If you’re a first-time home buyer in Colorado Springs, a starter home may be exactly what you need. Starter homes are typically smaller, affordable homes that are perfect for those who are just entering the real estate market and working with a tight budget. They’re a great way to get your foot in the real estate market and build equity without a huge amount of risk.
Starter homes are also great options for military home buyers who may be new to the Colorado Springs real estate market. Perhaps you want to test out a particular area before you commit to a larger home or you’re concerned about a potential future PCS and having to sell quickly. Either way, a starter home can be a sound investment.
These are a few key things to consider when looking for a starter home to ensure you find a property that is the right fit for you and your family. In addition, these tips can help you make an informed decision about a home that can give you a good return on your investment.
Price is the biggest concern for most first-time home buyers. Chances are you’re working with a limited budget, so you need to determine how much home you can actually afford. A mortgage calculator will tell you how much you will need to pay every month depending on the size of your down payment and price of your home. Keep in mind that there will be other expenses involved such as closing costs, property taxes, and general maintenance costs.
Where you want to live is another important factor to consider. Typically, the farther you are from downtown Colorado Springs, the more affordable the homes will be. For example, you can find some great value starter homes in communities such as Fountain and Monument, but you may have to deal with a longer commute to work or school. If you’re set on living in an urban center, you may have to settle for a smaller home such as a condo or townhome.
A starter home might not be your forever home, so you may have to sacrifice some of your ideal features in order to save money. Before searching for homes, it helps to make a list of features you absolutely must have and features that you would like to have, but can do without. These could include a backyard, basement, storage space, laundry room or modern appliances. Keep in mind that you can always add certain features later.
No matter how affordable a starter home is, it’s not a good deal if it’s in terrible condition. A home inspection is a vital part of the home buying process, as this will let you know if there are any major issues that could cost you down the road or affect your safety and comfort. Be sure to factor maintenance costs into your budget and be mindful of how much you’re willing to pay for repairs and DIY fixes.
Whether you're looking for a long-term home, a home you can flip in a few years, or a property to generate rental income, a Colorado Springs starter home can be an excellent investment. A reputable real estate expert can help you find a starter home that fits your budget and ensure your home buying experience goes as smoothly as possible.
Your Colorado Springs Real Estate Specialists
If you’re buying a home for the first time, an experienced real estate agent can give you invaluable advice and guide you through every step of the home buying process. The Military Home Search team specializes in military relocations and the unique dynamics of the Colorado Springs real estate market. Contact us today to learn how we can help you find the perfect starter home!