Starter Home vs Dream Home

If you’re a first-time homebuyer, you may be wondering what’s the best type of house to buy. As you sort through all the real estate listings, you’re probably asking yourself if you should opt for a starter home or wait to find your dream home. Here are some things you need to consider as you take the journey toward becoming a homeowner.

dream home vs starter home

Buying a Starter Home

If you’re thinking about financing a starter home in Las Vegas, you need to consider three things; 1) whether it’s really a starter home, 2) how long you would stay before you were ready to sell and move up to a larger home and 3) whether prices in the area are stable, rising or falling. The real estate industry definition of a starter home may be different from your idea. Consider if the house is large enough to accommodate a growing or expanding family. If you know you will outgrow the home and property, then consider it a starter. Decide how quickly you’ll need extra space and decide if you’ll be able to sell the property in that timeframe. If prices are stable or falling, you may not have any equity when you get ready to sell. If prices are rising, you may be able to use the equity as a down payment on your dream home when the time is right.

Finding Your Dream Home

If you decide to put off buying now and wait to find your dream home, consider how long you’ve already been saving and waiting and whether real estate prices in your target area are rising. You should consider buying now if you already have a sizeable down payment saved and if prices are rising quickly. When prices are stable and you’re planning to keep the house a long time, buying your dream home now is a wise investment. (Read on tips to get the home you really want here.)

The Right Mortgage Loan Can Make a Difference

Finally, know if mortgage interest rates are rising or falling. Finding a mortgage loan with a favorable rate and terms can make buying your dream home today a reality. With so many loan programs available, you’ll want to work with the best loan officer in Las Vegas to find a loan that will help you achieve your homeownership goal.

Copyright©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. Licensed by the Department of Business Oversight under the California Financing Law. Loans made or arranged pursuant to a California Financing Law License. CA-DOC337203. Licensed Nevada Mortgage Lender. *Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income.

John Drennen
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