5 Financial Downfalls of Buying a Starter Home

Don't let a starter home finish you off.

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By Geoff Williams

The traditional way of buying a house has always been to purchase a starter home – buy something small, and once your family gets too big for it, sell it and find a new, bigger house. It’s a perfectly good plan, assuming everything goes to plan. But because a house involves so many financial factors, there’s no guarantee that everything will work out as you’d hoped.

So before you purchase a starter home, keep these tips in mind.

Look for the loan, then the house. When you look for a house before looking for a loan, it’s very easy to assume you can afford a bigger starter home than you can, fall in love with a place and then get disappointed when you can’t swing it.

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