What should I consider when looking at starter homes?

If you’re in the market for a starter home, ask yourself the following questions during your review process:

• Am I generally pleased with the condition of the home?
• If I had to move into the home as-is, would it be livable?
• If not, can I make some repairs and upgrades (such as painting, removing or replacing wallpaper and carpeting) myself?
• Do I need to hire someone to help bring the house up to speed, and if so, can I afford the extra expense?
• Is the neighborhood safe?
• Is my family going to fit in with the neighborhood?
• Does the area offer the quality of schools that I’m looking for?
• Could I live in this home comfortably for three to five years, or will I grow out of it sooner?
• If a starter home isn’t the right fit, can I afford the down payments, mortgage payments, repairs, maintenance, and taxes on a larger, more suitable dwelling?

Starter homes can be a perfect ‘‘starting’’ point for first-time home owners who are willing to put some elbow grease into repairs and customizations that will make the home ready to live in, or who don’t mind sacrificing some square footage (or that two-car garage) in order to live within their means and ultimately save for a larger home sometime down the road.