starter home


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starter home

A home that is smaller than the typical homes in an area, and thus less expensive and easier for first-time home buyers to acquire.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
As a result, a starter home is at the top end of the scale at PS191,570, and a top-of-therange property can be bought for about PS369,801.
Starter homes continue to make up the smallest share of available inventory, however the share of both starter and trade-up homes has grown since this time last year, up 0.4 and 0.9 percentage points respectively.
A starter home in the city centre's historic Georgian Quarter could cost an average of [pounds sterling]90,020, or [pounds sterling]490 a month, with a family home in the area costing [pounds sterling]148,170.
The plan was first announced in December, 2014, and the Tory election manifesto, in 2015, promised to build 200,000 starter homes by 2020 for sale at a discount to firsttime buyers under 40.
"On the sell-side you should do very well, given the huge demand for starter homes in coveted areas.
Its figures showed there were 12% more first-time buyers in the market in the first half of this year than a year earlier, meaning some second steppers might have found it easier to sell their starter home, with more potential buyers in the market.
Kathy Cummings, homeownership solutions and education executive for Bank of America, said in an interview with Mortgage Banking that a couple of the findings came as a little bit of a surprise--for example, the finding that some first-time buyers were interested in skipping the starter home and willing to wait longer if it meant they could get the home they really wanted for the long term.
A typical first-time buyer faces paying 3.8% more than they would have done a year earlier, with the average price paid for a starter home now at PS215,000.
The showhome is a Barwick three-bedroom terraced house, filled with the latest colours and contemporary furnishings, which Barratt says would make an ideal starter home.
FORMULA One racing boss Bernie Ecclestone has splashed out on a starter home for his 22-year-old daughter, Petra.