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Is It Time for a Starter Home or a Forever Home? What You Need To Know
In Navarre, FL, homeownership is considered a major goal — and why not? It’s symbolic of stability and independence. Plus, sometimes it’s less expensive than renting.
A common path to achieving homeowner status is to purchase a starter home first. That way, you can gain experience as a homeowner without being overwhelmed. You can also save up for your forever home. Starter homes and forever homes each have their own sets of pros and cons.
Pros and Cons of Starter Homes
Starter homes are often an affordable option since you’re just starting out and may not have a lot of savings. Your starter home may also require less upkeep, depending on its previous owner. Unfortunately, it also may need some maintenance and may be smaller than you would prefer.
Fortunately, your home is always what you make of it, and many homeowners look at starter homes as investments. You can either sell the property later on or turn it into a rental. If you decide to make your former starter home into a rental, you can opt for the traditional rental agreements or turn it into a short-term or vacation rental.
Another disadvantage to starter homes is that their ability to sell depends on external factors, such as the state of the real estate market.
Pros and Cons of Forever Homes
A forever home in Navarre, FL is the dream sanctuary you may have fantasized about since you were a kid. Owning one is something that appeals to your inner child as well as your adult self. You can put down roots in a neighborhood close to important places, you don’t have to worry about the stress of moving in the near future, and you have enough space to either grow a family or a business.
Of course, owning a forever home comes with its own challenges. You’re responsible for more maintenance and care, and a forever home may cost more over your lifetime. You also build more emotional attachment the longer you live there, making any loss more devastating.
Starter homes and forever homes offer stability and the experience of being a homeowner, but they share one more factor in common — the need for insurance. Homeowner’s insurance protects your property inside and out, offering theft and damage coverage for your home and property. It also covers injuries to others that occur on your property. A home warranty is optional, but it protects your appliances and electrical, heating, and plumbing systems under a renewable, annual contract.
Select the coverage options you need. If you choose to bundle your home insurance with an auto policy, you can save money, and some home insurance providers offer access to home warranties. Before deciding on one, start doing some research and reading views so you better understand how to choose the best home warranty company.
Your Final Choice
Some people feel that starter homes are more affordable and practical while others would rather go big or go home, as the saying goes. Consider your needs, preferences, and options before making your decision. Regardless of your choice, make sure you have a homeowner’s insurance, and decide if a home warranty makes sense for you.
Reach out to Susan De Leon, a real estate agent who can help you find your sanctuary in Navarre, FL.
Guest Article by Charlotte Meier