Buying your first house is a major move, even if the home itself is tiny. Becoming a homeowner can be a great way to start putting down some roots and building equity.
A starter home is loosely defined as a smaller property that a first-time buyer expects to live in for just a few years.The home could be a condo, townhouse, or single-family home.
Unless you’re a big fan of packing and moving — not to mention the often-stressful process of selling one home and then buying another, or buying and selling a house at the same time — you may want to stay in your starter home for at least two to five years.
• Becoming a homeowner can bring stability to life.• Buying a starter home is also a great way to try on aspects of homeownership.• Buying a starter home is also an investment that could see good returns down the road.
If you’re tired of renting or living with your parents but don’t have the cash flow necessary for anything more than a humble abode, a starter home could be a great way to get into real estate without breaking the bank.