As home prices continue to rise and more people are entering the market for the first time, the idea of starter homes is becoming obsolete for many. I have seen friends and family locked into their starter homes because they can’t afford to sell and buy in the same neighborhood, which has me wondering if it might be better to stretch the budget a little for a nicer and bigger starter if you know you want to stay in the same area for a while.
My husband and I are in our mid-thirties and early forties, and we recently bought our first home. Even though we could have realistically bought starting in 2019 or 2020, the competition in our area made us decide to go for something closer to our dream home this year. We didn’t want to have to move our lives again in a few years, especially with such an unpredictable market.
For those who are in a similar situation, it may be worth considering a larger and more expensive starter home. This could be a better option than living in a starter home for a few years and then having to go through the process of selling and buying again. The area you live in will obviously have an effect on the price of homes, but it’s worth taking into consideration.
Overall, it’s important to weigh the pros and cons of buying a starter home versus a larger and more expensive one. It might be worth investing a little more at the start if you know you want to stay in the same area for a while.