There are a lot of things to think about when you’re trying to decide whether to purchase a starter home or your forever home. 

Some things you might want to consider include your current financial situation, how long you plan on staying in the home, and what kind of repairs or renovations you’re willing to make. Below are some pros and cons for each option to help you make your decision: 

Purchasing a Starter Home

Pros: More affordable, less upkeep required, possibility to earn future income if you sell 

Cons: Smaller size, may need repairs/renovations, harder to sell 

Purchasing a Forever Home

Pros: Putting down roots in one place, won’t have to move again, larger size so you can grow your family 

Cons: Higher cost, more upkeep required

What to Know When It Comes to Getting a Loan

Before you begin shopping for your new home, it’s important to have a clear understanding of the mortgage process. Your best bet is to start off by getting pre-approved for a mortgage. This involves submitting your financial information to a lender, who will then review your credit score, credit history and income to determine whether you qualify.

Once you have a pre-approval in hand, you can start looking for homes within your price range. It’s important to remember that pre-approvals are not binding, so you’ll still need to go through the formal application process when you’re ready to make an offer.

Why You Should Work with a Real Estate Agent

Whether you’re looking for your starter home or forever home, working with a real estate broker can be beneficial. A dedicated agent will help you find the right property, negotiate the purchase price, and take care of all the paperwork involved in buying a home. 

Buying a home is a big decision, but it doesn’t have to be overwhelming. With careful planning and the help of a professional, you’ll be moving into your new place before you know it.

Choosing the Right Neighborhood

One of the most important decisions you’ll make is choosing the right neighborhood. The location of your home will affect everything from your daily commute to the quality of schools in the area. 

If you have young children, you’ll probably want to be in a neighborhood with good schools. Another thing to think about is your commute. If you work nearby, you might want to live in a neighborhood that’s close to public transportation. And if you have a long commute, you might prefer a neighborhood that’s closer to the highway.

Survey the local housing market, and make list of preferred neighborhoods. Once you have a general idea of where you want to live, start scouting out listings with your agent.

The Cost of Homeowners Insurance: What to Expect

The average cost of homeowners insurance is $1,288 per year. However, this amount can vary depending on the age and location of your home, as well as the amount of coverage you need. 

To get an accurate estimate of how much it will cost to insure your home, contact a few different insurance companies and get quotes for the coverage you need. 

Remember: Homeowners’ insurance typically covers damage from fire, wind, hail, water leaks, and theft. However, it doesn’t cover damage from floods, earthquakes, or termites/pests.

How to Choose a Home Warranty Company

If you’re buying a home, you may be considering purchasing a home warranty to help protect your investment. A home warranty is a service contract that covers repairs and replacements for certain items in your home, such as your HVAC system, appliances, and plumbing. 

When choosing a home warranty company, it’s important to do your research and read the fine print carefully. Some companies have restrictions on which items they will cover, and some only cover items that are considered “normal wear and tear.” 

Buying a home comes with a lot to think about, especially when deciding between a starter home and a forever home. However, some things will remain the same no matter what type of home you buy, such as choosing the ideal neighborhood, working with a solid agent, getting preapproved for a mortgage and taking steps to protect your property. If you’re ready to take the leap, it’s best to go in knowing what to expect.

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