Tips for buying a starter home in Idaho
Those who are inexperienced with real estate might find it tempting to jump into the market, yet they are not sure how to do it right. Buying your first home is a whole process that can turn out to be a smart investment that can pay off once you decide to sell it. Buying a starter home is often a stressful event, due to all the insecurities and feeling puzzled about the purchase process. That’s why we created a simple guide on buying a starter home in Idaho without any problems.
What is a starter home?
If you’re unfamiliar with the term, let’s define it before we go into any other details. A starter home is the first home a person can purchase. Typically, the payment is made with a combination of cash savings and a mortgage loan. The important thing about starter homes is that these are often not the long-term address of the buyer. Very often, the buyer lives in the house for three to five years, when they move on, usually to a bigger home. This happens for various reasons
but very often families outgrow the starter home and need a bigger space.
What’s to know before you start house hunting for your starter home in Idaho
First things first, there are several things you need to consider before you decide to buy a starter home in Idaho. These will help you decide if you’re ready to buy your first home or you need to wait for a little longer:
- long-term plan – think about the reasons you’re thinking about buying a starter home, and what are your plans related to it. Also, see if your plans include living in that house for at least 5 years, to make sure you can deal with the mortgage properly. Also, consider if your family will grow in the future and if you need to get a bigger home. And finally, if you plan to leave the house after a couple of years, think about your priorities regarding the house amenities. Is it necessary to spend a lot of money on a luxurious pool or a marble kitchen?
- determine your budget – one of the most important factors is surely your budget. Calculate in detail how much you can afford when you are buying a starter home in Idaho. Calculate your savings, your income, and mortgage rates. To be able to function properly, the whole debt shouldn’t go over 33% of your income. Also, don’t forget to study your loan in detail, and check if you can get a more affordable loan from the government, offering better rates for the first-home purchases;
- are you ready for the whole process – think about your current situation and decide if you’re ready to deal with the purchase challenges and responsibilities of owning a house. It is a step forward that is not always easy to make, so buy a house when you’re mentally and financially ready.
Don’t forget the moving process, too
Moving to Idaho to your first house is exciting, but it’s equally challenging and overwhelming. Luckily, you can choose experienced pros to help you out, if you are yet to arrive here. Relying on a reliable expert will give you peace of mind and help you focus on your new home rather than worry about the moving process.
Before you start your search, make sure you know how much you can afford, and compare it to the Idaho home prices. You should know that the median starter home has a value of $171,800, whereas the median home value for houses, in general, is $263,700 in Idaho. If you plan on renting the place in the future, you should know that the average rent in Idaho is $825, which is lower than the national average.
The location – where to buy a starter home in Idaho?
Choosing the location wisely can impact several spheres of your life. Whether you plan to live in the house or rent it, a good location can make everything a lot easier. Think about the office and school location, and see what areas of a city you pick are the best in terms of commute. Go through the best places to buy a home in Idaho and pick your favorites.
Start the online search
Fortunately, the internet has given us the chance to look for homes in a much easier and faster way. Before you visit the homes you like, to the online search and narrow your choice to favorites.
Find a dedicated pro
When you start browsing homes online, you’ll see the listed agent in the information bar. However, that’s the seller agent, and we recommend finding another experienced Idaho expert. If you want to buy a starter home in Idaho that’s the best deal for the money you’re investing, a good agent will guide you through the process, with your best interest in mind.
The same goes when you decide to move to Idaho. Check peasleyboisemovers.com to contact the team specialized in Idaho moves that will help you relocate with the minimum risk of damage and trouble. Certified moving companies with a lot of experience are the best choice for inexperienced clients.
Look for the ‘common’ homes
If you don’t plan to stay for a long time, you should play it safe when you decide to buy a starter home in Idaho. This means you should go for a more universal-looking house that will be easier to maintain and rent, but also sell in the future. Appealing to the average renter/buyer is surely the way to go!
As we mentioned maintenance, you should also include this factor when browsing for homes, especially if you plan on renting the place. When you rent a home, it requires more maintenance than usual. So, if a home includes expensive or easily damaged parts, it will surely take away more of your time and money to do the upkeep. So, when buying a starter home in Idaho, make sure you pick the one according to your possibilities and needs