Buying Your First Home Why Choosing A Larger Home Might Make Sense

Buying Your First Home Why Choosing A Larger Home Might Make Sense


Buying Your First Home: Why Choosing a Larger Home Might Make Sense

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If you are a first-time home buyer on a tight budget, you may be thinking of purchasing a smaller home now, such as a condominium, rather than the home you truly want to purchase.  While there are some initial financial benefits associated with  buying a smaller home now, there are also benefits associated with buying a larger home now. 


Considering these benefits as a part of an overall Real Estate Strategy & Plan can help you make a more informed decision about how to proceed when you buy your first home.


Costs Associated with Upgrading in the Future


Some first-time home buyers will purchase a smaller home initially with the goal of upgrading to a larger home later when family circumstances change.  This can provide the initial benefits of building equity, taking advantage of tax benefits associated with real estate ownership, and more.  However, there are costs associated with selling a home when it is time to upgrade, including closing costs, real estate fees, preparation costs, deferred maintenance costs, staging costs, and improvement costs, and more that you will want to be aware of and consider before you make a final decision on which route to take in home ownership.


Benefits of Long-Term Ownership


For many homeowners there will be a need to move to a larger home in just a few years, such as when starting a family or when younger children grow into teenagers and require more space.  When the first home purchased is large enough for your family to grow into you can enjoy long-term appreciation and equity growth right from the initial purchase.  More than that, the higher value of the home may mean that there is more upside for appreciation over the years.


Home Ownership Costs


In addition to the financial benefits associated with investing in a larger home initially, there are intangible benefits.  When you settle down into a larger home that you plan to stay in for many long years or even decades, home ownership costs such as personalizing your home, installing custom blinds and curtains, paint are usually not recurring efforts and costs.  Moving into a new home in a few years means a repeat of all those associated new home ownership costs as well as getting established in a new community.


Decision Time – Now What?


There are considerable benefits that can be realized when you make a purchase that you plan to enjoy for many years to come, but there are other factors to consider.  Each person needs to make an informed decision regarding a real estate purchase that is best for his or her specific needs, goals, and financial situation, so there is not a best-fit solution that is right for everyone.  


If you are thinking about buying your first home, Call or Text “GS” to (469) 262-5411 to have a Trusted Advisor | REALTOR® from Martin Real Estate Advisors, a JP & Associates Realtors® Company, help you identify and consider the pros and cons of buying a small home or condominium versus a larger home.  We have the real estate and mortgage knowledge, expertise, and experience to help you build a Real Estate Strategy & Plan specific to your needs and requirements, and can represent and guide you through your home buying experience.



Annette Bruen Headshot
Author:
Phone: 972-977-3221
Dated: August 13th 2015
Views: 1,028
About Annette: Before making the move to help families realize their real estate dreams, Annette made her professio...

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