If you’ve just begun your first home buying search, you’ve probably heard the terms “starter home” and “forever home” many times already. But what are they and should you know the difference? Let’s take a closer look.
A Starter Home
When realtors refer to a starter house, they’re usually talking about a smaller, inexpensive home that will be your first home buying experience. You may not plan on living in this particular house for many years to come, but it is a great beginning and a place to finally call your own. A starter home is an excellent choice for you if you are on a tight budget without any wiggle room, don’t want to put a lot of work into the home and don’t want to commit to many major lifestyle changes. Many newlywed couples make this choice if they haven’t decided on a final location for their future or if they don’t have any substantial savings built up yet for a down payment. While a starter house may be great for a couple with no children, once you start to grow your family you may quickly grow out of it.
A forever home is a house in an ideal location and the perfect size you need for your family. It is where you plan on staying for many, many years, and possibly as the name suggests, forever. A forever home is usually the ultimate goal of home buyers, but a starter home makes it possible to obtain eventually. Prospective buyers looking for a forever home are more likely to take on fixer uppers and project homes that need a lot of work since they can take time to mold it to meet their expectations and needs.
Of course, sometimes things don’t always go as planned and things change, so it’s important to keep an open mind whether you’re looking for a starter or forever home.