What To Look For in a Starter Home
There are multiple factors that make up the ideal starter home
When purchasing a starter home, some first-time homebuyers seek to find their dream ‘forever’ house. However, the majority look for the ideal property to get them onto the ladder.
Starter homes, by definition, typically mean smaller property’s bought as first homes. Yet, they may not tick every box on the homebuyer’s wants/needs but they are a stepping stone to eventually get there. Ideally, first-time buyers would live in their starter home for around 3-5 years depending on multiple factors; the main being finances.
Starter homes are usually bought by younger people seeking to enter the ever-volatile property market. With the average national house price reaching an all-time high at £338,447, first-time buyers are not likely to be able to afford a property in this region.
Here is what to look for in your starter home…
- Limited amount of repairs
Keeping costs low is imperitive when buying your first home. For instance, new-build developments are recommended as any major repairs are covered under warranty. This is not an option for older home. - Location, Location, Location
Location is so important to buying a starter home. The idea is to avoid paying rent so buy somewhere that’s convenient for you to enjoy. As this is a temporary stepping stone, think about how important location is for you. City centre locations are great to enjoy a social life or if you work in the city.
- A thriving market
When it comes to selling your first home, you want to ensure it sells quickly and for more than you paid. Ensure you buy in a thriving location, such as the city centre, which are recommended to increase in value.
Lastly, the main point is to ensure you buy the right property for you. Starter homes are not permanent but so essential in the buying process.
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