How to find the starter home

starter homeA starter home or house is that property which a person or family can afford to purchase at the first time by using their savings and mortgage financing.  The term starter home usually refers the small home including one or two bed rooms in the real estate industry. The concept of starter home was originated during the post-World War II in United States. The original concept of the starter home is changed due to the end of the low cost development and changing of preferences of successive generations outside the city in the United States. By the end of the 20th century the most of the homeowners are searching for the different kinds of houses like apartments or older houses. There are some of the reasons why homeowners refer the starter home;

  • Because the most of the investors have turn on a lot of smaller houses and turned them into the rental properties.
  • Mostly the members have purchase the smaller homes and they repaired them for many times so now they are not in the reach of first-time buyers.
  • Mostly builders prefer to construct the high pricier homes instead of affordable starters.

The experience for the first time buying a home is full of troubles and drama. Many of the homeowners create so many dreams for the house and family home and also they have many visions for schools and weddings but all of these expectations are not realistic. The best strategy to enter into the home market is to start from the small plan and then move up to the different stages and build up the home equity. In the every real estate investment a lot of concerns are invited whether someone is choosing a starter home or moving up towards the retirement. This experience can be stressful specifically that time if homeowners do not have resources. The starter homes facilitate the homeowners and families to choose the right way without any pressure. Moving fast towards the process has no great advantage and compromising for the lifestyle.  The homeowner is not able to make any equity in first few years of housing payments when the mortgage loan is on the top of borrowing ability.

The decision to invest for an affordable starter home also allows the homeowner to enter the market with the smaller down payment. In addition, the advantage of a smaller home mortgages can be a wise start in the market to understand the purchasing and ownership process.

If someone decides to look for the starter home he will find out the apartment style homes which are the best available options. As a general when homeowners move towards the outskirts of the city they find the houses which increase in size and features. It is important to consider that starter homes can be found out in the variety of neighborhoods and low cost and affordable homes can be found in older neighborhoods. Older neighborhoods homes require a lot of maintenance.

When homeowner purchases a starter home there are some typical features which he found out in the starter home.

  1. Appliances: Many of the home buyers want stainless-steel appliances but those appliances are more expensive than the white appliances like stoves and refrigerators. So white appliances are mostly preferred in the starter homes but on the other side black is also a popular color of appliances.
  2. Countertops: Buyers will be able to find out the granite countertops according to the house and factors location like home is new constructed or repaired or remolded. In the resale homes it is more likely to find the costly countertops of granite tiles or laminate.
  3. Floor plans: New and starter homes are more likely to have open floor plan. Antunes says that buyers should look for the desirable floor plans which will facilitate them to a broad buying population.
  4. Number of bedrooms: In the starter homes mostly two or three rooms are preferred but three bedrooms are also preferable from the resale point.
  5. Number of bathrooms: Buyers are preferred to look for the starter home with two bathrooms which should be at least 1. 75 each bathrooms. Each of bathrooms should have a toilet, sink, tub and shower.
  6. Flooring: In new starter homes tiles are common but in some of the older homes laminate flooring is also find in kitchens and bathrooms. But generally carpet is found in the living areas.
  7. Parking: In new homes mostly two car garage is preferable and common but some of the starters also have carports.

When the homeowners decide to build an affordable house there are many of factors which influence the developers including land price, market demand, city planning laws, cost of construction and profit. There are a lot of advantages for the first time buyers who buy a starter which affordable for them. Before finalizing the commitment of loan, the homeowners should consult the professional and should do research to find out that the budget and timings will help to fulfill their goals or not. A starter home is just a starting place for the homeowners and these houses contain certain necessary features.