Home purchasing is one of the single biggest investment most people will make in a lifetime.
If you’re a prospective buyer trying torn between a starter home and a dream home, kindly pay close attention.
Starter homes can be relative, what you classify as a starter home can be someone’s dream house. Starter homes generally refer to a house capable of providing comfort for a short time period (5 years). A dream house as the name implies refers to the ideal home that one can see himself living in forever. This house typically satisfies almost every need for the person in terms of location, rooms sizes, accessibility, etc.
The Starter Home
The starter “just for the start” home usually has a bigger upside despite it not fitting you need for comfortability. Let’s take a look at the bright side
- Starter homes tend to appreciate in value with time. Selling your starter home when it appreciates can provide you with the capital required to start-up your dream home.
- Starter homes can also be rented out if the time to sell isn’t right.
A dream home refers to a property capable of supporting your growing family for the next 20 – 30 years or even further.
Here’s the downside: Most individuals below 40years will most likely have a difficulty finding the capital to acquire their dream home. This leaves them with no choice but to rent whiles they save towards their dream house but the more the wait continues, the less affordable your dream home becomes.