As Denverian, we traditionally dream of having our own house, preferably as early as possible. After a few years of renting, many young people are taking the step to a starter home. Because it is often claimed that buying is better than renting. But is that really so? And what should you look out for if you decide to buy a starter home? You discover it in this article. In https://www.buyingdenvercondos.com/ you will fine the perfect answer to that.
What do we mean by a starter home?
Every home that is within the reach of starters on the housing market is basically a starter home. By starters we mean people, couples or single people who have never bought a home before that means that they have no surplus value from a previous house and that they have to finance the starter home with their salary and possibly savings. In principle, you buy a starter home as a stepping stone to the next, larger and more comfortable home. If you take a good approach, you can sell a starter home with profit after a few years.
Where can you find a starter home?
A starter home can be both a new-build home and a to be renovated existing home. There are many real estate agents and project developers who place certain properties from their range on the market as starter homes. That always sounds good, but don’t get caught up in the term. It is especially the asking price that determines whether a house or apartment is really a starter home. In addition to project developers, there are housing associations and municipal authorities that build starter homes and offer them at affordable prices. In many cases these homes are in great demand.
End up in your starter home?
Always keep in mind that you buy a home above all to have a home. Since you are going to live there effectively, you cannot see a starter home purely as an investment. That depends on changes in your family situation, your financial options, your workplace, etc. You may be looking for a new home after a few years, but it is not excluded that you will stay in your starter home for a very long time or as in the past was a habit you will live all your life.
Ready or to renovate
If you are a handyman and you especially do to value creating, one renovation may be a better option. You can always buy a house to renovate cheaper than a house ready to move in. Sometimes you can really go the extra mile: homes that require a lot of refurbishment can be on sale for a long time, giving you a wide choice.
Of course renovation also has its disadvantages. So you have to invest a lot of work in it yourself. Moreover, you should not underestimate the renovation costs. Finally, you must be careful that the renovation does not drag on and that you do not lose too much in comfort during the works.
If you choose a new-build project, you immediately have a ready-to-live-in home. An additional advantage: there are few maintenance costs during the first years. In addition, a great deal of materials and devices will still be in warranty. Know that there are always many candidates for this type of project and that you will often have to decide very quickly.