Imagine having access to extra space without having to compromise on budget. It may sound too good to be true, but it’s not. You can achieve it by leveraging budget-friendly starter homes in combination with storage units. This solution is particularly valuable for those residing in the competitive housing market of Salado and Temple, or for those planning to relocate there.
With skyrocketing housing and rental costs these days, it’s undoubtedly worth exploring the option of a smaller starter home that you can eventually upgrade. Instead of spending outrageous amounts for extra square footage in a home, you can opt to rent a storage unit from a trusted local Salado or Temple self-storage facility.
In this blog, we will dive into what exactly a starter home entails by providing an overview of the housing market, explaining how self-storage can serve as an ideal solution, and highlighting the numerous advantages it offers. Additionally, we’ll share some priceless tips from Amy’s Attic to help you make the most of your storage space!
What are Starter Homes?
Starter homes, as the name suggests, are typically the first properties that individuals or families purchase as they embark on their homeownership journey. These homes are often smaller and more affordable compared to larger, more luxurious options. Although the precise definition may vary based on location and market conditions, starter homes offer a range of benefits that attract first-time buyers, including:
- Affordability: Starter homes are priced at a more affordable rate, allowing individuals with limited budgets to enter the housing market without financial strain. With lower down payments and reduced mortgage payments, these homes offer a feasible option for new homeowners to achieve their homeownership goals without breaking the bank.
- Future Investment: Investing in a starter home at a more affordable price point allows homeowners to build equity over time, providing a solid foundation for future upgrades. Additionally, owning a starter home offers invaluable experience in homeownership as individuals can learn essential skills in property management and maintenance.
- Community Growth: Since many starter homes are often located in up-and-coming neighborhoods or areas with significant development potential, it offers the chance to be part of a growing community. As the area flourishes, there is a potential for property values to increase over time, allowing you to reap the rewards of your investment.
- Marketability: When you decide on upgrading in the future, starter homes are typically easier to sell when you decide to upgrade in the future. These homes attract a wider range of potential buyers, including first-time homebuyers and downsizers. The broad appeal of starter homes ensures a steady demand, facilitating a smoother transition when you’re ready to move on to your next property.
So if those benefits sound good to you, then a starter home might provide the exact entry point into homeownership that you need. These properties are ideal for those looking to establish themselves in the housing market, make smart financial decisions, and embark on a path toward a more prosperous future.
Housing Market in Salado and Temple
The housing market in Salado and Temple showcases unique characteristics and trends. In Salado, the median sale price of homes in April 2023 stood at $460,000, while in Temple, it was $268,000. Compared to the previous year, Salado has experienced a decrease of 31.5% in median sale prices, while Temple has seen a decline of 9.32%. These figures indicate a shifting landscape and potential opportunities for prospective homebuyers.
When it comes to starter homes, both Salado and Temple offer options that cater to affordability and accessibility. While the median sale prices for larger homes in the area might appear high, buying a starter home can drastically reduce that price. Both Salado and Temple boast a range of starter homes that are designed to meet the needs of individuals or families taking their initial steps into homeownership. The availability of starter homes, coupled with the ongoing growth in these regions, makes Salado and Temple a promising destination for those seeking a balanced combination of affordability and investment potential in the housing market.
Salado TX Starter Home Case Study
Assume you are looking for a 2,000 square-foot home and you are considering these 2 homes listed below in Salado, Texas: (please note that the price and home data are from Zillow as of May 2023)
1607 Brazos Ct, Salado, TX 76571 (Larger Home)
$439,900 | 1,899 sq ft
Est. Mortgage Monthly Payment: $3,101/month
3434 W Amity Rd, Salado, TX 76571 (Starter Home)
$336,000 | 1,520 sq ft
Est. Mortgage Monthly Payment: $2,369/month
The gap in square footage between these 2 properties is 379 sq ft. Our Salado location is currently offering a 10 x 20 Storage Unit (200 sq ft) for $190/month.
The difference in the estimated monthly mortgage payment is $732 per month, which would allow the buyer of the smaller less expensive home (which by the way is only a 2-minute drive from our storage facility in Salado) to easily afford a 200-square-foot storage unit to create additional space. The total monthly savings of purchasing the starter home coupled with renting a 200 sq ft storage unit would be $542 per month. The total annual savings is $6,504. This annual savings figure does not include the “hidden savings” of owning a smaller home with less expensive annual bills for property tax and homeowners insurance.
Storage Units as a Solution
While acquiring a starter home is a significant step in your journey, it’s not the entire solution. To maximize both your investment and living space, we highly recommend considering the utilization of a self-storage unit. By incorporating self-storage into your limited home space, you can ensure that clutter doesn’t accumulate and enjoy the freedom and flexibility it provides. Let’s explore why storage units are the perfect solution to optimize your starter home experience.
- Enjoy flexible rental terms that cater to your specific needs, allowing you to choose the duration that best suits you.
- Benefit from a wide range of unit sizes available, ensuring you find the perfect fit to accommodate your unique storage requirements.
- Discover affordable pricing options that have been specifically designed to provide cost-effective solutions, ensuring they fit comfortably within your budget.
- Take advantage of convenient month-to-month contracts that offer the freedom to adjust your storage needs as circumstances change, such as when planning for a future move.
- Experience a balanced and organized living space at home by utilizing a storage unit, providing you with adequate capacity to effectively organize your belongings and create a clutter-free environment.
Optimizing the space in your starter home while enjoying the benefits of homeownership becomes a cost-effective strategy when combined with a storage unit. This approach not only allows you to maximize the available space in your home but also helps maintain its resale value in the future. By harnessing the advantages of self-storage, you can fully capitalize on your starter home while simultaneously saving money and ensuring its long-term value.
Tips for Choosing a Storage Unit
Regardless if you live in a starter home or not, we have some universally applicable storage tips for anyone choosing a storage unit. By following these guidelines, you can make an informed decision and select a storage unit that meets your specific needs and requirements.
- Size: Determine the optimal amount of space needed to store your belongings effectively. Amy’s Attic provides a range of unit sizes, including 5×5, 5×10, 10×5, 5×15, 10×10, 10×15, 10×20, 10×25, 10×30, as well as options for vehicle, RV, and boat parking.
- Location: Select a storage facility conveniently accessible to you. Amy’s Attic operates five self-storage facilities throughout Central Texas, including locations in Salado and Temple.
- Security: Prioritize the safety of your items by ensuring the storage facility maintains up-to-date security measures, such as 24/7 video surveillance, gated access, and electronic keypads.
- Climate Control: Consider whether your belongings require climate-controlled storage to safeguard them from extreme temperatures or humidity. It’s important to verify if the self-storage facility offers climate-controlled units, as not all providers provide this feature.
- Pricing: Compare prices and inquire about any additional fees or discounts offered by different storage providers. Amy’s Attic takes pride in offering discounts for ISD employees, first responders, and members of the U.S. military, so be sure to inquire about potential cost-saving opportunities.
Tips for Organizing Your Storage Unit
When it comes to organizing your storage unit, it’s important to consider what items you’ll be storing at your starter home versus those in the storage unit. Personal preferences vary, with some individuals opting to keep their clothes accessible in their closets, while others may choose to store seasonal clothing during the off-season. Similarly, decisions regarding sentimental items like photo albums or memorabilia may differ, with some individuals preferring self-storage for safekeeping and others desiring closer proximity.
In general, we recommend categorizing and labeling your stored items. Investing time and effort into proper organization will save you both time and money by making it easier to locate specific items. Additionally, creating an inventory of the contents within your storage unit will provide you with a comprehensive overview. For belongings that require boxes, containers, or bins, consider utilizing shelving units or stacking boxes to optimize available space efficiently. Furthermore, if you plan to store furniture, try stacking stackable items or disassembling larger pieces to maximize space utilization.
By following these tips, you can make informed decisions when selecting a storage unit and efficiently organize its contents, ensuring easy access to your belongings whenever you need them.
Self Storage in Salado and Temple | Amy’s Attic Self Storage
If you are interested in renting a storage unit in either Salado or Temple or have any questions, then please visit our website at https://www.amysatticss.com. For the convenience of our customers, we offer both Rent Now and Pay Online functions on our website. We look forward to making your self storage rental process as easy as and as enjoyable as possible.