RE/MAX Triumph Realty | Billerica Real Estate, Burlington Real Estate, Chelmsford Real Estate


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.



104 Marion St, Wilmington, MA 01887

Single-Family

$739,900
Price

8
Rooms
3
Beds
2/1
Full/Half Baths
New Construction Colonial being built featuring hardwood flooring throughout first floor, hardwood stairs, family room with recessed lighting and gas fireplace, sprawling kitchen with center island, granite counter tops, recessed lights, and stainless appliances, formal dining room with archway, master bedroom with walk-in closet and master bath with double sinks and tile surround shower, 2nd full bath with double sinks, tile surround tub/shower, central a/c, walk up attic. Energy rated home includes high efficiency furnace and tankless hot water heater. Professionally landscaped yard, large composite deck overlooking private back yard. 1 year builders warranty included! Still time for interior selections. Please use caution, active construction site.
Open House
Sunday
May 19 at 1:30 PM to 2:30 PM
Cannot make the Open Houses?
Location: 104 Marion St, Wilmington, MA 01887    Get Directions

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This Single-Family in Pepperell, MA recently sold for $550,000. This Colonial style home was sold by Office Billerica - RE/MAX Triumph Realty.


Pepperell, MA 01463

East Pepperell

Single-Family

$550,000
Price
$550,000
Sale Price

8
Rooms
4
Beds
2/1
Full/Half Baths
*NEW CONSTRUCTION* Beautiful four bedroom, 2.5 bath, colonial on a 2+ acre lot in Heritage Estates with full walk-out basement. This new home will feature a desirable open concept layout, large custom kitchen with breakfast area, island, granite counters, tile bathrooms, hardwood floors throughout first floor, gas fireplace, and over-sized family room that opens to both the kitchen and living room. The beautiful composite deck is directly off the breakfast nook, overlooking the private wooded yard. The second floor features four bedrooms and large master bedroom with ensuite tile bathroom, custom tiled shower, jacuzzi soaking tub and his and her walk-in-closets. This home is ready for your finishes and is approximately 45 days from completion.

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Billerica, MA 01821

Commercial

$58,900
Price

1
Buildings
Office
Type of Comm.
40,000.00
Lot Size
738 square feet of OFFICE SPACE located in a commercial condo building. Good condition with separate gas heating and cooling systems. Corner unit with lots of windows for good natural lighting. Common rest rooms are located on the same floor. Located on well traveled Middlesex Turnpike and close to major roadway.
Open House
No scheduled Open Houses





1 Brentwood Place, Billerica, MA 01821

Single-Family

$449,900
Price

8
Rooms
4
Beds
2
Baths
Well maintained home featuring 4 bedrooms, 2 full baths, eat in kitchen, large living room, formal dining room, 1st floor bedroom and 3 spacious bedrooms on the 2nd floor, newer heating system, newer insulated windows on 1st floor, newer roof, 3 zones heat and central a/c, 1 car garage, finished walk out basement, level fenced in yard with new patio and much more! Great commuter location close to major routes and shopping. Showings begin at first open house Sunday 5/19 from 11:00 - 1:00PM.
Open House
Sunday
May 19 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 1 Brentwood Place, Billerica, MA 01821    Get Directions

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