and appliances that don’t have all the bells and whistles. A starter home can be a good option for home buyers who want to dip their toes into home improvement projects. Homeowners can try doing DIY projects like installing a back splash on their kitchen walls or installing new toilets in the bathrooms.
Starter homes can be a great choice for first-time home buyers who want to finally see what it’s like to own their own home. For more information about starter homes and others homes, be sure to work with a skilled real estate agent who is familiar with the local housing market.