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.
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.