5 Pointers to Help You Choose Between Purchasing
a Naples Florida Starter Home or a Naples Florida Forever Home
If you’re searching for a new home, you may be torn between buying a starter or splurging on your dream forever home. Although many types of real estate can be a good investment, the decision between a starter or a forever home may come down to your personal needs and wants. Before making any offers, try reading through these five pointers from Buy Sell Naples Real Estate to help simplify the process.
1. If You’re a First-Time Homebuyer, Learn About Basics
Before choosing your home, it’s important to understand the basic factors that you should take into consideration. This step is especially crucial for first-time homebuyers.
For starters, you’ll have to save up a down payment before you can start touring homes and weighing your options. If you need assistance with this down payment, there are three main options you can look into: tax credits, loans, and certain housing grants. Whether you’re eligible for these assistance types may depend on your current career and associated income, your desired location, and your chosen home type.
2. Purchasing a Starter Home Could Allow You to Save Money and Time
According to one study, buying a home can help build wealth for your future. A starter home can allow you to begin building equity on a smaller budget. Benefits of getting a starter include:
- Generally better affordability
- Potential for future rental income
- Generally less upkeep than a larger “forever home”
3. With a Naples Florida Starter Home, You May Need to Make Crucial Compromises
With the affordability and easier upkeep of a starter home come some significant compromises. Before you spring for this option, consider what you’re willing to give up.
For instance, many starter homes are on the smaller side. If you hope to stay in your starter home for an extended period of time, this may be a downside for you. Additionally, cheaper starters may be fixer-uppers or need other repairs, requiring additional time, money, and sweat equity. Furthermore, certain starters may be tougher to resell than larger or higher-end homes.
4. Your Naples Florida Forever Home Allows You to Settle In and Put Down Roots
If you decide to take the plunge and purchase your forever home, you can relish the fact that you may never have to go through another move again. Pros of this option include:
- Settling down and putting down roots in your desired location
- Accessing the amenities you’ve always dreamed of
- Having enough space for your family to grow
- Not needing to move to a larger home in the future
5. With a Forever Home, You May Use Up More Resources Than You Think
A forever home purchase isn’t necessarily all rainbows and sunshine. Although it may be the best choice for you, it can also take up more key resources than a starter. When you buy a “forever home,” you might need to:
- Spend more money on regular home maintenance and insurance
- Cover a higher mortgage payment every month
- Invest more effort in upgrading the home
- Find out if a home warranty is worth it for you
Choosing between buying a starter home or investing in a forever home can be difficult, especially if you’re a first-time homebuyer. Fortunately, learning more about the search process and understanding the pros and cons of both types of homes can help make your decision a little easier.
When you’re ready to take the leap into homeownership, you want a dedicated agent by your side. Connect today with Buy Sell Naples Real Estate for a quality real estate experience. 239.293.0246
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