Buying a Starter Home?

When Buying a Starter Home, Think About Your Future Needs
Photo: © Somos Photography | Veer

Buying a starter home is the big first step in home ownership. However, today's volatile financial climate means your starter home may remain your residence longer than intended. You could spend up to a decade in this first home, so shop with an eye toward the future.

Get as much house as you can afford, and the key word here is afford―don't overextend yourself. Stick with an amount that's reasonable.

Needs Outweigh Wants
Forgo the fancy amenities and direct those dollars toward features that will serve you over the next ten years. If kids could be in your future, choose a home with extra bedrooms. If you're buying your first home later in life, secure a home with an in-law suite to prepare for a resident elder parent. The square footage won't be wasted, as these rooms can serve as exercise, craft or office spaces until your household expands.

Make Quality a Top Priority
A well-maintained property with strong structural integrity is a smarter choice than a lesser-quality property sporting crown molding or other decorative details. Choose a house that is built to endure the years without putting you through an expensive re-roofing job or other pricey task. Big-ticket items like plumbing, wiring and the home's water heater should all be in good repair and up to code, as should fire safety features. A professional home inspection will reveal the true condition of a property and help provide a forecast of what to expect in coming years.

Think About Location Over the Long-term
Investigate the local schools and services available to make sure you'll have what you need nearby for the long haul. Research the neighborhood for the ratio of owners to renters, determine the number of foreclosures filed over the last few years and note the overall maintenance levels of homes in the area. Consider homeowner association fees and whether a delinquency in homeowners' payments of those fees is an issue.

If you choose to improve the property, focus on updating rooms that pay back the most when reselling. Kitchens and bathrooms are the top spots for recouping investment dollars, especially when renovated for energy efficiency.

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