Buying a Home: How to Decide If You Should Go With a Starter Home or Forever Home

Buying a home is one of life’s most exciting journeys. And while the process is incredibly fulfilling and significantly impacts your life, it can also be wrought with many decisions. Key amongst these is if you should buy a more affordable starter home for now or invest in your forever home. At Joshua Alan Interiors, we’re all about helping you make that decision. Below, we share vital factors to consider. 

Factors to Consider

When you’re ready to buy a house, you must decide what kind of house you want. A starter home is more affordable, but it’s not your forever home. A forever home is a more significant investment, but it’s the home you’ll raise your family in and live in for many years. How do you decide which is right for you?

●      Your lifestyle: A starter home may be a better option if you’re single or in a relationship without children. You can always upgrade to a forever home when your lifestyle changes.

●      Your finances: A starter home is usually more affordable than a forever home. If you’re not ready to make a significant investment, a starter home may be the way to go.

●      Your location: If you love your neighborhood, you may want to buy a forever home so you can stay there for many years. If you’re unsure where to settle down, a starter home may be a better option since you can always sell it and move to a different area.

●      Your future plans: If you’re planning on starting a family soon, a forever home may be a better option, Garage Living reports. You’ll have more space for kids and pets, and you won’t have to move again in a few years.

Understanding Your Decision Further

If you’re still undecided on which direction to go, let’s consider the pros and cons of both options. The great benefit of buying a starter home first is that it’s affordable and has less upkeep. You can also earn passive income from it by renting it out. However, a starter home may also be harder to sell and smaller than you require. When buying a forever home, there is definitely a higher cost and more upkeep associated. At the same time, it’ll be large enough to grow your family, and you’ll be able to put down your roots and not have to move again. Lastly, buying your own home means you’re free to redecorate it as you like – including with some expert assistance from Joshua Alan Interiors.

Research Mortgages

Finding a reasonable mortgage rate is critical to a fulfilling home-buying journey. Definitely shop around for the best rate before settling on one. Also, research mortgages to determine how much you can afford to borrow. Keep in mind that lenders will review your credit score, current employment and income, and the amount you want to borrow - so prepare yourself with all the necessary documents well in advance.

Insuring Your Home

Insuring your home is one of the most critical steps in the home-buying journey, AMA writes. Be sure to carefully consider the costs involved as well. For example, homeowners insurance only covers damage to your home’s structure, belongings theft, and injuries on your property. Suppose you’re looking for a better bang for your buck. In that case, you will need to invest in a home warranty, which offers coverage in case home systems or appliances break down. This annual renewable contract can cover breakdowns to HVAC and plumbing systems, as well as appliance repairs; click for more info and find the best option for you and your family.

While making this decision can be challenging, remember that you can never go wrong with buying a house. Whether it’s a large one or small one, or one that you’ll keep forever or rent out are all minor decisions. The most significant benefit is that home ownership is one of the best investments out there. So take it decision by decision, and don’t stress out. You’ve got this!

Joshua Alan Interiors is dedicated to providing clients with an engaging experience. Our belief is to design an interior where form equals function, enhancing the quality of your life. Reach out today to get started!

Written By: Sarah Bull