Is a Starter Home Better for Your Family Than a Forever Home?
Buying a home in Texas is one of the most simultaneously stressful and exciting things you can ever do. Many people aren’t sure whether they want to buy a home that can accommodate their basic needs and help them get their feet wet in real estate or a more polished property designed to serve their specific needs and more refined tastes.
Determining Your Family's Needs
When choosing between a starter home and a forever home in Texas, figure out what you need out of the property first. If you’ve never owned a home before, have a young family, and want to find something at a lower price point, a starter home may be ideal for you. However, if you have a higher budget, are older, further along in your career (or retired), or have specific tastes, it may be time to find the house you want to stay in indefinitely.
Fixtures, Maintenance, and Price Points
A starter home is less likely than a forever home to have pricier appliances or fixtures, such as custom cabinets, elaborate crown molding, or artisanal faucets or doorknobs installed. If you have a more refined taste and want to exhibit a more specific aesthetic, it’s more likely you’ll find this in a forever home. However, these elements typically add significant expense to the overall purchase price, so you’d have to be rather deliberate when selecting a home in Texas with these features.
Choosing a Starter Home in Texas vs. Forever Home as Assets
Buying a home is one of the smartest investments you can make. A forever home can benefit your family in the long term if you choose to pass it down, as these homes tend to have attractive features and fixtures and can sell more quickly and at higher price points than starter homes. However, their value may make it more challenging to find tenants if you want to rent it out at some point. Starter homes tend to be attractive to tenants but less so to prospective buyers since most home buyers aren’t first-time buyers. Keeping these properties to be used as rentals once you’ve moved on to a forever home is generally a great idea.
When choosing between a starter and forever home, it's important to understand home inspection and disclosures from the proeprty seller to determine if there may be underlying issues to potentially prepare for.
What Happens During a Home Inspection?
A home inspection may take two to three hours. Within this inspection, a professional home inspector or team will test the major components of your home. They may need your assistance with operating devices such as garage door openers, lighting fixtures, and furnaces, but most professional home inspectors will be prepared to assist you as much as possible. Remember to ask any questions you may have. Now is your chance to get clarity on the inspection process as it is happening. A qualified home inspector will be happy to answer all of your questions and assure the process is clear.
What are Home Inspectors Looking for?
Typical home inspections focus on the major components of the property such as the furnace, air conditioning, and bathrooms to determine if there are any immediate issues before selling. To do this, a home inspector will go out to your property in-person.
- Furnace & Air Conditioning
- Exterior Doors
- Water & Sump Pumps
- Light Fixtures & Cabling
This is just a small example of what can be inspected. You may want to contact the inspector ahead of time and request a list of what will be inspected or ask friends and family what their inspections were like. Their job is to look for any potential problems, from a dripping sink to a dead furnace, that may affect the value of the home. Your job is to do your research!
Relocating & Moving Into Your Texas Property
Once you've purchased a home and need to move your belongings, it’s important to use reliable local movers so that your things are less likely to sustain damage. Check online to find local companies with positive reviews, so you can be sure your things are in good hands. Outline exactly what you need from the company, and get an estimate of cost, so there aren't any major surprises down the line.
delay the inspection.
Starter Homes and Forever Homes Both Come With Benefits
By understanding and being honest about your needs as a prospective homeowner, you can decide more easily whether you want to purchase a starter home or a forever home. Maintenance, your budget, future financial benefits, and the features of the homes themselves should all be taken into careful consideration before making your decision.
Texas Real Estate Services
Buying, selling and leasing real estate in Texas is often a rewarding prospect for family's and businesses. Pride Street Realty offers experienced Texas real estate services that save you time, money and hassle while bringing your transaction to the closing table faster. From real estate buyer and seller representation to commercial, office space and property management services, contact us today to learn how assist you through every phase of property leasing & ownership.
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