As a first-time home buyer, you face a number of tough decisions. From the location and square footage to pricing and extras, there is no shortage of factors to consider. But before you begin combing through property listings, it’s essential you take the time to evaluate your options and determine the type of home you are looking for: namely, a starter home or forever home. Below, the West Virginia real estate agents at Re/Max Real Estate Group outline a few starter home pros and cons.
Homeownership comes with a sense of stability. This sets the stage for new couples to advance their careers, grow their families, and consider what the future has in store. Real estate is also a sound investment. The equity you earn can be used in a variety of ways, ranging from home improvement projects (which will increase your property value) to a down payment on your next property. As such, you may consider your starter home as a glorified forever home savings account.
Buying and moving into a new home is no walk in the park. If you plan on upgrading into a larger property in less than five years time, it may be worth saving up for your forever home. Homeownership also involves a variety of hidden costs. In addition to mortgage and property taxes, you will be solely responsible for repairs, renovations, and furnishings. While these expenses will likely follow you to a forever home, purchasing a temporary abode may mean paying out twice.
So, should you buy or should you wait? As with most major decisions, the answer is largely dependent on your individual situation and goals. However, if you are ready to explore the current real estate market, the experts at Re/Max Real Estate Group are more than happy to help. Serving Charles Town, Martinsburg, Leesburg, Harpers Ferry, and Berkley Springs, WV, Re/Max Real Estate Group has you covered for the property listings and service you need to get into the home you’ve been dreaming of. View current homes for sale online or call (303) 728-7477 to speak with a licensed real estate agent.