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Guest Post by: Adam Taylor
Many people think of starter homes as temporary dwellings that they will live in for three to five years. Growing families often sell starter homes to purchase larger homes that they will live in forever. Others turn their starter homes into rental properties and hold them as investments.
Purchasing a brand-new starter home in Monmouth Beach, NJ might be your preferred choice if you seek a maintenance-free place with new appliances and updated finishes. However, a smaller home may not offer the space for entertaining and growing your family.
While a starter home is not limited to three bedrooms, two baths, and a small lot, a brand-new starter home with multiple bedrooms and bathrooms can max out your budget. If you can be flexible, you may find a home at a starter price that you can transform into your forever home when you are financially ready for that step.
Purchasing an Older Starter Home
If you can find a livable older home, it can become your dream home if you’re patient and willing to forgo what’s new and shiny for something that may be a little dated. A 20-year-old four-bedroom, three-bath house may not have the newest appliances, or the popular white-on-white kitchen. But if the appliances work, the heating and cooling system is sound, and the roof doesn’t leak, giving the house a thorough cleaning may be all you need to make it your home. Over time, you may either save enough money or have enough equity to renovate the dwelling and make it your dream home. Buying an older home and remodeling it can give you a spacious and structurally sound house that will grow in value.
Purchasing a Starter Home With Extra Land
Purchasing a house on a large lot offers opportunities to turn a Monmouth Beach, NJ starter home into your forever home. Many established subdivisions have homes with larger lots, and if zoning allows, maybe you can build an addition to get the extra space you need. Purchasing a house in a rural area is also an option if you want to get a house with the land you need for expansion or to create an outdoor living area with a pool.
Consider a Home Warranty for Repairs
Whether you purchase a brand-new starter home or one that has been around for a while, eventually you’ll need to pay for repairs not covered by homeowner’s insurance. You’ll need homeowner’s insurance that covers specific damages to the structure, theft, and injuries that may happen on your property. Investing in a home warranty can help you when your appliances, electrical, heating and cooling system, or plumbing need repairing. A home warranty is renewable annually and gives you peace of mind by helping avoid out-of-pocket costs for major repairs. So, find one that suits your needs; the best home warranty company for you depends on the coverage you want and the amount you can afford.
Change Your Thinking About Starter Homes
Think about what you need in a home and be willing to look at all your options. Whether you’re looking for a starter or a forever home on the Jersey shore, get in touch with realtor Meghan Carroll to learn what’s available to fit your budget.