Feeling the Squeeze of Rising Rents? Here Are 3 Reasons You Should Consider Buying a Starter Home

With real estate becoming more affordable, new homes being sold in a range of prices and the cost of rent going up, there has never been a better time to consider buying a starter home.

Put That Rent Money Into Your Own Property

People who live in areas that have become trendy know the pain of rising rent rates. At what point is the amount of money being spent on rent more advantageous to put into a new home?

Starter homes are not the crazy investment they used to be. With the increase in condo developments and the lower entry price for smaller homes, it’s never been easier and less expensive to put a down payment on a new home and put that rent money into a place that you actually have a financial stake in.

A Starter Home Is Not A Fixer Upper

There was a point in time when starter homes were considered to be houses that required a lot of work to renovate them to a point where they could be sold for a profit. This was before really affordable condo developments started to spring up in every city and began to provide younger people the opportunity to own a home.

Some people still think of a starter home as a fixer upper, an old house that will require a substantial investment and time, something that most first-time home owners do not have an abundance of. In today’s market, starter homes can be brand new and will be in the best condition imaginable.

It Can Act As A Source Of Income

Some homeowners find that when it’s time to finally make the move from their starter home into their forever home, they no longer need to sell. In some cases they prefer to hold onto it and use it as a rental property to bring in a second source of income to help with the new house.

This is more common with condos in neighborhoods that have experienced tremendous growth around them in the years after the purchase. When the price of rent skyrockets in these areas, the investment actually has more value as a rental property until the time is right to sell.

There are many reasons to invest in a starter home and the area you want to buy will change depending on your own reasons. Give me a call so you can pinpoint what you want out of a starter home and receive some valuable insight into the kinds of homes you should be considering – J.P. Cook – 602-320-4253.

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9173 W Charleston Avenue Peoria, AZ 85382

$455,000

4 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6693791

Property Type Single Family Residence

Price Type --

Best part... NO HOA!!!! Come and check out this conveniently located move in ready home. This one will check all the boxes! 4 bedrooms, 2 baths, new carpet and interior paint, RV gate, large backyard with room for a pool and more! Drive just a mile and you will be on the 101 heading North or South to get anywhere in the Valley. Just down Bell road you will be at P83 with copious shopping or eating options.

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6748 W Charter Oak Road Peoria, AZ 85381

New

$455,000

3 Beds

2 Baths

1,578 SqFt

Status Active

MLS # 6694889

Property Type Single Family Residence

Price Type --

Located in a quiet neighborhood with a kids playground and dog park. Beautiful single story home located in the highly desirable Peoria Village . This home is an open concept layout, perfect for all needs! The master bedroom features a walk in closet and large and roomy bathroom with dual sinks and a private toilet room, The backyard features a hassle free cement flooring that is easy to clean, your own mini-retreat, mature trees. close to P83 entertainment district, Arrowhead Mall, Peoria sports complex.

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2326 W Gaby Road Phoenix, AZ 85041

$455,000

4 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6606891

Property Type Single Family Residence

Price Type --

Beautiful 4bd/2.5 bath two-story home on a corner lot. Don't miss the opportunity to own this amazing home with lots of upgrades and so much to offer. The entry way opens to a 9ft. ceilings semi formal living/dining area that has great natural light. As you move into the kitchen, you can see a spacious gourmet island with a large pantry space. The kitchen opens to the spacious family room with stairway to a beautiful office/ loft. Upstairs is the oversized master suite with a huge walk-in closet, separate shower/tub and double sinks! Home is near schools, parks, shopping, and minutes away from easy freeway access & Sky Harbor. A perfect home for entertaining.

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195 N Mariposa Drive Wickenburg, AZ 85390

$455,000

3 Beds

2 Baths

1,180 SqFt

Status Active

MLS # 6609665

Property Type Single Family Residence

Price Type --

This listing is located on two lots and includes a main house PLUS a guest house. Live in the main house and use the Casita as a mother-in-law suite, or rent it out. The main house has 3 bdrms and 1 and 3/4 bathrooms. Master bath has double sinks with a tub/shower, Guest bath has a tub/shower, It has a covered patio and a large fenced yard in the back. The Casita has an open great room area with an all electric kitchen, bedroom with a walk-in closet and a tub/shower in the bathroom. 2 a/c wall units, The Casita has it's own large fenced yard with fruit trees. The property also includes a car carport, a workshop and a large fenced yard. Full laundry outside with lots of storage and a separate storage shed, great location with incredible views

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