For Now or for Life: How to Choose Between a Starter or Forever Home
Emily Graham of Mighty Moms | [email protected]
Are you an on-the-go young worker looking for flexibility and low-cost housing? Or are you an established professional with a family willing to pay a little more to settle down for good? Depending on your situation, a starter home or a forever home might be right for you. Determining what type of home you want is a key step in making your dreams of homeownership in Colorado Springs, CO come true.
Maybe you anticipate having to relocate in a few years for a job or other life change, or perhaps you just want to get started building equity through real estate. In both cases and many more, a starter home may make sense for you. Starter homes are usually much cheaper than forever homes, and as a result, you have a lower property tax liability. If you maintain ownership of the home after you move out, you can rent it out for income.
However, there are drawbacks to purchasing a starter home. These can include a lack of available supply of these types of homes, specifically in the Colorado Springs area. Starter homes are typically much smaller than other homes and lack additional amenities and features that you might prefer to have. The location of the start home may also put you in a less-desirable neighborhood or give you a longer commute to your workplace.
- More affordable
- Lower taxes
- Potential for future rental income
- Less space
- Fewer luxuries
- Potentially undesirable location
If you want to put down your family’s roots for good, a forever home is probably the way to go. Forever homes are usually much larger and much nicer than starter homes, and you get the luxury of the home being located in a more desirable area. In addition to more space and amenities, you get the peace of mind that you have a place to stay forever.
However, this upgrade comes at a price relative to a starter home. Not only do you pay more money for a forever home, but you also have to account for repairs and maintenance for the long term, even if the home is in better shape than a starter home. Forever homes also reduce your flexibility to move around if new opportunities arise for you.
- More space
- More luxuries
- Desirable location
- More money
- Higher taxes
- Less flexibility
Protecting Your Home
One thing that all types of homes may benefit from is a home warranty plan. Home warranties provide coverage for some things your existing homeowner’s insurance policy doesn’t cover, extending coverage to major systems in your home, such as heating, cooling, plumbing, and electricity. These plans may also cover appliance repairs and replacements. Home warranty plans differ from your homeowner’s insurance because homeowner’s insurance covers your home’s structure, theft of property, and accidents and injuries that happen on your property. Read more to select the best home warranty provider for you.
Home Sweet Home
A home is one of the biggest and most important investments you’ll make in your life. Whether you’re in your home for a few years or forever, visit Excellent Plumbing, Heating, and Mechanical for all your home maintenance needs in Colorado Springs.
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