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A Starter Home in Manchester, MD - Is It Right for You?

Real Estate Agent with Coldwell Banker Residential Brokerage

When you’re looking for the right home in Manchester, MD you might find yourself with an endless sequence of choices. Rural or near town? Which elementary school should I live near? What can I afford? How much acreage would I like? Farmhouse, rancher or newer construction? Regardless of your questions,  there is one particular choice that bothers a lot of first-time buyers in Manchester, MD . A frequently asked question is: Should I buy a starter home in Manchester, MD or a home to last for years to come?


Rural single-family home in Carroll County, MD

Single-family homes are popular in Manchester, MD


In previous decades, first-time buyers in Manchester, MD  usually went for smaller and more affordable properties. This helped them build a credit rating and gain some equity. More established homeowners looked for larger properties to provide enough room for their friends and children.


A study, conducted by Bank of America, discovered that up to three-quarters of new first-time buyers in Carroll County plan to ditch the idea of a starter home in Carroll County and purchase a property that is equipped to accommodate them for years to come, while the older generation of homeowners is increasingly looking to downsize their homes. Are you trying to decide between a starter home in Manchester, MD and one that will serve your needs for many years to come?


Where do you fit into the new real estate landscape? Below are some questions to help you purchase the home that is right for you.


What stage of life am I in?

If you can identify the stage of life you are in, you can narrow your focus to find a suitable property. Age isn’t as much of a factor as it used to be. Some older homeowners without children may want to downsize to a starter home in a dynamic neighbourhood, while a younger buyer may want to find a long-term property where they can raise a family. At the end of the day, find a property that feels right for you.


What type of property best fits my lifestyle today?

While you should have some idea of what you want in the future, don’t be overly stressed by finding a property that you consider to be “the perfect fit” for your vision of the future. Life has a habit of changing course, so be realistic about what you need in a property.

A starter home in Manchester, MD is more suitable for buyers who have transitional lives. People who change employment regularly, relocate often, or have a young family fall into this category. However, people who are looking for a more permanent lifestyle and a larger sense of local community may be better off looking for a long-term property than a starter home.


What can I afford?

The fact is, the amount of money you can afford for a down payment will have a large impact on the type of property you decide on.

A starter home in Manchester, MD is usually priced lower than the type of homes that would be ideal for a long term buyer. This means you will need less money for a down payment on a starter home in Manchester, MD. When you are going over your finances, make sure you look beyond the initial down payment and factor in other costs, such as maintenance costs, utility bills, cable, and other monthly upkeep costs. Considering all your possible bills will help you make a more informed decision.


Do I want to look at my home as an investment?

The investment aspect of buying a home should influence whether you look for a starter home in Manchester, MD or another type of property. If you are not concerned with making a profit on your home and can afford a property at the top end of the market, then a home for the future may be achievable for you. Starter homes in Manchester, MD are often occupied for a lot less time per owner than their long-term counterparts. If however, you want to try and make a profit when you sell your property, a starter home in Manchester, MD may be a more suitable investment opportunity.


Are you considering renting out the property in the future?

A starter home in Manchester, MD may not be suitable for you in the future, but could be suitable for a potential renter. One of the beautiful things about a starter home is they can easily be turned into a rental property and provide a potential source of monthly income. Although, you must decide whether you are interested in becoming a landlord and whether or not you can handle the responsibilities that come with it. If you can, this rental property could provide a great monthly income that can go towards paying for a home that is more suited to your changing needs.



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Posted by

Melissa Spittel, Carroll County Maryland real estate agent 



Comments (3)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Nice home Melissa. I like that you give advice and home searches.

Jul 19, 2016 05:06 AM
Melissa Spittel

Thank you Jeffrey DiMuria 321.223.6253 airRErealty.com 

Jul 20, 2016 12:20 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

All good questions for anyone looking to buy a home - good post!

Jul 20, 2016 10:12 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I like your suggestion of buying the home you can afford for now and turning it into an investment property when you can afford to move up.

Jul 31, 2016 10:25 AM