Cost Efficiency With A Small House
All people around the world are dreaming of having a house and place to settle and call their own. The bigger the house and the larger the land the better it is for anyone. Nonetheless, you can still find a few individuals who prefer to settle on a smaller home. These people living in a small home still dream of living in a large house. However, due to their limited financial resources, they are forced to settle for a smaller house. This might be a pity but owning a small house is not always a bad thing. In fact, in the financial standpoint, owning a small house is considered a wise financial decision. So why do financial experts recommend buying a small house?
Low Maintenance – There are a lot of maintenance that every house must have regularly such as home appliance maintenance, plumbing system maintenance and even pest control which the cost will increase as the property size increases. If the area is small, damage areas to be repaired is also smaller. For parts replacement, the smaller house have fewer parts than a big home. People living in a small home also use few appliances which they have to maintain. The price for using a pest control service will increase if the area covered is wider. With all of these, a small house is a lot easier to maintain.
Low investment and consumption – Buying a small house is a lot cheaper compared to buying a bigger house. By choosing a smaller house, the investment of the buyer is minimum. The energy consumption of a small home is also smaller than the bigger home.
Less likely to hoard – A small house has limited space compared to a big house. The space becomes more constricted if there are several people living in the house. There would be one or two in the family who are hoarders. It can be in the basement, closet or anywhere in the house thus limiting the available space of the house. With a limited space to begin with, people tend to stay away from the urge of hoarding things.
Less materials needed for interior design – Space inside a small home is not as large as big houses. There is fewer materials used for interior design when it comes to small homes. In other words, people will spend fewer amount of money if they have a small house.
Affordable mortgage leads to financial stability – It is not possible for people to have the cash when purchasing a new home. The common financial option is to get a mortgage and buy the house. The mortgage will increase if the cost of the house is a lot higher. However, if they settle for a smaller house, their mortgage is not as steep as when they buy a large house. They will not be affected much financially by getting a smaller mortgage.