For many, starting a family of their own is a lifelong goal. Kids running around, a yard with a place for barbecue, white picket fences, and a circle of trusted friends they can rely on. Along with this dream is the desire to have a home where your family can live comfortably, safely, and hopefully permanently.
Meanwhile, blood, sweat, and tears may be needed to find a lifelong home. Hence, you need to save up and be more financially stable. On the other hand, a great starter home is a good stepping stone toward the home of your dreams.
What Is A Starter Home?
A starter home is typically the first home new families can afford to buy with their savings, small income, or limited mortgage. In the United States, people between the ages of 23 to 31 make up 81% of first-time homeowners. They’re generally the young urban professionals who dream of making it big in the city and earning an average income of USD$47,216.
For many people, a townhouse is a great starter home. It’s a single-family multi-story home that shares a wall with another house. Typically, townhouses are built in rows and have shared amenities with other families. You can find the perfect townhouse for your needs with the help of the internet or a real estate agent like Coquitlam Realtor or a similar service provider.
Here are some reasons why a townhouse is a great starter home:
It Is More Affordable
Among the types of houses available on the market, townhouses have the lowest price tag and could provide a pleasant sanctuary for your growing family. Typically, townhouses have at least two to three rooms, enough for a small family to start making fond memories. They also have a kitchen, laundry space, several bathrooms, and a closet in each room.
Usually, the bedroom sizes are just enough for a simple setup. However, you can maximize the space to give your family a relaxing haven with the right furniture and fixtures. Most of the time, the bedrooms in townhouses are in the back, away from any potential street noise.
It Requires Less Upkeep
Since you belong to a homeowner’s association and pay monthly dues, you can set your worry aside in terms of maintaining the exterior of your home. On the other hand, maintenance of your home’s interior is your responsibility as the homeowner.
Meanwhile, maintenance of the lawn, pool, and basic elements such as sidewalks is something you must share with the rest of members of the homeowners’ association.
It Has Access To Amenities
If you have small children, they can enjoy playing with other kids in the pool or the daycare. Some townhouses have a gym that could provide an excellent outlet for you and your partner when you feel stressed and worn out. These amenities can play a vital role in your family’s growth and children’s value formation.
With this kind of shared facility, your kids can learn the value of camaraderie, sharing, and kindness. They’ll also get the chance to bond with your neighbors and build lasting friendships. Someday, you and your family can look back on these memories fondly.
It Gives You The Feeling Of Belonging
They say that it takes a village to raise a child. Living in a townhouse along with other families can help you cope with raising kids. In a community where you see people almost daily, you can form a bond that would be beneficial, especially when you find yourself in a sticky situation.
Helping each other with errands, babysitting, and just plain asking for assistance from a friend is expected in a tight-knit community, especially in rowhouses. The feeling of belonging in a community that you can count on is very comforting, and it’s something you would rely on when times get hard.
It Allows You To Save For Your Dream Home
The paramount consideration in choosing a townhouse is the cost of owning and maintaining it. When you can significantly reduce your expenses, you can begin saving up for your dream home.
It would also help if you had a side hustle or a small business as an extra source of income. Hopefully, in a few years, you can put a down payment for your dream home. Meanwhile, it takes three to five years for a small family to achieve their financial goals. However, it can be sooner than you think if you have a strategic plan in place.
When you’ve settled on starting a family, the prospect of buying a house is exciting. But, in reality, it’s not an easy task. You need to assess your priorities and find ways to grow your income. Nevertheless, taking the path of owning a townhouse first as a starter home would be best.
Alex Grogoyan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in popular platforms such as Spruce Home, Better Homes & Garden, and more.