In the past, it wasn’t uncommon for home buyers to buy a starter home and live in that home for five or more years before moving onto their dream home.
Times have changed and thanks to the conditions of this real estate market it’s not uncommon for many home buyers to skip buying a starter home and move onto buying their dream home.
If you’re debating buying a starter home vs. dream home, this article will provide you with some tips that will make this process easier for you.
Know why You’re Buying A Home
Before making the decision to buy a starter home or dream home it’s best to ask yourself why you’re buying a home.
Are you willing to go through the home buying process again in 5-10 years or do you want a long-term home where you can put down roots and raise your children?
What Is Your budget?
Can you afford the monthly payment that will come with owning your dream home or would that stretch your budget each month?
If owning a dream home may be unaffordable right now then it may be a better idea for you to purchase a starter home so you can be more prepared in the future for owning your dream home.
Is It A Buyers’ Market or Sellers’ Market?
There’s no doubt that the real estate market has changed in the last six months and we are now in a balanced market. This means that there is enough inventory to keep up with demand for real estate but we are still not in a full-blown buyers’ market yet.
When we are in a buyers’ market this means that you will be able to get more house for your money so depending on when you read this article it may be best to also analyze the condition of the market before making your investment.
Search for Homes in Austin
To get started with searching for homes in Austin, or to speak with us about selling your home, contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.