First Time Buyer's Debate

Bailey Group Real Estate's take on two choices for first time homebuyers.

Buying a home for the first time brings many new choices for homebuyers. For middle-income buyers, more specifically, are faced with two choices. Do they settle for a lower priced, older home that is priced around $250,000? Or do they spend some extra money to find something a little newer or newly renovated in the $400,000 price area?Making the choice on how to spend your money on your starter home makes for quite the debate. Do you spend the money up front and get something nicer or save a little and spend it on fix ups? Spending the money up front will get you something larger and potentially better. You will end up paying more monthly but you will most likely live in the house for a longer amount of time.

Spending less for a smaller home is great to save some money up front and the monthly costs won’t be much more than what you’re most likely already spending in rent. Also smaller home means fewer furnishings you will need to buy. On the opposite of that is less space for storage and a potential expanding family. The question you have to ask yourself in making this decision is, does/will your lifestyle fit in this home?

So the decision is, do you stretch and spending more or do you stick to a more conservative price?

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This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

David Chesler November 08, 2012 at 06:40 PM
This sounds familiar, see http://www.boston.com/realestate/news/blogs/renow/2012/11/should_you_cons.html
Stephanie November 08, 2012 at 06:56 PM
Hi David, thanks for checking out my post. My intention was to share Scott's post on this subject because we've been dealing with a lot of first time home buyers. If you see my original post: http://baileygroup1.blogspot.com/2012/11/first-time-buyers-debate.html credit is given and linked to Scott's article. Not sure why it didn't get posted here. Sorry for any confusion, just trying to share information.


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