What To Look For When Buying A Starter Home
Many people look for starter homes to buy when they shop for their first house. A starter home generally costs less than other home types, and it is a great choice of house for your first one. If you want to buy a starter house, you might wonder what qualities to look for in the home you buy. Here is an explanation of the qualities you might want to find in your first house.
The first thing to know about starter homes is that they cost less than other houses. A starter house is a house you start in, but it is not a house you plan to live in for the rest of your life. Therefore, most people look for affordable homes for sale. If the average house in your area is around $275,000, you might want to look for a starter house under $200,000. An affordable house makes it easier for you to afford the payments and other expenses of owning a home.
Smaller in Size
Because you will spend less on a starter house, you can expect it to be smaller in size. While average homes might be around 1,800 square feet, starter homes might be only 1,200 square feet. A lower price tag on a house generally means that the home has less living space.
Prices can be deceiving when you shop for homes, primarily because of the differences in location. You might find some affordable homes to buy that seem too good to be true. If you do, make sure you examine the location of these homes. If they are in bad areas, they will likely cost less to buy. Buying a home in a great location is vital, though. You will want to make sure the location is safe and desirable.
Potential for Making Money
The next quality to consider is the home's potential. A starter house might need some work, and you should make sure that the work will pay off. You might want to ask your Realtor about the resale values of homes like the one you are considering. Your Realtor can help you find one that has some potential for making money in the future.
As you shop for your first home, keep these qualities in mind. If you can find the right starter house, you will be able to afford it and make some money when you sell it. You can talk to a Realtor to learn more about homes for sale in your area.