learn more<\/a> about house prices by following that link.<\/p>\n\n\n\n2. Move in Date<\/h3>\n\n\n\n
Buying something you can already afford means you can move in sooner!<\/p>\n\n\n\n
Purchasing your first property is a momentous occasion. If you feel ready to do it, then you\u2019re unlikely to want to wait! Anyone impatient to buy, and unwilling to save up, should go for a starter house.<\/p>\n\n\n\n
Likewise, the situation might call for decisions to be made quickly. New jobs, family changes, circumstantial shifts and so on can all call for an earlier move-in date.<\/p>\n\n\n\n
3. Investment\/Rental Opportunity<\/h3>\n\n\n\n
A starter home can quickly grow in value.<\/p>\n\n\n\n
That\u2019s especially true for certain sought after locations. Moving early into an up and coming area can pay off in kind in due course. What you buy for a steal may be worth exponentially more in the future.<\/p>\n\n\n\n
Likewise, you could look to use it as a rental property in time as well. That income can pay the mortgage for you.<\/p>\n\n\n\n
Cons<\/h3>\n\n\n\n
Now, on to the downsides. Here are all the cons involved:<\/p>\n\n\n\n
1. More Moving<\/h3>\n\n\n\n
The nature of a starter home means it won\u2019t be forever.<\/p>\n\n\n\n
That\u2019s bad news if you don\u2019t like moving house! When it comes the time to move onwards and upwards, you have to go through all the same hassle of packing, moving and unloading.<\/p>\n\n\n\n
This is time consuming, costly and a lot of effort all round!<\/p>\n\n\n\n
2. Upfront Costs<\/h3>\n\n\n\n
Starter houses often need work done on them.<\/p>\n\n\n\n
After all, there\u2019s a reason they\u2019re cheaper! Even if everything is fine structurally, there may be improvements you\u2019d like to make on it anyway.<\/p>\n\n\n\n
Let\u2019s face it, a starter home will never be the house of your dreams. It\u2019s often worth investing in it to make it feel more comfortable and in line with personal tastes. But that all costs money!<\/p>\n\n\n\n
3. Trouble Selling On<\/h3>\n\n\n\n
Most disconcerting of all is the potential trouble selling the property on.<\/p>\n\n\n\n
You may be ready to leave the house. You may have a new one lined up. But if no-one wants the property, it can be a long and arduous process to get out of it.<\/p>\n\n\n\n
Forever Homes<\/h2>\n\n\n\n
With the starter house covered, let\u2019s consider the pros and cons of forever homes. These are the houses you can picture yourself living in indefinitely.<\/p>\n\n\n\n
Pros<\/h3>\n\n\n\n
Again, we\u2019ll begin with the positives. Here\u2019s what you\u2019ll benefit from with a forever house:<\/p>\n\n\n\n
1. Dream Home<\/h3>\n\n\n\n
A forever house has that name for a reason.<\/p>\n\n\n\n
It\u2019s one you can see yourself in for a long time to come. That means you can imagine living there for 20 to 30 years at the least. If that\u2019s the case, then it\u2019s likely to tick all the right boxes in terms of location, aesthetic, land, development opportunities and so on.<\/p>\n\n\n\n
That all adds up to a place you\u2019ll be happy in! You get the house of your dreams to enjoy for years to come.<\/p>\n\n\n\n
2. Caters for Growing Families<\/h3>\n\n\n\n
Forever houses tend to be larger than starter houses.<\/p>\n\n\n\n
That\u2019s an important asset for any couples looking at starting a family. Pets and children both need space, after all! Having a forever house with enough rooms and land to cope can make a big difference.<\/p>\n\n\n\n
3. Stability<\/h3>\n\n\n\n
Buying a forever house means no further housing decisions for a long time to come.<\/p>\n\n\n\n
Sure, you may choose to sell it in future (for a handsome return, no doubt), but there\u2019s no rush. You\u2019ve got decades of time to enjoy the space. No more packing and unloading cardboard boxes for you!<\/p>\n\n\n\n
Cons<\/h3>\n\n\n\n
Finally, the disadvantages:<\/p>\n\n\n\n
1. The Price Tag<\/h3>\n\n\n\n
All of those advantages come with at a cost\u2026literally.<\/p>\n\n\n\n
Forever homes will always be far more expensive. The down payment and mortgage requirements can be difficult for first-time buyers to cover.<\/p>\n\n\n\n
It\u2019s likely that you\u2019ll have to wait for many years to save up. If you\u2019re unwilling to wait to buy a property, then this isn\u2019t a nice thought.<\/p>\n\n\n\n
2. Decreasing Affordability<\/h3>\n\n\n\n
A quick additional point:<\/p>\n\n\n\n
Forever houses are unlikely to get any cheaper! Sure, you may be able to save money over time. But you must ensure your savings and earnings match the rate at which the house appreciates in value.<\/p>\n\n\n\n
3. Commitment<\/h3>\n\n\n\n
Forever homes can be a daunting prospect for anyone averse to commitment!<\/p>\n\n\n\n
Likewise, no-one knows what\u2019s around the corner. As they say, the best-laid plans of mice and men often go awry! You can end up locking yourself into expensive payments only for your life to throw a curveball.<\/p>\n\n\n\n
Be sure you\u2019re sufficiently settled before investing in a forever house.<\/p>\n\n\n\n
Time to Decide<\/h2>\n\n\n\n
With all the pros and cons laid out, it\u2019s a matter of deciding what works best for you!<\/p>\n\n\n\n
As we\u2019ve seen, buying a house for the first time is an exciting, but daunting, prospect.<\/p>\n\n\n\n
It\u2019s important to figure out the best way forward for you in relation to current circumstances and aspirations. Hopefully, the information in this post has helped you realize whether starter homes or forever homes are more up your street!<\/p>\n\n\n\n
Want more housing-related advice? Check out all of our similar articles on the real-estate section of the blog.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
We don\u2019t have to tell you: buying a house isn\u2019t cheap. Indeed, the median house price in the US currently comes in at a hefty $280,000. Clearly, that\u2019s a heavy investment by anyone\u2019s standards. For first time home buyers, these figures can be a daunting prospect. With such sums of money on the table, it\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3962"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=3962"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3962\/revisions"}],"predecessor-version":[{"id":3964,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3962\/revisions\/3964"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=3962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=3962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=3962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}