Buying a starter home? Here's what you need to know.
Many first-time homebuyers, especially in competitive markets, end up in starter homes as a part of their first foray into the real estate market.
The idea of a "starter home" goes back to World War II. After veterans completed their service, they returned home and took advantage of a provision in the G.I. Bill that guaranteed them affordable mortgages. The increased demand caused a housing boom, specifically for smaller, low-cost homes where the veterans could start their families.
Historically, these properties tend to be smaller in size than one might expect from a single-family unit, but the idea behind them is two-fold: these smaller properties help introduce individuals to the…
