Forever Home or Starter Home: Which is Right for You?

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Forever Home or Starter Home: Which is Right for You?

It’s such an exciting day when you’re looking for a home here. You’ve probably been watching the market closely to see what’s out there and get a rough idea of ​​the price. But now you’re finally ready to make the commitment to finding your ultimate home.

However, do you know what type of home you are looking for when it comes to starter home or forever home?

Photo by Soroush Karimi on Unsplash

What is forever home?

It is basically the home that you intend to live in for the rest of your life. Many years ago, there was little difference between a forever home and a starter home. This is because you will build your home on your land and pass it on from generation to generation. No one is moving out, so this family home will be your forever home.

However, things have changed since then. More people are relocating to be closer to where they work, or because of their jobs, or in warmer climates, and maybe even to be closer to loved ones. The reasons are endless. With a professional company helping you pack and move, making it happen has never been easier.

This partly leads to the fact that forever home is not the only option. In addition, it has also changed the meaning of eternal home, as fewer and fewer people seek to find a home. Today, a forever home can also mean a home that has been inhabited for over a decade, perhaps several homes, but traditionally does not begin with one’s life, whether married or have children, until it ends.

What is a starter home?

Typically, entry-level homes have smaller and/or smaller room counts than permanent homes. There could be many reasons for this, including the budget of their potential owners and the fact that they won’t have many people living with them. For many people who start on the property ladder, it’s often the first property, not where they’ll find themselves living in decades to come.

Realtors often use this term to indicate that a property is a buyer’s first and will not be their permanent home. This is because as their needs change, their starting home will not be able to adequately meet them.

For now, however, that’s exactly what they’re looking for. That’s not to say that starter homes are limited to a few years. It might be good for a decade or so. So it’s a serious investment.

It’s also important to remember that a starter home doesn’t mean it needs a renovation, but be prepared to do some. It probably already comes with all the mod cons. Not only that, but it’s not where you see yourself in old age.

What’s next?

Find out what type of mortgage you are eligible for and how much. Once you know this, you’ll have a better idea of ​​what types of homes are on your budget.

There are several ways to do this. You can do your own research to see what various lenders can offer you. Be prepared for this to take time as you will need to complete an application for each potential mortgage company you are interested in.

Alternatively, you can go to a mortgage broker who can do it all for you. Just complete one application and they’ll sift through the available lenders to find the best deal for you.

If you are looking for advice on mortgages, the broker will be able to advise you on the process independently. They’ll even do a soft credit check, like Trussle, to see how much you can borrow without affecting your credit rating.

Photo by Ralph (Ravi) Cayden on Unsplash

Finding a new home, whether starting or permanent, is always an exciting time. Knowing that starting this journey will end in becoming a homeowner is something we all look forward to. To make the process smoother, it’s always good to seek advice from a mortgage specialist.

Having someone who can guide you through the home buying stages will greatly reduce the stress that often comes with buying a new home. Then you can look forward to a new day and start a new chapter in your life.

Keep it up Artkraft

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