Why you shouldn’t buy a starter home?
Why a starter home is one of the worst mistakes a new homebuyer can make.
People buy starter homes to build equity instead of renting.
But homes are more expensive than just their purchase price, and if you don’t stay in a home long enough, you don’t actually build much equity.
Is it a good idea to buy a starter house?
According to a 2015 U.S. News story on starter homes, experts generally agree that it’s not a good idea to buy a house unless you expect to live in it for at least five years. That means before you buy, you need to consider not only your current lifestyle but also your plans for the future.
Should I buy a starter home or forever home?
Starter homes are more affordable than forever homes, which means you can buy one without waiting until you have a large down payment. Less upkeep: They’re typically smaller than forever homes, which means they require less upkeep. You’ll also save more money when you need to heat and cool your home.
How long should you stay in a starter home?
But ideally, you should stay in your first home for at least three to five years before you move again. You usually need to stay that long in order to break even on the mortgage.