A starter home is a pit stop, a transitional home where you can lightly settle until you begin your own family or when your career takes off.
"For first-time homebuyers, finding a suitable property as a starter home that is affordable and offers the necessary amenities without the excess burden of extra maintenance can be a challenge," shares Ross Anthony of Willis Allen Real Estate.
If you are getting cold feet and don't know what exactly make a great starter home, here are 5 standout characteristics you need to know according to Trulia:
Low maintenance costs
One thing that most first time homeowners are unaware of are extra expenses that may come along in the first 6 months of settling in; and the majority of this comes from maintaining the outside of the home.
To evade the high cost, choose a starter home with a small outdoor space. "It's almost always lower maintenance and offers the freedom of leaving for a few days with minimal preparation or planning," says Anthony. "Developments with common-area yards that are maintained by the homeowners' association will offer the benefit of having a space outside to enjoy or walk the dog, but are not the owner's responsibility to maintain."
Ideal location
In real estate, location is always a top consideration, even with a starter home. It's important to be smart when picking a location. "Consider resale but also make sure you like the area for some practical reasons, like cool stores and restaurants or proximity to your office. It's not just an investment; it is a home," shares Josh Altman, author of It's Your Move.
Easy lifestyle transition
Having lived in a bustling area and moving somewhere more quiet can bring that jarring discomfort; so when looking for a starter home, go for one that feels similar.
"Living in a condo or townhouse is somewhat similar to living in an apartment community," explains Brad Pauly of Pauly & Prestley Realty. "Condo and townhouse communities offer similar traits in regards to neighbors and amenities. This makes for an easier transition into homeownership."
Budget-friendly
It's all about what your pocket can afford. "Don't bite off more than you can chew," advises Altman. "Don't go too big, and make sure you can afford it."
Manageable care and upgrade costs
Be realistic about your ability to maintain a home. "Maybe you're not that handy, in which case, don't buy a fixer-upper," advises Altman.
"I highly recommend that most first-time homebuyers purchase a move-in-ready home," according to Matthew Kennedy of Coldwell Banker Burnet. "Otherwise, leave the distressed properties to the professionals. Oftentimes, I see buyers who are armed with Pinterest ideas and have watched too many DIY TV shows on HGTV, who are disillusioned with the idea that renovating a home is inexpensive, quick, and easy."
