According to a survey done by Bankrate (2021), thirty-one percent of people aging from 18 to 31 are making a pandemic migration — relocating to another house either permanently or for an extended period of time. Thirty-one percent of the respondents made the decision to move because they wanted to be closer to friends and family, twenty-seven percent looked into more affordable housing options while twenty-one percent had to do it for a job opportunity. Others (18%) simply wanted a bigger space, 17% preferred a different climate and 17% sought anywhere convenient. With the age bracket and the reasons for relocating considered, it can be inferred that millennials are making a big leap towards adulthood and still moving independently despite the uncertainties caused by COVID-19.
Young professionals thinking of taking advantage of low-interest rates and new small families starting to build their own and humble abode lean on starter homes as their first step towards materializing their big dreams. Houses small in size and cheaper in cost offered yuppies a chance to make an investment as they build their wealth while keeping them comfortably sheltered. Instead of monthly funding for rent, starter homes can also jumpstart you to begin building equity.
A starter home is a small home, a bungalow, or a condominium purchased as a first home. This meets your immediate needs and despite being relatively small in size and lacks all the amenities you might want, it can still be the most favorable option if you want to settle securely but are cautiously holding the pursestrings. Buying a starter home can be exciting for first-timers. Luckily, you have this list of things to consider so you can spare yourself from buying impulsively or being overwhelmed. Here are the things you should look for in a start home:
Size
One of the reasons why starter homes are affordable is that they are small in size. Check the square footage, floor area, and the number of bedrooms and bathrooms. While you are at it, visualize which parts of the house can be designated as a living room, your dining area, and kitchen. Will these spaces be enough? Remember to give yourself some kind of allowance or provision for future things as you may eventually outgrow your space. Ask yourself if the house space has enough leg room for you to last at least 5 years.
Cost
Many young homebuyers tend to find themselves later on that they are incapable of the costs of a starter home. Yes, a starter home is more affordable than any other homes but it does not always mean that the contract price is the only thing you should be taking care of. Keep in mind that you must also consider paying your property taxes, home insurances, utility bills, maintenance costs and even moving expenses on the first day. Never think that you can fully enumerate all these bills because there could be underlying extra expenses that can surface when you have finally moved in — a leaky pipe, someone who needs to mow the lawn, garbage collection, and others. Stretch your accounting skills and ensure you can have them covered.
Location
Of course, the location should be prime and somewhat ideal. It should be somewhere you would feel safe, secured, and comfortable in. Judge the location based on practical reasons. Will the neighborhood motivate you in doing your sundown jog? On days, when you do not feel like cooking, will you be able to grab something to eat somewhere near? Will your office be just a short bus ride away? Also, as it is a smarter home, you would obviously resell this in the future and you want to sell it to others by emphasizing how convenient living here was for you.
Life at night
Your starter home should somewhat be similar to the place where you just came from. This is to avoid finding yourself jarred in adjusting to the new environment, especially at night when it could only be the sound of crickets that you will hear as opposed to the sound of a bustling city area at 2 am that used to put you to sleep. If it is the other way around and you are accustomed to the deafening silence of a serendipitous neighborhood, your new neighbors might be consistent in throwing parties every other day. Never skip driving by your intended neighborhood at night before saying yes to a buying decision.
Know the withstanding conditions
Connect with your real estate agent virtually and ask the reason why the house was out for sale — the honest issues, the urgent fixes, and everything in between. You deserve to know these things and you should know right away so you can also make some adjustments, should it entail any, in your budget and moving in date.
In conclusion, a starter home is only meant as a transitional home. As such, it can only be suitable for you to set down your roots for a while or until your situation changes. Once your family grows, your career takes off or you have found a new partner, your housing preference might change but until then, a smarter home is a comfortable shelter just before the big future gives you what is in store for you.