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Dream house or starter house?

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Should you shoot for the stars when buying your first home? That’s the question Investopedia, via MSN Real Estate asks. We say: probably not, but it all depends.

Let’s start with saying that if you have the money and are financially comfortable, you should do whatever you want when buying your first home. But most people buy their first home in the younger years of their lives, often with a young family to support. In that situation, does it make sense to buy your dream home on the first go-round?

Some people take the attitude that their home should be “The One,” the place where they want to build their lives and memories. For these people, it is important to get it right the first time around since they have no intention of house-hunting again. Others want have their house grow and shrink as needed, which usually means buying a new house.

In this economy, there are important considerations to consider when buying your house. Since none of us know how long this downturn will last, you should like your house enough to stay in it for a while if needed. More importantly, you should like the community where your house is located. If you like where you live, you might have the option of remodeling and adding on to your house to suit your needs.

Readers, was your first house your dream house? Did you look around one day and realize that against all odds it had turned into your dream house? Or did you decide to trade up when your first house wasn’t working for you?

Photo courtesy of sean dreilinger on Flickr.