Advice On How Long You Should Own A Starter Home

 

When it comes to owning a home, it is always a complex and risky decision. In order to buy, sell and rent residential properties, there are several things to keep into consideration and always one question in mind. How long should I be owning a starter home? When should I get myself a forever home? It is not so easy to dive into the homebuying market headfirst. To buy, sell and rent properties in India, you need to understand the market first. There’s no clear answer to what decision is the best but the final decision will come down to your personal situation and goals. There are many ways to become a homeowner, starter homes being one. They are the safest and most affordable first options for you. But you certainly don’t need to live there forever.

In this article, you will understand what a starter home is and its benefits and drawbacks. Hopefully, it will also help you decide when exactly should you be moving out to get to your forever home. There are plenty of real estate platforms for brokers online that have made finding properties and understanding the market much easier. Even for the general buyer and seller audience, you can list your properties online easily. There has been a rise of good real estate platforms in India that are definitely worth your time. Before everything else, you first need to know what exactly a starter home is.

What is a Starter Home?

Starter homes are comparatively smaller homes bought as first homes. These properties are affordable and typically smaller in size. These entry-level homes are possibly in non-prime or suburban locations. They also have fewer amenities and don’t usually have the exact ones you want. This is an economical and satisfying option for youngsters looking for homes because it’s less expensive and you can get it without waiting a long time to save up for a down payment. Real estate platforms in India have made finding the best properties easy. Buying a starter home allows you to gather enough money and invest in a property at the same time – something that unfortunately does not happen when you rent. A starter home is a good option if you’re a younger professional just getting started with your career or building a family. It is significant to understand how rapidly a new job, a marriage or a baby can change your housing requirements especially when you’re young. A starter home gives you the financial compliance you need without risking the impact of a situation change, especially if you’re still figuring things out for the best outcome. 

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No matter how much time you take, real estate platforms in India are always putting out the best options for you according to the market. Buying starter homes have many benefits that you should consider before moving into your forever home. The most attractive feature of a starter home is that they have a lower price point. They are comparatively affordable and you can easily buy one without waiting for a large down payment. Some real estate platforms in India can even help you with that. Starter homes also have lower property taxes which is a great point of consideration. The best part about these homes is that you are not compelled to stay committed to them. At the same time, you can also experience what being a homeowner feels like. Maintenance is always less since they are smaller homes and don’t require extensive care. The money you save by living in a starter home is very helpful in the future. Less maintenance, fewer furniture costs, and lesser of everything. Starter homes can also be a great future investment if you decide to keep them and rent them out later. It’s an idea that you can give some thought to. 

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With all the benefits in mind, you have to keep in mind that these homes are smaller than your forever homes which may not agree with the goals you had in mind. The space will eventually become a problem if you are thinking of starting a family. They also need constant reparation and inspection from time to time. The most difficult part is trying to sell these properties on real estate platforms in India. Due to the unideal locations that these homes are in, people will tend to stray away from them. In conclusion, You should stay in a starter home for at least 2 years but ideally, you’d stay for 3 to 5 years. In this way, you can avoid capital gains taxes and earn money for your investment, which you will need for your forever home.

Credits- Manavi Sarang