Should You Buy a “Forever” Home or Stick With a Starter?

It’s been said about a million times that your home is your largest investment. For most of us, this is true. But, do we start out with a mini mansion, or does it make more sense to buy a home that we will most likely grow out of?

Today on the Compean Group blog, we offer information that might help you answer this question for yourself and your family.

Forever vs Starter: What’s The Difference?
There is no rigid definition of a forever home or starter home. A good way to answer this question is by thinking that a starter home is a typical two or three-bedroom, two-bath house that could accommodate a couple or family with small children. A forever property might be
viewed as a larger property, perhaps 2000 ft.² or more with additional bathrooms for guests and separate living spaces for when the kids have friends over. You could also choose a multigenerational property, which Toll Brothers home builders explains can offer independence
for extended families, including children and grandparents.
For most of us, the line won’t be clear-cut. It makes sense to look at lifestyle before making any kind of decision. If you don’t like to clean, for example, choose a smaller house. If you prefer to make friends with the neighbors and have lots of social events, go big. What you buy will depend on the market and availability, so take a look at recently sold properties in the area to see the types of houses being sold and whether or not they are closing at, above, or below the list price.

Factors That Might Influence Your Decision
When it comes to making a decision on the type of home to buy, the choice is never as easy as it seems. You first have to decide how much house you can actually afford. And, remember, if you can put more money down, you can lower your monthly mortgage payments and may
qualify for a lower interest rate. Plus, if you find that you do need a larger home, having a bigger down payment might help you afford more space. Other things to keep in mind are:
● If you have kids, their ages. Younger children can share a bedroom, but if you have kids that will be entering their teen years soon, Cuckooland product procurement specialist Nathalie Davis says it’s best if they have their own space.
● Location. Sometimes, you may find a starter home community that’s within close proximity to your work or other family. Similarly, you may find that the outskirts, where it’s likely more affordable for a larger home, give you greater access to things like fresh foods and outdoor activities.

Moving Tips

While you might think moving is as simple as packing a few boxes and loading a truck, it’s quite a bit more involved in that. If you’re moving large objects, especially appliances, that might need to be taken apart and put back together again, do a quick Google search for, “local movers near me.” This will bring up reputable agencies that can give you a quote and direct you to reviews and testimonials from past customers. Other tips include:
● Get rid of everything you haven’t used within the last year or less.
● Have a yard sale one month before you move.
● Transfer your utilities.
● Buy more boxes than you think you’ll need; you can always take them back if you don’t use them.

No one can tell you which is the right decision, only you and your family will know. But, everything from your budget to your lifestyle plays a role in helping you determine whether you need a big home or a starter house. Regardless of what you choose, congratulations and welcome to the American dream.

By: Katie Conroy