Are you house hunting? You might be torn between purchasing a starter home to live in for the next few years or buying a forever home where you can stay put for the long term. Working with a great agent can help you make the best decision! These tips from Realtor Wendel Douge will walk you through some pros and cons of each choice, as well as introduce you to the perks of a home warranty.

Take Out a Home Warranty

Whether you want to buy a starter home for now or purchase your forever home, you’ll want to insure your home properly. You might assume that homeowner’s insurance will be adequate, but a policy like this will only cover structural damage, theft, or injuries occurring on your property. You’ll want to consider a home warranty to secure coverage in case your home systems or appliances break down. There are lots of home warranty companies out there, so read over reviews to find the one that best suits your budget and personal needs.

Set Up an LLC

If you're buying and also run a business, regardless of what type of property you choose, be sure to protect your investment with an LLC designation. An LLC formed with the help of ZenBusiness provides personal liability protection, separating your personal assets from those of the business. This means that in the event of legal disputes or financial issues, your personal assets like your home and savings are typically shielded from business-related liabilities. Additionally, the administrative requirements for an LLC are generally less burdensome than those of a corporation, resulting in less paperwork and lower compliance costs.

Starter Home Pros

Buying a starter home is the cheaper path, and you probably won’t spend nearly as much on upkeep. Plus, your starter home doesn’t need to check all of your boxes - after all, you won’t be there for too long. Since your home does not have to be perfect, your property search may feel more relaxed.

 A starter home may also be the best – or the only option – if your credit is lower or you are working for yourself. Most lenders want at least two years worth of W2s, and depending on how long you’ve had your business and how profitable it has been, proving your credibility as a borrower could be tough.

Starter Home Drawbacks

Of course, buying a starter home does have its downsides, too. Naturally, your home will be on the smaller side. Make sure to accurately assess how much space your family will need. Southern Living states that you’ll generally want a home that is 1,500 square feet. Evaluate your space needs carefully to ensure that your starter home will be comfortable for everyone in your household.

Why Buy a Forever Home?

What if you’re ready to put down roots somewhere for good, and you don’t want to move again in the future? Then you already know it’s time to buy your forever home! Putting a down payment on your forever home can feel grounding - you know that you have a stable place in your community for as long as you want to stay there. And there are some great assistance programs available for coming up with that down payment, which can make buying a more expensive forever home a more realistic option.

 Additionally, you’ll enjoy more space! Overall, buying a forever home can grant you the peace of mind that doesn’t always come with buying a starter home. If you truly love where you live, you’ll be eager to buy your forever home.

Forever Home Cons

While the idea of buying your forever home can be enticing, you’ll need to think long and hard about whether or not this is really the right choice for you. That’s because it’s a big commitment and it is decidedly more expensive than purchasing a starter home. Before you decide to buy your forever home, go over your budget carefully to make sure that you’re not stretching yourself too thin. TransUnion states you should try to keep your total monthly housing payments below 28% of your gross monthly income.

 Clearly, where you choose to buy your home makes a big difference, so check out listings in the areas you are considering. You’ll find that the median sale price of homes in West Palm Beach, for example, currently stands at $385,000. You can also work with Realtor Wendel Douge for advice on neighborhoods and homes that work within your budget.

 Be realistic about what you can afford. Plus, you must keep in mind that your housing payments also include various forms of insurance and property taxes. You’ll also have to budget for maintenance.

Keep Decor Top of Mind

Regardless of the type of home you choose, you can make almost any place reflect your sense of style. Nice home decor offers a multitude of benefits beyond just aesthetics. It creates a welcoming and comfortable atmosphere, enhancing the overall quality of life for the inhabitants. A well-decorated home can have a positive impact on mental and emotional well-being, providing a sense of pride and happiness. Check out resources for decor lovers, with everything from in-depth reviews to expert decor advice for inspiration and ideas.

Making the Choice that’s Right for You

Deciding between investing in a starter home or forever home isn’t easy. But by going over these pros and cons, you’ll be one step closer to making a choice. Plus, you’ll be able to find a home warranty policy that works for you!

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 Realtor Wendel Douge of Scuttina Signature Real Estate Group, LLC is your trusted partner in pursuing your property aspirations. Team up with Wendel today! (561) 698-3100