Dorrinda O’Keefe-Shea - CENTURY 21 Toomey-Lovett, Inc Centurian 2012 Top Producer Diamond Award


With rent prices shooting soaring across the country, many young Americans who were previously happy renting while they saved for a home are now turning to other options.

One common solution is a starter home. If you want to keep your monthly mortgage prices low while being able to build equity and slowly save for your “forever home.” a starter home can be a great option for first-time buyers.

When does it make sense to buy a starter home?

Buying a home means mortgage payments, home maintenance and repairs, and closing costs. However, they can also be a great introduction to the responsibilities of homeownership.

Better yet, starter homes allow you to build equity that can be used toward the down payment of your next home, something that first-time buyers often struggle with. This could help you secure a lower interest rate and avoid costly private mortgage insurance (PMI).

Sounds great, right? But when shouldn’t you buy a starter home?

It might not make sense to buy a starter home if you don’t plan on living in it at least 3-4 years. You might find that the cost of renting is less than that of your mortgage payments and closing costs if you don’t live in the home long enough to reap the rewards.

It also might not be a good idea if your family is going to outgrow a small home in the next few years for the same reasons mentioned above. That makes it all the more important to discuss your long term plans with your spouse before considering a home.

Things to look for in a starter home

1. Resale value

One of the most important aspects of your starter home should be the ability to resell it in the future. Now, there is an endless number of factors that go into the marketability of a home. Key factors include the condition of the home and keeping it well-maintained, as well as the location of the home. Buying a starter home in an area that will attract young professionals down the road is typically a good investment.

2. Small size = low price

It probably goes without saying, but finding a home with a low price, at the expense of square-footage, is most often a smart choice when it comes to starter homes.

Small homes are cheaper to buy, cheaper to heat, and cheaper to maintain. However, since housing prices are trending upward, you’ll likely still see a positive return on your investment in ~5 years time when you’re hoping to buy again.

3. Reasonable home improvements

If you can spare the time, buying a starter home that needs some work can be an excellent investment. It can be more difficult later on when you have a large family to care for and less time to focus on making improvements.


This Single-Family in Brookfield, MA recently sold for $250,000. This Colonial style home was sold by Dorrinda O'Keefe-Shea - Century 21 NS Group.


3 Salmon Brook Rd, Brookfield, MA 01506

Single-Family

$260,000
Price
$250,000
Sale Price

5
Rooms
3
Beds
2
Baths
Welcome Home!! This colonial home has so much charm and character. Perfect for buyers looking to give their new home their own personal touch. This home offers 3 bedrooms and 2 full baths. With a bedroom, bath and laundry on the first floor this layout is great for someone looking for one floor living. Two generous sized bedrooms and a full bath on the second floor. New floors on the first floors, freshly painted interior walls , first floor laundry, cathedral ceiling living room with fireplace. Relax in the screened in porch off of the dining room which gets an abundance of sun. This spacious home sits on .88 acres with plenty of room for a garden or outdoor barbecues. Located in the Tantasqua school district and 15 minutes from the Ma Pike and 30 minutes to Worcester this is a great commuter location. Call today for a showing.

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20 Victoria Dr, Leicester, MA 01542

Condo

$339,900
Price

7
Rooms
2
Beds
2/1
Full/Half Baths
Leicester , Briarciff Estates, a private gated active adult community (55+) meticulously maintained one owner duplex home. This home features a first floor master suite with walk-in closet, bath with whirlpool soaking tub, laundry room and a 3 season enclosed sun-room! Kitchen has granite-counter's kitchen with tile floor and eat-in area, a formal dining-room,living-room with cathedral & tray ceilings, second floor bedroom and loft, crown molding, tile & hardwood flooring throughout home, Anderson windows, 2-zone central air and heat, 2 car garage. This home also has a "premium/walkout basement" with plenty of room for a workshop or exercise room. Easy access to Ma Pike, Rte 290,146,395 & 20 the commuter rail and 10 minutes to Worcester Airport.
Open House
Sunday
October 21 at 11:00 AM to 1:00 PM
Open House Sunday 11-1 Leicester , Briarciff Estates, a private gated active adult community (55+) meticulously maintained one owner duplex home. This home features a first floor master suite with walk-in closet, bath with whirlpool soaking tub, laundry room and a 3 season enclosed sun-room! Kitchen has granite-counter's kitchen with tile floor and eat-in area, a formal dining-room,living-room with cathedral & tray ceilings, second floor bedroom and loft, crown molding, tile & hardwood floorin
Cannot make the Open Houses?
Location: 20 Victoria Dr, Leicester, MA 01542    Get Directions

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123 Bacon Rd, Ware, MA 01082

Single-Family

$239,900
Price

5
Rooms
4
Beds
2
Baths
Are you looking for a 4 bedroom Cape in the Country? 1st Floor has large eat-in Kitchen, all the appliances will stay - slider access to a deck! Living Room has a pellet stove to help with heating. Heat Forced hot air gas/ central air. 2 Generous size bedrooms on the 1st floor and 1 full bat . Upstairs 2 bedrooms and a full bath. Some other features of this home are beautiful hardwood floors, 200 amp electrical service, deck, storage shed, walk out basement ,paved drive, garden area and stainless steel appliances! The basement offers work-space and plenty of room for storage! The yard is private and plenty of room to play! Don't miss out!
Open House
Saturday
October 20 at 11:00 AM to 12:30 PM
Open House Saturday 11-12:30 Are you looking for a 4 bedroom Cape in the Country? 1st Floor has large eat-in Kitchen, all the appliances will stay - slider access to a deck! Living Room has a pellet stove to help with heating. Heat Forced hot air gas/ central air. 2 Generous size bedrooms on the 1st floor and 1 full bat . Upstairs 2 bedrooms and a full bath. Hardwood floors, 200 amp electrical service, deck, storage shed, walk out basement ,Paved drive
Cannot make the Open Houses?
Location: 123 Bacon Rd, Ware, MA 01082    Get Directions

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123 Bacon Rd, Ware, MA 01082

Single-Family

$239,900
Price

5
Rooms
4
Beds
2
Baths
Are you looking for a 4 bedroom Cape in the Country? 1st Floor has large eat-in Kitchen, all the appliances will stay - slider access to a deck! Living Room has a pellet stove to help with heating. Heat Forced hot air gas/ central air. 2 Generous size bedrooms on the 1st floor and 1 full bat . Upstairs 2 bedrooms and a full bath. Some other features of this home are beautiful hardwood floors, 200 amp electrical service, deck, storage shed, walk out basement ,paved drive, garden area and stainless steel appliances! The basement offers work-space and plenty of room for storage! The yard is private and plenty of room to play! Don't miss out!
Open House
Saturday
October 20 at 11:00 AM to 12:30 PM
Open House Saturday 11-12:30 Are you looking for a 4 bedroom Cape in the Country? 1st Floor has large eat-in Kitchen, all the appliances will stay - slider access to a deck! Living Room has a pellet stove to help with heating. Heat Forced hot air gas/ central air. 2 Generous size bedrooms on the 1st floor and 1 full bat . Upstairs 2 bedrooms and a full bath. Hardwood floors, 200 amp electrical service, deck, storage shed, walk out basement ,Paved drive
Cannot make the Open Houses?
Location: 123 Bacon Rd, Ware, MA 01082    Get Directions

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