Why Buy a Smaller House?
Buying a small home has many benefits, the most obvious of which is the price point, and it’s significant. Homes that have less floor space are less costly to construct, so building companies can quote less for a small build. Not to mention the reduced down payments, lower mortgage payments, taxes and insurance. There are a lot of financial reasons to go for a smaller home, especially for a first home or when building on a vacant lot.
Being open to the benefits of a smaller house means that you can stop throwing money away on rent and begin building equity in your new home sooner
Heating and cooling is another financial aspect to consider with rising electricity costs. You’ll save on air conditioning with less space. Being easier to close off and insulate. This is also great if you have an environmentally friendly mind frame and care for the contributions we can all make to reduce our footprint.
Moreover, it’s a sure way to avoid becoming a hoarder. With less space you are more likely to live with only the things that of high value in your life. This becomes a great advantage when moving house down the track and lends itself to a less materialistic approach to living. With less possessions to clutter your life it is likely that this will be reflected in your bank balance and reduce clutter in your mind also.
Ultimately, the openness to benefitting from a smaller home means that you are positioned to avoid throwing away money on rent and begin building savings in your new house sooner.