People normally buy bigger houses due to several reasons. Sometimes, promotion or new job can enhance the necessity of a bigger house. As their lifestyle gradually improves, they upgrade their home & want to move in a new bigger house. Realtors also influence them to “buy as much and as big as possible.” But if you have a closer look, you'll find that smaller homes were the most cost-efficient & desired amongst the people in last few decades. According to the statistics of recently sold homes, you'll find that most of the sales are of small homes in your neighborhood.
So, let's chalk out the benefits you'll be getting if you buy a small home :
1. Cost effectiveness - It is obvious that a bigger home will cost much more than a small one. Not only that, the associated maintenance costs are also high like – renovation, heating, cooling, electricity, insurance, taxes, etc. Most of the homebuyers forget about these costs when they look at low priced big houses. So, if you purchase a smaller home, your associated costs like monthly utility bills will also be lower than a bigger house.
2. Maintenance – It will take a lot of time, energy & effort to maintain a big house. Comparatively, smaller homes take less time, energy & effort along with less money. Buying a small home may save a significant amount of time from your day-to-day work. You can spend this leisure time by engaging in social activities, reading, cooking & other things.
3. Debt burden – Bigger house will need bigger mortgage loan. The more your new house will cost, the loan amount will also be higher. The other related costs like closing cost, PMI will be much more than a smaller house. Whether you'll chose FRM or ARM, both the rates will be higher for a big house rather than a small one. So, if you have limited source of income & plenty of other costs to bear, why would you go for a greater percentage rate? Specially, as small houses cost lower than the big mansions, it will be easier for you to pay off the loan faster.
4. Environment friendliness - A smaller home will require comparatively less resources to build rather than a big home. A big home will require much more resources to maintain it. So, buying a small house can benefit us all.
5. Emotional attachment – Assets will engage a lot of our mind & mental energy. Depending upon your preference, a small home can also have an emotional attachment with you & your family.
6. Simple living – If you buy a smaller home, you will get less space for your storage. So, living in a small home compels you to differentiate between your necessary & luxury things. In a small space, you can store only essential commodities, not the unimportant ones.
7. Family bonding – You will have a better social interaction with the rest of your family members if you all dwell in a small home. Sometimes, it's been an easy job to blend with your family if you can see them more often. You can decorate your small house much easily than the big homes on any family occasions. It will be easier for you to keep an eye on the kids no matter where they're in the house. You can have a chat with all of your family members in the living room by sitting in a chair near the fireplace. It would feel like heaven in a cold winter's night.
8. Easy to sell – Small homes are more affordable than big homes, that's why it has much wider sale market. Because of its low price & other benefits, it has become popular amongst the new home buyers. So, if any time you decide to sell it, it will be a piece of cake. Presently energy efficient low sized homes have quite demand in the housing market. It is because the unstable rate of energy has continued to rise.
There's no doubt that small houses are getting quite focus on this downsized housing market. People are getting aware of the coziness, comfortability & cost-saving nature of the small homes. It can be said that in future, smaller homes can add up several more benefits to your life.