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Your “Starter Home” Might Last Longer than You Think

New homebuyers often tell their agents that they are looking for their “starter home.” Several factors go into this approach. These are typically younger buyers, often without children. They may be looking for a maintenance-free home, like a condo, or they might assume that starter homes are more budget-friendly. There are plenty of good reasons to buy a home with the assumption that it’s only for a few years, but it’s usually wise to consider the fact that it might be for much longer.

As 2020 and 2021 demonstrated so clearly, things can change without warning. Homebuyers choosing a small condo with the intention of living in it for only a few years might later find themselves trying to carve out space for children due to employment challenges or market changes. The good news is that many times—once you add in association fees, taxes, and other costs—an older home that needs updating could be just as economical as a brand-new condo with all the latest design features.

When buying your first home, it’s important to consider how you would manage if you needed to stay longer than expected. An older home might offer a yard where you could expand, or extra rooms which can become bedrooms. These options can give you flexibility as your lifestyle changes over the years.

If you buy your first home with the future in mind, you can protect yourself from the unexpected income changes, real estate price booms, or any other outside influence. Don’t discount the older fixer-upper simply because you plan to move in a few years—plans change, and giving this some prior thought can help you adjust more painlessly in the future.

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What Are Your Real Estate Goals?

Invariably, the first time you meet or speak to your real estate agent, the same prompt starts the conversation: “tell me about yourself and your real estate goals.” Seems simple enough to answer. “I need more space” or “I’m ready to downsize” are common answers.

While these answers may be at the heart of the decision for change, they neglect to provide the concrete data your agent needs to identify the right prospective homes. This in turn leads to frustration and wasted time and energy—on both sides—and ultimately will not help find the best housing option for you.

Before meeting with your agent, consider the specifics of what you need. For example, when explaining that you need more space, be specific about what that means. Do you need more bedrooms for a home office or a new baby? Would you like to have a larger kitchen or a bigger yard? In other words, what does “space” mean to you?

Discuss specifics about your lifestyle as well. Would one “great room” be a better configuration than separate living and dining areas? Would you like to live close to a park or school? Would you value a private, gated community? These are just a few of the specifics your agent needs to know.

Your agent wants to provide you the best options to tour; not only is that a good use of your time, but theirs as well. There is no reason to see 25 homes each weekend if only 4 of them suit your needs. By having clearer conversations upfront, you can save valuable time and find the right home faster.