Starter homes can be perfect for more than just first-time homebuyers. Almost anyone who needs less space or is hoping to save some money can benefit from following the tips below. Read on and learn more about choosing a starter home that suits your needs.
Know What You Can Spend
When it comes to setting up your home search, avoid estimating what you can spend. Many buyers learn that they should spend about 2.5 times their yearly salary on their new home. That, though, may not be accurate. Buyers should avoid wasting time looking at homes in an inappropriate price range and one sure way to do that is to talk to a lender about being preapproved.
Keep Expectations in Check
Those looking to save money may need to remain flexible as they conduct their search. It's advisable to speak to a real estate agent about what to expect at a given price point. Local agents have a definitive grasp of their area and of what is available in all price ranges. Try to look past the square footage and restrict your searches to certain neighborhoods. Doing so can open up a world of possibilities in available homes.
Smaller Homes May Be Smarter
Home sizes have progressively become larger and larger over time. For those accustomed to larger rental quarters, living in a smaller place might take some getting used to. With less square footage, though, comes lower utility costs, fewer maintenance issues, and less space to keep clean. It's also worth noting that some larger homes don't allocate that extra space to beds and baths. That means you might snag a larger home that has fewer beds and baths for a bargain price.
Be Ready to Commute a Bit
Homes in prime areas and neighborhoods will almost always cost more than most first-time buyers can afford. Just moving a block or two away, in some cases, could produce an affordable home in an area that is still very nice. Be sure not to overlook a home in a neighborhood that is going through a revitalization. You might be getting in on the ground level of a future boom area.
Fixers Are Fine
If you are able to look beyond the basic home and its array of issues, you might snag the perfect starter home. You may need to make changes to make it work, however. Be ready to either take on those remodeling jobs yourself or hire the work out to others. Be sure the home can be lived in right away, though.
Learn more about starter homes by speaking with a real estate agent.Share