Starter homes represent excellent opportunities for buyers to own a home, build home equity, and experience the joy and sorrow of being a first-time buyer and homeowner.
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Starter Home: What Is It and How Can You Afford One?
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Most super-nice neighborhoods don’t have affordable starter homes.
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It helps drive down the price and mortgage payments of a starter home but will make it more expensive and take longer for repairs.
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In other words: Talk with an expert, like a real estate agent or financial planner, about the actual costs of home ownership.
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Homeowners often put in sweat equity, and starter homes can be similar to “live-in flips,” also known in the investment community as the BRRRR method.
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Fortunately, there is help: Real estate agents and financial planners can ensure that a person can make this invaluable purchase and own their home for the first time.
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If you buy a starter home correctly, you can build home equity, purchase something that will have significant resale value, and ultimately make a purchase that can create generational wealth.
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