First Time Omaha Home Buyer? Should You Buy a Beginner or Forever Home?
As a first-time homebuyer in Omaha, you've likely been eagerly anticipating this milestone for some time. With pre-approval and a real estate agent secured, it's time to consider what you want in a house. One common question is whether to choose a starter home or a forever home. It's important to weigh the pros and cons of each option before making a decision.
When deciding between a starter home and a forever home, there are several factors to consider.
What is a Starter Home?
Beginner homes are homes you know won't suit you forever, but are within your budget at an early stage of your life. There may be fewer bedrooms and bathrooms, a townhome or condo instead of a single-family home, or an older home that needs some TLC. You may also be forced to move to a less desirable neighborhood.
Generally, starter homes meet the needs of the buyer, but they won't last forever. There's a good chance that you'll outgrow this home as your family grows, or that you have other plans for the future that will make it impossible for you to reside here for the rest of your life.
What is a Forever Home?
Living in a forever home is something you can imagine yourself doing for the rest of your life. It may not be a property you live in for the rest of your life, but it's one you can grow into, one that has everything you need for decades to come. Almost always, this means a much higher price, and some of the features you've always wanted in a dream home.
Let Your Home Do the Work
Although most people would love to buy the home they can live in for decades, this is often the path that will require you to work harder than you need to. Saving for a down payment and closing costs on a much larger and more costly home is a massive undertaking while getting into a more affordable home now can open up opportunities to work toward your dream home goals with the passive building of equity rather than actively saving your pennies.
If you are ready to buy a home in Omaha now but are not quite ready to buy that dream home, it often makes more financial sense to begin building equity with that starter home to more efficiently work toward the goal of owning a forever home.
Homeownership of any property will maximize your savings toward a larger property, allowing your home to passively increase in value even when you are not aggressively saving for a bigger house. In many cases, just a few years in that starter home can lead you to be financially ready to upgrade to the dream house.
In nearly every case, becoming a homeowner in Omaha earlier is the best course of action, even if it means compromising on the first home you purchase.
Have your home needs changed in the past year? Perhaps you’ve outgrown your present home, or need to downsize to a more suitable home. If you’re ready to make a move, let’s connect and talk about all the amazing opportunities that are available to you!
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