Buying a home involves a lot of questions. Which neighborhood do we want to live in? Should we buy new construction or resale? How much do we want to spend? How big of a house do we need? An important question you should also ask is do you want a starter home or a forever home? Here\u2019s how to choose which option is best for your life right now.<\/p>\n\n\n\n
What exactly is a starter or forever home? It\u2019s not a specific\nhome type; it\u2019s how long you expect to stay in the home. <\/p>\n\n\n\n
Starter Homes<\/strong><\/p>\n\n\n\n A starter home is simply one you don\u2019t plan on living in\nforever. There\u2019s no standard for how a starter home looks. However, they tend\nto be smaller and more modest. Some buyers see starter homes as good enough\nbefore moving into a larger, more expensive home that better fits their needs.<\/p>\n\n\n\n When you\u2019re ready to move into a larger home, you can sell the home and use that to fund the purchase of your next home. Additionally, you can hold onto the starter home and turn it into an investment property by renting it out.<\/p>\n\n\n\n Buyers often outgrow their starter homes, necessitating another round of home buying and moving. Starter homes often lack the amenities home buyers want and are smaller and older. <\/p>\n\n\n\n Forever Homes<\/strong><\/p>\n\n\n\n A forever home is a home you expect to stay in for a long time, possibly forever. Forever homes can be anything: a condominium, townhome, single-family home, and more. They can be a fixer-upper you turn into your dream home or a move-in-ready beauty. They\u2019re usually homes you can grow into over the years.<\/p>\n\n\n\n Forever homes are usually larger and often have popular amenities buyers want, like large outdoor space and updated features. Since they are larger, the home will most likely fit your family even as it grows. They also tend to be located in popular neighborhoods.<\/p>\n\n\n\n With the larger size, updated amenities, and desirable\nlocation, forever homes can be more expensive. If you\u2019re hoping to buy a\nforever home from the beginning, you may need to wait longer to afford the down\npayment and closing costs. <\/p>\n\n\n\n How do you decide between buying a starter home or a forever\nhome? It depends on your situation. Before you start looking for homes, here\nare some factors to consider.<\/p>\n\n\n\nTips for making the smart choice<\/h3>\n\n\n\n