What is a Starter Home?

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What is a Starter Home? A young couple, just starting out in life, decides to buy their first home together. This is how "starter house" got the name, of course. The concept of a starter home was born after World War Two, when the soldiers returning home would buy a small house on the G.I. Bill.
     Many lower cost suburbs were built around that time, and entire neighborhoods would be made up of young couples just starting out. Since property values have increased dramatically, this is now most often not the case. Instead, the starter home will be a small one or two bedroom home in a lower cost neighborhood, and sometimes it is an older home which may require some repairs. For a couple willing to work hard, an older home can be purchased as a starter home, and small improvements can be added over several years, allowing the couple to sell it at a nice profit when they are ready to move on to a larger home or a home in a better neighborhood.

     It is not considered wise for those who buy a starter home to make major improvements on it, unless they decide to keep it for many years. If a great deal of money is spent on major improvements, it may not be recouped when the property is sold, if other homes in the neighborhood are not as improved, and have sold for a lower price. Besides older homes that need fixing up, condominiums are considered to be great starter homes.

     For a busy working couple who don't have time for property maintenance or lawn care, and do not yet have children, a condo is the perfect starter home. It is really up to the individual taste and needs of the family or single person who is looking for a first home. A professional real estate agent who will take the time to work with the couple to find the perfect home to begin their lives together is invaluable. An experienced agent will have the knowledge and wisdom to guide the first time buyers to making a decision that is right for them.

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