Purchasing a home is no easy feat. Even with the housing market continuing to grow and expand, prospective buyers still face a number of challenges when it comes to buying a house. From tight inventory, expensive property taxes, and the mortgage process in general—there are several hurdles that need to be overcome before finalizing the deal on your new home.
Fortunately, for first-time homebuyers who don’t have an extravagant budget or hefty savings account, there are affordable starter homes available that make it easier than ever for new homeowners to begin their property ownership journey. Presented by MINIFIED, here’s everything you need to know about purchasing an affordable home and whether it’s right for you.
What is an Affordable Starter Home?
If you don’t have a luxurious budget and you’re looking for your first property, an affordable starter home is a perfect option. Generally speaking, these homes are below the median price and are in areas that are less desirable than other parts of town. But this doesn’t mean they lack any necessary features or amenities. Affordable starter homes often offer all the same bells and whistles as their pricier counterparts—it just may take a little more time to find one in your area.
How to Find the Right Affordable Starter Home
The housing market is a competitive space and it can be difficult to come across affordable starter homes. But, with some diligence and research, you should have no problem finding one that is right for you! One of the first steps to finding an affordable home is to determine how much money you can afford. You might consider taking out a loan or applying for a mortgage if you’re not sure about the price of the house.
The next step is to figure out what kind of home you want to buy. Do you want to live in a big city? In a suburban area? Somewhere rural? Once you know what kind of property you’d like, it will be easier for you to find an affordable starter home that matches your needs. The last step in finding your ideal affordable starter home is determining its location.
You might have specific neighborhoods that interest you or need to stay close to family and friends due to distance restrictions imposed by your employer. Understanding where exactly your budget will allow for will help narrow down the list of houses available to choose from so that they are more feasible.
Lastly, find ways to protect your property — and your budget — when it comes to repairs. When you first purchase a starter home, chances are you’re working with a very tight budget. This can become a problem when things start to break around the house. Having a home warranty, for example, can help you cover the cost of those repair bills, and often includes everything from plumbing to appliances. Before making any decisions, see what their home warranty reviews have to say.
Final Words: Is an Affordable Starter Home Right for You?
So, is an affordable starter home right for you? The answer to that question depends on your needs and your budget. If you’re looking to make a wise investment in real estate and have a tight budget, then it might be the perfect fit for you. However, if your budget is substantial or you don’t need an affordable starter home—then there are other options available to you.