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Your Parents Bought a Starter Home - Should You?

7/7/2017

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Did your parents buy a starter home as their first residence? In years past, buying a starter home, or a house that you didn't plan to live out most of your life in, was advisable. The Baby Boomer generation frequently bought smaller homes as their first home, moving when their careers advanced and incomes were higher. As their needs grew, they moved out of their starter and into the homes of their dreams.

Today, people may struggle to come up with a down payment for a house. Some consider renting until they can save the money for the home they want, and one they can stay in over the course of their lifetime. Others consider following in their parents' footsteps and buying a modest home first and then moving into a larger home later. Which makes more sense?

Why Purchase a Starter Home?

There are instances when buying a starter makes more sense. One of the benefits is an emotional one. People feel as though they are more grounded when they purchase a home. They have a sense of belonging and enjoy nesting.

Another aspect of home buying that must be considered is building credit and equity. When you rent, you aren't putting your money into anything but someone else's pocket. By purchasing a home, you begin to build equity that could have you coming out ahead in five years or so. It is also a great way to build your credit.

Why Wait?

Consider that when you purchase a second home, that means moving again. People with houses tend to accumulate more "stuff," which means an even bigger move the second time around. Moving can be a hassle, not to mention expensive.

Some people believe that buying a starter home ends up costing more in the long run. Starter homes typically come with at least minor repairs. You will also want to make your home your own. You may be better off saving the money you would spend on your starter home and putting it into a down payment fund for your long term home.

Whether you are buying a starter house or the home of your dreams, there are homes for sale in Locust Grove to meet your needs. The Dottie & Kate Team is here to help you. Reach out to us today for assistance.
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    The Dottie & Kate Team are real estate experts in Stockbridge, Georgia who enjoys writing about home staging, Lake Jackson, and tips for selling your home quickly!

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  • Home
  • Find a home
  • Featured Properties
    • 225 Late Rise Rd Monticello Ga
    • 120 Friddell Rd
    • 1600 A Hwy 81
    • 1809 Stark Rd
    • 13759 Woolsey Rd
    • 225 Tussahaw Ln
    • 469 Parker Rd
    • 267 McDonough Rd
    • 1600 B Hwy 81
    • 115 June Court
    • 332 Roberts Point Road
    • 7625 Wright Circle
    • 695 Moreland Road
    • 2551 Hidden Hills Drive
    • 110 Walnut Ridge Way
    • 108 Greenland Drive
    • 29 Highland Circle
    • 521 Blue Cedar Court
    • 779 Crumbley Road
    • 2933 Old Snapping Shoals
    • 171 W Nuthatch Drive
    • 118 Bell Road
  • Home Staging
  • RESOURCES
    • Blog
    • Selling Tips
    • Locations
    • FAQ
    • Real Estate Glossary
  • Contact
  • 1809 Stark Rd