It’s so exciting when the day you’re looking for a home is here. You may have been keeping an eye on the market to see what’s out there, and to get a general feel for prices. But now you’re finally ready to make that commitment to finding a home that you finally own.
However, do you know what type of home you’re looking for when it comes to a starter home or forever home?
What’s a Forever Home?
It’s basically the home you intend to stay in throughout your life. Many years ago, there was little difference between a forever home and a starter home. This was because you’d build your home on your land and pass it down through the generations. No one would move out of it, so that family home would be your forever home.
However, things have moved on since those times. A lot more people relocate to be near their work or because of their work, or in warmer climates, perhaps even to be nearer loved ones. The reasons are endless. With professional companies helping you pack up and move, it’s never been easier to achieve.
This, in part, has led to forever homes not being the only choice. Additionally, it’s also changed the meaning of what a forever home is, as fewer people seek to find one. Today a forever home could also mean a home that’s lived in for more than a decade, perhaps several, but not traditionally from the start of one’s life, whether married or a child, to its end.
What’s a Starter Home?
Typically, a starter home will have fewer rooms and/or be smaller than a forever home. This can be for many reasons including their potential owner’s budget and the fact they won’t have many individuals living with them. It’s often the first property for many starting out on the property ladder, and not somewhere they’ll find themselves living in, in decades to come.
Realtors often use this term to indicate that a property is the buyer’s first, and won’t be their forever home. This is because as their needs change, their starter home will not adequately meet them.
However, for now, it’s exactly what they’re looking for. This is not to say that a starter home is only lived in for a few years. It could be suitable for a decade or so. As such, it’s a serious investment.
It’s also important to remember that a starter home doesn’t mean that it requires renovations, but be prepared to do some. It could already come furnished, with all mod cons. Not only that, but it’s just not somewhere you see yourself in your twilight years.
What’s the Next Step?
See what type of mortgage you qualify for, as well as the amount. Once you know this, you then have a better idea of the type of home in your budget.
There are several ways you can do this. You can do your own research, looking at what various lenders can offer you. Be prepared for this to take time, as you’ll need to complete applications for each prospective mortgage company you’re interested in.
Alternatively, you could go to a mortgage broker, who can do all this for you. Just complete the application once, and they’ll sift through available lenders to find the best deal for you.
If you’re looking for advice about mortgages, a broker will independently be able to advise you on the process. They’ll even do a soft credit check, like Trussle, to see how much you can borrow, and it won’t affect your credit rating.
Looking for a new home, starter or forever, is always an exciting time. Knowing that starting this journey will end with being a homeowner is something we all look forward to. To make the process smoother, it’s always good to seek advice from experts in mortgages.
Having someone that can guide you through the house buying stage will dramatically reduce the stress that often comes with buying a new home. You can then look forward to moving day and starting a new chapter in your life.
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