There are a lot of things to think about when you’re trying to decide whether to purchase a starter home or your forever home.
Some things you might want to consider include your current financial situation, how long you plan on staying in the home, and what kind of repairs or renovations you’re willing to make.
Here are some pros and cons of each option to help you make your decision:
Purchasing a Starter Home
Pros: More affordable, less upkeep required, possibility to earn future income if you sell
Cons: Smaller size, may need repairs/renovations, harder to sell
Purchasing a Forever Home
Pros: Putting down roots in one place, won’t have to move again, larger size so you can grow your family
Cons: Higher cost, more upkeep required
The Cost of Homeowners Insurance: What to Expect
The average cost of homeowners insurance is $1,288 per year. However, this amount can vary depending on the age and location of your home, as well as the amount of coverage you need.
To get an accurate estimate of how much it will cost to insure your home, contact a few different insurance companies and get quotes for the coverage you need.
Weigh the pros and cons of each option carefully to make the best decision for you and your family. And don’t forget to factor in the cost of homeowners insurance when budgeting for your new home.
What does homeowners insurance only cover?
Homeowners' insurance typically covers damage from fire, wind, hail, water leaks, and theft. However, it doesn’t cover damage from floods, earthquakes, or termites/pests.
Why You Should Work with a Real Estate Agent
Whether you’re looking for your starter home or forever home, working with a real estate broker can be beneficial. Scott Hollis will help you find the right property, negotiate the purchase price, and take care of all the paperwork involved in buying a home.
If you’re not sure where to start, ask your friends and family for recommendations, or look for an experienced agent in your area.
Buying a home is a big decision, but it doesn’t have to be overwhelming. With careful planning and the help of a professional, you’ll be moving into your new place before you know it.
How to Choose a Home Warranty Company
If you’re buying a home, you may be considering purchasing a home warranty to help protect your investment. A home warranty is a service contract that covers repairs and replacements for certain items in your home, such as your HVAC system, appliances, and plumbing.
When choosing a home warranty company, it’s important to do your research and read the fine print carefully. Some companies have restrictions on which items they will cover, and some only cover items that are considered “normal wear and tear.”
Before you purchase a home warranty, get quotes from several different companies and compare their coverage. You should also make sure you understand what is and is not covered by your policy. Also, you can find feedback from their home warranty reviews.
A home warranty can give you peace of mind knowing that you’re covered if something goes wrong with your home. Just be sure to do your research before you choose a company so you know what you’re getting into.
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