As young adults look to move out of their rented apartments or parents’ basements and onto the property ladder, they often look at starter homes.
Almost everyone, at some point in their life, will need a starter home.
Starter homes are often the first home a person or family can afford to buy. The homes typically have an entry-level price point and tend to be smaller, older homes.
While they’re great for first-time homeowners, if you’re thinking of buying a starter home, it’s vital you have it inspected.
The typical starter home is a smaller, one or two-bedroom house. Most tend to be decades olds – often built in the 1940s-1970s.
On average, first-time homeowners stay in their starter home for five years. This means a typical starter home could see multiple homeowners in a matter of years.
When ownership frequently changes hands, maintenance or home repair projects can be delayed or ignored.
A home inspection is an assessment of a home’s condition. At Detailed Inspection Service, licensed home inspector Rob Gisch has the expertise to examine and evaluate the entire home from rooftop to basement.
Buying a home is one of the largest purchases most people will ever make.
The National Association of Realtors estimates the average starter home price ranges from $150,000 to $250,000.
Homes can be a great way for first-time buyers to build equity, but if their starter home is a money pit, buyers could find themselves deeper in debt.
Home inspections are conducted before a real estate sale is finalized. The inspector’s report can help prospective buyers know if the home has serious problems, allowing them the chance to walk away from the sale.
Likewise, a home inspection can reveal issues or projects a prospective buyer might view as ways to increase their home’s equity.
In the United States, the average age of a first-time homebuyer is 34-36. In 2019, the National Association of Realtors noted that 32% of all home buyers were first-time buyers.
Millennials, who represent the generation born between the early 1980s and early 200s, are currently buying more homes than any other generation. Nearly two-thirds of all people buying a house for the first time fall in the Millennial generation.
As they enter the property market, starter-home buyers can be clueless about homeownership.
For many, home maintenance or upkeep tasks were previously undertaken by landlords or Mom and Dad.
Transitioning from a rental market to homeownership can be viewed as a big step toward adulthood and responsibility.
At Detailed Inspection Service, we strive to educate our clients. They’re invited to follow along during the inspection process and ask questions. We want them to be knowledgeable about the home they’re buying.
We want clients to understand what we’re inspecting and why. We want our customers to be able to purchase their starter home with confidence.
Home Inspector Rob Gisch, at Detailed Inspection Service, has more than 25 years of experience serving the New Lenox and surrounding areas. For more information, or to schedule an appointment, call Detailed Inspection Service today.