Reasons to Buy a Long-Term Home
There are so many options that it can be hard to figure out which home you want to buy. Many people prefer a starter home, which is smaller and more affordable. Others don’t want to move so they decide to buy a long-term home that they can live in for the rest of their lives.
There are reasons for each and it may come down to personal preference. Here are some reasons to buy a long-term home.
Starter homes only make sense if you are planning on staying in them for at least five years.
Though you might not want to waste money on rent, financially, it doesn’t make sense to only live in a home for a few years. After five years, you will have paid off part of your home so, that when you go to sell it, you will make some money off of it.
If you are already married or even thinking about starting a family, you might not want to buy a starter home.
If you are about ready to start a family where you would need a bigger home with a nice backyard, there is no point in moving again in a year or so. Instead, start saving so that you can afford to get a better home.
You may also know what you want.
If you are not planning on moving around a bit, you can buy the home there. If you have worked at the same job for several years, you already know that you are not going to go anywhere!
If you already know that you are going to have children, you probably already know how many bedrooms that you will need in the future. You probably already know about the best school districts and where you want your children to go.
Many don’t want to deal with the stress of moving again.
Packing up a home (especially when you have been there a few years) can be hard and stressful. Looking to buy a home while yours is for sale can be challenging. You may even sell your home right away and then have to settle for something just so you have a place to go.
If you don’t want to worry about moving again, you should buy a home that works for your future.
If the mortgage rates are low, you might be able to afford a more expensive home.
There are times when it all comes down to cost. You might want to buy the house that you plan to spend the rest of your life in, yet you can only afford a starter one. However, if you act when mortgage rates are really low, you might be able to afford your long-term home.
Starter homes can cost you money.
You may owe money as a capital gain tax if you make money on your home. Though you are excluded from paying taxes on a certain amount, if you buy and sell your home, you could be looking at a hefty tax bill.
While many people prefer to buy a cheaper starter home, it isn’t always the best idea. This is especially true if you are married and are already thinking about a family. If you are really lucky, the interest rates will be low so it is just as affordable to buy your long-term home than a starter one!
You might also not want to think about moving again. It can be really stressful, making it something that you don’t want to have to go through again! Buying a home while selling one can be very stressful. You might not be able to afford another home, yet if your home sells quickly, you might have to make a quick decision (one that you might eventually regret). Not to mention the potential money that you may owe on taxes when you sell your home.
Looking to buy a long-term home? To speak with the experienced professionals at Team Chais about buying or selling in Tampa, contact us today at (813) 928-4308 or chat with us online.