Do starter homes still make financial sense?
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When your current home no longer suits you, selling it is a popular option. But in some cases, turning it into a rental home might make more sense. There are lots of factors to consider when making the “sell vs. rent my home” decision, including: Your financial situation. Local market conditions for rental homes. Your future housing plans.
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In a sense, your tenant is paying for you to earn equity in your home. Once the mortgage is paid off, you can keep any monthly rent as income. Renting out your home can diversify your investments and income streams, enabling you to reduce your financial risk. For example, if you lost your job, you would still have some income from the rental.
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Starter homes are getting ever more expensive and harder to find. That has some real estate brokers and financial planners questioning whether buying a starter home is still worth it.
Starter Homes Make Sense for a First Time Home Buyer. A standard choice for a starter home in the suburbs is often a 3 bedroom, 2 bath. A standard choice for a starter home in a high-cost urban area might be a two bedroom, one bath or maybe even a studio condo.
· Florida real-estate agent Jennifer Sommers says a common objection to getting a much smaller place is that seniors want ample room for their children and grandchildren when they come to stay, but she says occasionally getting a rental house or hotel room can make more financial sense than staying indefinitely in a house that’s too big.
Starter homes may lack the bells and whistles buyers seek. people purchase these homes as a stepping stone toward the dream house. The key to trading up is having enough equity in the starter home.