If you’re like many people, you’ve heard the age-old real estate advice that you should look for a “starter” home first; then, once you’ve established a good history as a homeowner, saved up more cash, and built your credit up to a stellar rating, you can look for a “forever” home… one in which your children and grandchildren can come visit for extended stays.
That’s not always the way you should do things, though.
A recent Bank of America study shows that 75 percent of first-time homebuyers are choosing to skip the “starter” home and go straight to the “forever” home.
There’s something to that, too. Why would you buy a home that’s not right for your long-term needs when eventually, interest rates are going to increase? Conditions are not always going to be this favorable, so it may make sense to skip the unnecessary step of finding a one- or two-bedroom house that meets your needs now but won’t in 5, 10 or 15 years.
While every home search is different, it may not make sense for you to buy your “forever” home right now. The average person will move more than 11 times in his or her lifetime, so you’d be far from alone if you did choose to buy a starter home (unless it was your 12th starter home).
No matter what you’re looking for, we’d love to help you find it.
Call us at 386-243-0124 or get in touch with us online. We’ll start searching for your next home, whether it’s a starter home or a forever home, right away.
