Are you ready to purchase your first home in 2022? The Suffolk real estate market offers possibilities for you. Although most people envision owning their dream residence one day, chances are your first home will be a smaller and more affordable housing option that you can enjoy before moving on to your forever home as your needs and circumstances change over time.
What a Starter Home Is
The first home you buy is one you will likely outgrow. It typically has a smaller square footage area, with 2-3 bedrooms and 1 bathroom. Several reasons may drive your purchase, from price to location.
Advantages of Buying a Starter Home
Starter homes are often closer to city centers and are typically less expensive as they are considered the first rung on the real estate ladder. There are benefits to a smaller home, such as having a lower mortgage payment and reduced maintenance costs (utilities, taxes, upkeep, etc.). They also allow you to build equity more quickly while planning for the perfect “forever” place. Some people also turn starter homes into supplemental income as a rental once they find their dream home.
On the Right Track
Finding the right starter home can often require some combination of compromise, whether that be with price or making upgrades to an older property. Our team of real estate professionals is here to guide you through every step of the process from property search to closing. We love helping first time buyers! Give us a call today to get started.