Starter Home vs Forever Home - Which One to Buy?
Is it time you started thinking about buying a home? You will find the salespeople talking of starter homes and forever homes. Don't be overwhelmed by the terms because it’s easy to understand them. Before you pick your home, it’s of importance that you know the difference between these two types of homes.
A starter home is a house that you buy to live temporarily. When purchasing the house, you can already see yourself outgrowing it. When it comes to property valuation in Sydney, property agents generally qualify condos and small apartments as starter homes.
A starter home is likely to be found near places where there are amenities. Often found in central areas where the social life of a person is convenient. Unmarried persons or young couples are more likely to buy such homes. Another way to define a starter home is a house you buy but can't see yourself growing old in it.
A forever home is a home that you don't intend to move out of. In most cases, this is a dream home for many people. Some years back, your first house ended up being your permanent home. With the changing times, yet, people start with a starter home then move on to their dream homes.
The changing trend can be attributed more to the financial demands that the two types of houses have. A forever home often requires some financial might and preparedness. A house where you stay for 10 or more years can be said to be your home.
The difference starter home and forever home
The difference between a starter and a forever home lies in your personal needs. Someone's forever home can be a starter home for another. Here are some differences that should help you understand more the difference between the two.
- Property valuation in Sydney managers will often recommend a starter home to you if you mention you are in the city for only a few years. However, if you tell them that you hope to settle in the town, they will recommend a forever home.
- For the professionals who move from one town to another every few years, they will enjoy starter homes. Professionals who settle down in a city and retire there often buy permanent homes.
- You will find a starter home in the middle of the city where the clubs and other social amenities are available. Many permanent residences are on the outskirts of a city where its quieter.
- If you are looking to start a family soon, it might be advisable not to buy a starter home because it won't serve your needs. You will have children, and you will soon not be happy in a small house. A forever home is more of a family home.
Factors to consider when buying a home
1. Finances – The experts in property valuation in Sydney will advise you that starter homes are more affordable. Forever homes, on the other hand, require substantial investment as compared to the former.
Starter homes require little deposit, and the interest charged is lower. The more permanent homes need a larger down payment, and the installments are higher.
2. Lifestyle – If you are yet to settle in your life, then you should go for a starter home. People who are on the move should go for this type of house. If you are more settled and don't see yourself moving out in the future, then the future home option is ideal.
3. Location – A person who loves the easy access to the malls, the pubs, public transport, and other public amenities, will want a starter home. A permanent home is often farther from the bustle and hustle of the city.
When picking your home, you must check all your needs and life goals. Buying a home requires serious considerations, and you should think it through. Involve the concerned parties such as your spouse and children.