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

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

Click Here to See What Your Home is Worth

10829 W Luxton Lane Tolleson, AZ 85353

$445,990
4 Beds
3 Baths
2,075 SqFt
Status Active
MLS # 6680655
Property Type Single Family Residence
Price Type --
New home under construction. Estimated completion is April 2024. 2,075 sq ft, Single story home with 4 bedrooms, Den, 3 full baths, 2-car garage and covered back patio on an end unit. Includes professionally designed features and finishes with our Harmony Essential Palette! Beautifully landscaped front yard with pavers on driveway. This home also includes 9FT ceilings, kitchen Island with granite kitchen countertops, grey cabinets on kitchen island only and white cabinets in kitchen and bath, walk-in pantry, stainless steel appliances including fridge, ceiling fan prewire in all bedrooms and den, ceramic wood-looking plank tile throughout, carpet in bedrooms and den, washer and dryer, and garage coach lights! This home also offers a 2-panel sliding glass door to the back patio.

5637 W Purdue Avenue Glendale, AZ 85302

$445,500
3 Beds
2 Baths
1,902 SqFt
Status Active
MLS # 6618771
Property Type Single Family Residence
Price Type --
JUST REDUCED!!! Remodled Block Home, No HOA! 3 Bedroom 2 Bath, Large Pebbletec Pool, Built In Red Brick Fireplace, Open Floor Plan, Vaulted Ceiling. Recently Painted in Cool Grey tones. Nearby Glendale Community College, Westgate and 303.

18474 W Villa Hermosa Lane Surprise, AZ 85387

$445,483
4 Beds
3 Baths
2,116 SqFt
Status Active
MLS # 6649728
Property Type Single Family Residence
Price Type --
Below Market Interest Rate Available! Gorgeous New Home on CORNER LOT. 4 Bedrooms, 3 Baths, 2 Car Garage with 8ft Garage Door. 4th bedroom and Primary bedroom have their own bathrooms. Open Floor Plan. Kitchen Island with Beautiful Back splash. Tile throughout, carpet in bedrooms only. FULL Patio on back of home. This home is located in North Copper Canyon that offers a community pool! High Performance Home with smart technology, makes it so you can truly live in your element!

1552 County Road 5270 -- Concho, AZ 85924

$445,000
3 Beds
2.5 Baths
1,918 SqFt
Status Active
MLS # 6678630
Property Type Single Family Residence
Price Type --
3 bed, 2.5 bath cozy home. Nestled amidst the tranquility of nature, this home is where your dream of a peaceful sanctuary comes to life. Boasting a generous expanse of 37 acres, this property offers not just a residence but an experience that accentuates harmony and peace. A raised deck presents breathtaking views, crafted with Trex Deck for enduring quality and minimal upkeep. For the eco-conscious, a one-car garage stands ready for conversion to solar power, with panels installed and just need to be hooked up. Complementing conveniences include a spacious 2 car garage, and a functional shed with loft, ideal for storage or a creative workshop. Security blends seamlessly with comfort as Roll-A-Shield covers grace all windows, providing an effective barrier against crime and energy loss Further enhancing the sense of security, wireless Blink cameras monitor the homestead, adding an extra layer of assurance. Ease your arrivals and departures through an automatic gate. Step outside and savor every moment, whether it's by the crackling fire pit, indulging in fun horseshoe games, or simply unwinding amidst the panoramic beauty of your extensive property. 'Home' is more than just a residence; it's a lifestyle imbued with tranquility, security, and the freedom of boundless space. Your personal retreat awaits.

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