If you’ve spent any time watching House Hunters on HGTV, you’ll know that most people on the show are looking for more space. But when it comes to homes, bigger doesn’t always mean better. There are lots of added expenses and potential problems that accompany a larger home, and those can add up to a big headache. A smaller home on the other hand, has plenty of advantages that the average homebuyer typically doesn’t consider.
Smaller Homes are (Usually) Less Expensive
Generally a smaller home comes with a smaller price tag - something that’s not only good for your wallet, but good for your mind, too. Ditch the worries that come with large mortgage payments for a smaller home that you know you’ll be able to live in, even if your family is hit by some unforeseen financial crisis. If you budget accordingly, you’ll be able to pay off your mortgage much faster than you could in a larger home. And let’s face it, who wouldn’t appreciate having some extra cash in the bank?
Smaller Homes Have Lower Maintenance Costs
In addition to their lower purchase prices, smaller homes also cost less to maintain. That’s less money spent on insurance, property taxes, heating and cooling, electricity, and all of those other expenses that come with owning your own home. That savings can be used for anything - from paying down your mortgage faster, to saving for retirement or taking a much needed family vacation.