Investment
Investing in a starter home is the perfect way to begin your wealth-building journey. Homes are, in a healthy economy, appreciating investments; this means that they grow in value over time. When the value grows, you as the homeowner see your wealth grow with it. Why is this important? Most first-time home buyers are not able to realistically afford their ideal house. First-time home buyers tend to be younger and carry student loan debt, are recent graduates, or have less than ten years of experience in the workforce. With so little opportunity to build wealth at this stage of life, the starter home can be the first real investment that helps you improve your financial health.
Start Smaller, Grow Bigger
The starter home has many advantages. In addition to building a solid financial foundation, it enables you to learn the trials and tribulations of being a homeowner. In a smaller home, you have more control over day-to-day activities and less work to do. Your cleaning duties, maintenance costs, and heating/cooling costs are far less due to the leaner square footage. Plus, your furniture purchases can be fewer and far between! If you enjoy decorating, a smaller home allows you to be thrifty with your artistic choices. These benefits, in addition to learning what it takes to be a homeowner, will help you greatly as you become ready for the move to a bigger and better home.
Get Ready – Your Next Adventure Awaits
Once you feel comfortable enough with your finances and your homeowner skillset, you are ready to move on to your next adventure. Your next home can be larger, in a more exciting location, or filled with unique perks. Perhaps you are looking for solar powered living or an in-ground swimming pool – is a well-designed home office the one thing you have always wanted? Moving on to your next home can provide with opportunities you never imagined possible before. The best part is that it all comes from your experiences you earned from your starter home!
More Wealth, More Health
Your first home should be a blessing and not a curse. Use your affordable first step into homeownership as a stepping stone for your journey, and not the end-all-be-all. By keeping your finances and space manageable, you are investing in yourself; some may say that is the greatest investment of all! For more helpful tips, check out our post on why a Pre-Approval is important.
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