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Is it worth buying a starter home
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Is it worth buying a starter home?
Yes  
 84%  [ 80 ]
No  
 15%  [ 15 ]
Total Votes : 95



amother
Gardenia


 

Post Fri, Sep 16 2022, 7:54 am
We bought a starter home with very little savings. We paid 5% down, and needed to pay PMI. Then came COVID and the value of our house went up significantly. So we refinanced and don't need to pay PMI anymore.
Definitely worth it because you build equity. Our house is now worth double what we paid for it 5 years ago.
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amother
Calendula


 

Post Fri, Sep 16 2022, 9:52 am
I think it's worth it if you can be comfortable there longer than you think would live there. Life happens, prices rise, and you never know if you might need to stay. We bought a 3 bedroom house without a master bath and I wish we had that bathroom but I don't have a huge family so we could live reasonably comfortably here for many years if we want to. If we ever decide to move I'll hold out for another bathroom and bedroom. But BH we bought before all this pandemic craziness and we could stay here. I don't think it's worth it to buy a 2 bedroom house unless you have a really tiny family. Those are harder to resell too.
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Cmon be nice




 
 
    
 

Post Fri, Sep 16 2022, 11:02 am
amother Wandflower wrote:
We are in our starter home for 7 years now. The value went up 75% in that time and that extra equity is now being used to finance our dream home. I say if you can swing it go for it.


How do you do that? Do you borrow more from the bank, based on the current value of the house?
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agreer




 
 
    
 

Post Fri, Sep 16 2022, 11:39 am
Cmon be nice wrote:
How do you do that? Do you borrow more from the bank, based on the current value of the house?


Yes, you can borrow against the equity of the house.

Or, you sell the house, If she paid $500k and now it's worth 875K, she has an extra 375 for the down payment of her next house.
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amother
Snowdrop


 

Post Fri, Sep 16 2022, 3:09 pm
I’m wishy washy about this. I wish we would have bought a home bigger than we needed. Bec 18 years later we are still in our starter home and can not afford to buy bigger. At the time it seemed like why buy big if we can start off in a starter…
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