Pros And Cons Of Buying A Starter Home
Nothing feels warmer than being able to own a home. The emotions of living in a house that totally belongs to you couldn’t be explained in words. We all want the best for our family and sometimes this hunt for best leads to nothing. A home that fits all your needs is out of budget and you keep paying rents waiting for your budget to cover the home of your dreams. The home builders Adelaide suggest starting with a starter home or condo to save for the abode of your dreams. Here’s your guide to starter homes.
What Are Starter Homes?
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As the name suggests, a starter home is a home you can start with or a home suitable for beginners. These are usually small homes which are not the best fit for a family. The homes can easily meet the needs of 2-3 people.
Attached Homes
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These homes share one or more walls with the homes around.Sharing walls reduces the cost of the home to a great extent.
Small Houses
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Most homes cannot accommodate a family of more than 2-3 people. Such homes even after being stand-alone are sold at a lower price.
Fixer-Uppers
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Homes which are not in a good condition are sold at affordable prices. You can renovate and repair the home slowly and make a great home out of it. If you are someone who can self repair, it is a great idea.
Home In Less Desirable Areas
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Sometimes homes are located in areas where there are no schools nearby or corporate zones are far away. You can choose one according to what you can adjust with. For example, if you don’t have kids, school is not an issue for you or if you are a freelancer, non-availability of public transport or far away from corporate zones will not bother you.
Pros Of Investing In Starter Homes
Smaller Investment
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You can buy a starter home with little investment and save more for your dream home. This way, you can get a better home in future.
You Can Build Equity
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The home builders south Australia will tell you how you can build equity with a starter home. The time you save for your future home, the prices of your starter home will also increase and the resell mount will be a great help.
Lower Expenses
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Smaller homes mean lower expenses. The property taxes, maintenance costs, and even utility bills will be lower and you will get loads of time to save for your forever home.
Reselling Is Easy
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Starters homes can be sold easily as these are quite high in demand. Whenever you are ready to move in a better one, you will easily get a buyer.
Cons Of Investing In Starter Homes
Costs Higher Than Rent
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You don’t have to worry about extra costs when you are living in a rented apartment. So, the loan and extra expenses will cost you more than the rent. But, the good thing is the loan is never coming back and when you pay for a starter home, it’s an investment.
Adjustment Issues
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Adjusting with lesser space or minimal amenities can also be an issue for many people. If you get a home in a faraway location, you might feel isolated as no one will visit you often.
You Don’t Have Many Choices
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Since starter homes are high in demand, these are sold really quick. When buying, you don’t get many choices. You need to adjust somewhere and that might not suit everyone. The only thing you can do is wait. Have some patience and wait for a good offer. Don’t settle for just anything because it is a starter. Comfort is the priority i
The Property Prices Might Decrease
You cannot be sure that the prices of the property will always increase. Sometimes, these could decrease and the home value might decrease. Be ready for everything. The custom home builders Adelaide suggest going for starter homes instead of forever home if your budget is really low. It gives you the freedom to take care of other important things such as the career of your kids and health. When things get in your favour, you are good to own the home of your dreams.