In today’s real estate market, “starter home” means something very different than it did 20 (or even 10) years ago, and finances have much to do with that. So, let’s reframe your thinking around what a “starter home” is, and that’s simply a great place to start! If you’re a first-time buyer, consider all the other firsts you’re about to take on; not having a landlord is a big one! Burst pipe? Clogged toilet? Broken major appliance? It’s now on you to figure out these issues. In this case, a smaller “starter home” might be exactly what you want!

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Buying a starter home is an exciting step towards independence and financial stability. However, there are several important factors to consider when purchasing your first home. Here are some things to keep in mind:

1. Affordability: Make sure you can comfortably afford the mortgage payments, property taxes, insurance, and other expenses associated with owning a home. It’s a good idea to create a budget that takes into account all of your expenses before committing to a mortgage.
2. Location: Choose a location that’s convenient for you in terms of commuting, access to public transportation, proximity to amenities like grocery stores, restaurants, and entertainment venues.
3. Size: Determine how much space you need based on your current and future lifestyle. A starter home is usually smaller than a forever home, but it should still meet your basic needs.
4. Condition: Consider the condition of the home you’re buying. It may be a fixer-upper that requires some work or a move-in ready property that’s more expensive. Be sure to factor in the cost of any repairs or renovations.
5. Resale value: Keep in mind that you may want to sell the home in the future, so consider its resale value. Look for homes in desirable neighborhoods with good schools, low crime rates, and good community amenities.
6. Home inspection: Always get a home inspection before purchasing a property. This will help you identify any potential issues that could cost you money down the line.
7. Future plans: Consider your future plans before buying a starter home. If you plan to start a family, you may need more space in the future. If you plan to move in a few years, you may want to consider a home that has good resale value.

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