Should you buy a forever home as your first home or a starter home?

There are certain ways that Americans are taught to do things in life. You should graduate from high school, get a degree, and start along your career path. Or live in your parents’ home, stay in the dorms, rent for a few years and then purchase a starter home.

While this idea still works well for many, some first-time home buyers are bucking tradition and skipping the modest 2-bedroom traditional starter home in favor of their dream home. Whatever the case, finding homes for sale in your area is always a process.

Keep reading to learn more about how some new home buyers are going against the grain and purchasing forever homes straight out of the gate.

Should You Skip the Starter Home?

Recent research provided by the Census Bureau showed that between 2012 and 2016, almost a third of home buyers aged 33 to 37 purchased 4-bedroom homes or “forever homes” compared to just 24% of buyers in the same age bracket who bought similar homes in 1980, 1990, and 2000.

Interested in jumping directly into a forever home as well? Before you begin your search, it’s important to make sure you’re prepared for the commitment first.

What’s Your Budget?

First things first — can you afford a forever home? Many millennials have been living in room shares for years and storing their money away for the day when they can break out on their own.

This means that it’s possible to afford a larger down payment on your dream home. But just because you have money saved doesn’t mean you should be buying at the edge of your budget.

Are You Ready to Look at Homes for Sale?

If you’re still working your first job, haven’t decided whether you want kids or are itching to explore new cities across the country — you haven’t really graduated from that “starter” phase in life and may be better suited to a starter home purchase instead. Just because you can purchase a larger home, doesn’t mean that you should.

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