Is a Starter Home Better for Your Family Than a Forever Home?

Buying a home in Illinois 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.

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Determining Your Family's Needs

When choosing between a starter home and a forever home in Illinois, 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 Illinois with these features.

Starter Home 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.

Moving Your Things

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.

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.

If you have questions about real estate law, or you’ve run into an issue, contact Zara Law Group for advice or representation.

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