HUD Articles
Benefits of Buying a Starter Home
July 14, 2023
Every buyer entering the home search has an idea of the dream home, but for the first time home buyer a smaller starter home is the perfect path to building equity and creating stability.
A starter home is usually one that is more modest in size, typically 2 or 3 bedrooms, under 1200 square feet and at the lower end of the price range in the local real estate market. Typically starter homes will need some updating, but they are a great entry point to homeownership.
Some of the benfits you can expect in buying a starter home is lower montly payments, lower closing costs, lower property taxes and lower expenses.
The benfits of buying a starter home are many. It can give you the financial flexibility, prevents you from being subject to rising rental costs, and can provide an easier path for making the home your own in the long term. With some planning a first time buyer can make homeownership a realty.
