Many people think "bigger is better" when it comes to houses. Although bigger is indeed better when it comes to bank account balances, it's not necessarily so with houses. Often, smaller houses actually provide many benefits. Here are seven reasons why smaller is often better - much better.
1. Lower utility bills When you have a smaller total area in your home than you would in a large home to heat and cool, you can save big on your utility bills. This includes costs for air conditioning, fans, heating, and electricity. If you have a small home that's also designed with energy-saving features in place, you can save that much more. These savings on utilities in a small house can add up quickly into huge amounts of money that you can allocate in other ways.
2. Lower repair and maintenance costs Smaller homes come with lower expenses to keep them in tip-top shape. Think about common-sense factors like having fewer bathrooms and therefore less plumbing equipment that might eventually need to be repaired. There are fewer lighting fixtures and floors and many other items that will ever need to be repaired or replaced.
3. Less investment in cleaning With a smaller home, you may have to spend a fraction of the time, money, and energy on cleaning and upkeep compared to what you'd invest in a larger home. You will feel like you have loads more freedom to get together with loved ones, relax, travel, garden, or whatever way you choose to spend all your extra time and energy.
4. Minimal decorating and shopping With fewer rooms to furnish, anyone who buys a smaller home doesn't have to spend as much time coming up with decorating ideas and then spending time, money, and energy shopping around for all the home furnishings.
5. Less stuff There aren't as many closets, drawers, cabinets, and storage spaces in smaller homes. There is also, of course, a whole lot less space and fewer rooms. Some view this as a negative, but others view this as a way to prevent the accumulation of excess belongings. This really keeps clutter under control, which is a major plus if you're seeking a simpler, more carefree life.
6. Quicker home payoff Depending on a home's location and purchase price, it can be possible to pay off a small home much more quickly than a larger one, especially if the original purchase price was low to begin with and if the home is in an economical location. In addition, with a lower purchase price on a small home, it's possible to have much lower monthly home payments on the smaller home versus a larger one. That significantly eases financial stress and can be great if you're on a tight budget.
7. Close relationships It's true that people living together in a home of any size can cultivate wonderfully close relationships, but many people who have lived in small homes have said that their family bonds are tighter as a result of being in more limited spaces together. Mileage may vary on this issue from one homeowner to another, but it's worth considering this often-overlooked benefit of living in small homes. With some creativity, even families with several people living under one roof find ways to thrive while living in small homes.
Downsizing has become more common in recent years as people discover the many benefits of this lifestyle shift. A simpler, scaled-down way of life isn't for everyone, but it is the perfect thing for many people. Consider whether it might be a great move for you and your family.
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The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license. London St. Thomas Assoc. of REALTORS® Last Updated: 9/23/2018 3:21:23 PM