Types Of Homes In Colorado Springs First-Time Homebuyers Should Carefully Consider Before Buying

Posted by Lauren Schneider on Tuesday, July 2nd, 2019 at 2:17pm.

Guide to Starter HomesThe road to home ownership is full of decisions, and one of the most important questions you'll face is what type of home you want. You need to consider your lifestyle, hobbies, and daily activities, as well as your goals for the next 5 years. This can be an especially daunting task for first-time buyers, because they don't necessarily know what they want yet in a home, aside from their rental experiences. Do you buy the house of your dreams now, or should you buy a fixer-upper instead? Ultimately it's up to you what home you want to buy, but here are the top three types of homes that first-time homebuyers should carefully consider before they commit.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Makes a Good Starter Home?

The most important thing for first-time homebuyers to remember about starter homes is that they are not forever homes! The perfect starter home is one that fits your budget and meets your needs for this phase of your life. In most cases, affordability should be the primary factor of your decision-making process as you want to be able to set the foundation for your future. The perfect starter home is the one that's well within your budget--not stretching near the top--that's also a relatively short commute to work and just large enough to accommodate your life now, and where you might be in five to ten years. Lastly, choose a home that has a clear exit strategy for you, whether that's a home in an area with great schools so it will be easy to sell or a home that can be rented, you don't want to be stuck with a house you can't sell when you're ready for an upgrade. 

The Serious Fixer-Upper

These homes are typically some of the more affordable options out there, and their budget-friendly listing price is what appeals to potential buyers more than anything else. Even very skilled investors sometimes make poor decisions when it comes to buying a fixer-upper, so unless you have a wealth of construction experience at your disposal it's probably not in your best interest to buy one.

The problem with a fixer-upper is that you never know what needs to be fixed beyond what you can see. Even with a home inspection, there's no guarantee that something might sneak not up on you. What seems like a great investment at the time could turn out to be an endless cycle of repairs and purchases, which can quickly turn your great investment into an all-consuming money pit.

house graphicMany first-time buyers prefer newer homes because they still have a limited warranty on them for major issues. Many veteran buyers prefer new construction homes and relatively newer homes because of their great builder warranties. To learn more about buying new homes, send us a message and we'll be happy to tell you more!

The Big House

It's the American Dream to own a big house with a great yard, but do you really need a big house right now? If it's just you or yourself and a significant other, there could be loads of empty space that you'll feel inclined to fill. Furnishings aside, a larger home comes with bigger bills, like property taxes and utilities. A big house might be your dream home, but be sure that you can afford the additional expenses before you commit. A modest-sized house is a great option for first-time buyers, because it gives you room to grow without costing you more money than it needs to.

The House That's Too Small

Like a house that's too big, a house that's too small is going to eventually become a point of frustration too, which will be made worse if you decide that you want to grow your family shortly after buying it. Before you buy the home, envision your life over the next five years. How do you see yourself and your family in that time? Will there be pets, kids, or large sports equipment around?

Find The House That's Just Right

Once you've figured out what kind of home you're looking to buy, your agent will use your budget to find a home in the Colorado Springs area that fits your needs. To learn more about the homebuying process, check out our Colorado Springs Buyer's Guide, and when you're ready to get your search under way, Lauren would be happy to help you find just the right home in Colorado Springs. Send her a message online today or give her a call at 719.373.1906.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Lauren Schneider

Lauren Schneider, Real Estate Agent and Military Relocation Professional (MRP)

Lauren Schneider has lived in Colorado Springs for nearly 20 years and knows that the military is what keeps this town ticking, which is one of the reasons she's chosen to pursue her dream of helping military families with all of their homebuying needs. Learn more about Lauren or start your home search now

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