Making an investment in a starter home is the bridge for many people between renting and purchasing a forever home. If you’re searching for a starter home, then that means the home-buying process is entirely new to you. It’s a beneficial opportunity to learn what home buying and home ownership is all about—and to give you a better idea as to what you may want out of your forever home eventually. When selecting a starter home, there are a few qualities that you should look for regardless of your personal style preferences.
- Location. Location is the one thing you cannot change in regard to your starter home, and in real estate, location means equity. Look for a starter home in an appealing neighborhood that offers good potential for resale. If you have children, you may also want to consider the school system that the neighborhood is in. A starter home in a good location all but ensures that you won’t lose your investment when it comes time to resell.
- Solid structure. Good condition is another important quality to look for when selecting a starter home. This means making sure all of the home’s most important systems and features are in good shape, including the HVAC system, the roof, the foundation, the plumbing, etc. If there are problems with these features, then you will end up investing a significant amount of time and money to fix them.
- Size. You may have a set number of bedrooms and bathrooms in your head that you want in a starter home, but remember that you are limited to what your budget allows. At the same time, look for opportunities that have underutilized square footage, which can equal a good return on your investment. Think about an unfinished basement or tearing down a wall to create an open floor plan, for example.
- Move-in readiness. This is one where you’ll have to make a choice—do you want a move-in ready home or a fixer-upper? If you are OK with DIY, and you have the time, then you can get a good deal on a fixer-upper as your starter home. If you have the budget to pay a little more on the front end for move-in-ready, then, you should not spend as much on improvements and repairs throughout your home ownership.
When selecting a starter home, just remember that it is your first home—meant to give you a taste of home ownership, but it is likely not your last stop in the world of real estate. Enjoy your first home, but look forward to what’s to come with your next one!
For your real estate needs in the Auburn, Opelika or Lake Martin areas, contact Realtor Ryan Roberts today at 334-750-9872, or email [email protected].
