There’s so
many good reasons to own the roof over your head rather than living under your parent’s
roof or renting. For a first-time home buyer, saving for a new home can be one
of the challenging and exciting chapters of your lives. But, many wonder what
type of home they would like to purchase.
What is considered
the right home for a first-time buyer? That depends on the person, it all comes
down to what suits their lifestyle and income.
If you’re
thinking about getting a starter home, here is some guidance to help you explore
entry level housing options.
The Starter Home
The term
starter home is a small home that meets requirements for a first-time buyer with
2 or 3 bedrooms and possibly a garage. It’s something you’d be happy living in
for around five years or so.
Whatever
type of starter home you get, that home is generally priced at a reasonable
price point.
It’s not
just your mortgage payment that will be lower, your property taxes will be more
manageable. Other expenses that you might not think about like electricity and
gas will be less as well.
Everybody at
some point in life should start at an entry-level home.
Tips for Buying a Starter Home
Take time to
research homes online to see what’s out there. You should make a list of
features and narrow down the location you prefer. It’s good to set expectations
and know what you want but remember you might have to compromise when looking
for a starter home.
Don’t get
carried away with falling in love with your first home, you want to do it based
on knowledge and common sense. You especially don’t want to be caught over paying
your monthly mortgage once you buy a home.
Not to
mention, use a pre-approval letter from a mortgage lender in your area. A pre-approval
letter will help eliminate disappointment and make the search for an affordable
home easier.
So, what’s your decision?
In the end,
I believe it comes down to personal preference. Owning a home is the best thing
that can happen. What is the right choice, for you?
Additionally,
why not learn all about mortgage loans for first time buyers while saving for
your house? If you want a full team of experts, we’re happy to help you make
the best decision.
Please don’t
hesitate to reach out to us for more details: 770-552-1000. We look forward to
hearing from you!
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