If you’re buying your first property, you are probably wondering if you should get a starter home or a purchase a “forever home.” You can consider the former if a smaller home is you can afford right now. Some also do it to get into the housing marketing today and build some equity and credit. The latter, meanwhile, is the choice if you want something that will serve you for the long-term.
This property is usually small and easy to manage. Home loan companies in Ogden note that this has a manageable mortgage, which means it won’t greatly affect your lifestyle or finances. This is ideal if you’re still young and building your own savings. A starter home is also a good option if you think that your first home will not be the last one you’ll own.
Many choose a starter home to begin their journey in ownership. This is also a good alternative if you’re in a job or industry with some sort of unpredictability or volatility. Expert suggests that if you’re into this kind of house, you need to buy one in a good location that is easier to sell in the future.
If you want a house that can accommodate all your needs and plans like, building a family or having children, a forever home is ideal. This is usually larger than a starter home, which can mean that you will have to spend more or stretch your budget on your first mortgage. This, however, is not a problem if you can truly afford to buy a home now.
The thing with forever homes is that it may take some time to find the right one. With a starter house, it always easier to compromise or settle, knowing that you’ll move in a few years. This is not always the same for a forever home, as you want to make sure that you’ll have a house that can serve you for a long time.
Making the decision is not always easy. This makes it important to assess what you really want. Studies suggest that many first-time buyers skip a starter home and choose a property for the long-term. This, however, will still depend on your situation, your savings, and the amount of loan you can afford. Talk to a reliable lender to learn more about your mortgage options.