Have you ever considered the big advantages to owning a small home?
In my first conversation with new clients looking to buy their first home, we always discuss their list of needs and wants (aka “must have” vs. “prefer”). This includes everything from number of bedrooms and bathrooms to commute times and neighborhoods.
I am always interested to hear how much square footage my buyers would like. Most first-time buyers who are native to this area (whether a single person or a couple without children) estimate that they need at least 1000 sq. ft. of living space. Recently, however, I started working with a young couple who is moving here from Honolulu, Hawaii, where the price of real estate is significantly higher. They are used to living in such small spaces that 1,000 sq. ft. seems like a McMansion to them!
HERE ARE 10 ADVANTAGES TO OWNING A SMALL HOME
Living in a small home allows you to…
- Prevent back injuries (yours and your friends). Right from the start, moving into a small home costs less. You can rent a smaller moving truck and hire fewer helpers because it takes less time to move fewer belongings.
- Thumb your nose at the tax assessor. Personal property taxes are based on the combined value of your home and your lot. All other things being equal, the market value of a larger house is more than the market value of a smaller house, so the tax bill on a small home is less.
- Hire a maid. It costs less to clean a smaller home; maybe you can afford a house cleaning service!
- Economize on flooring. Owners of small homes can often take advantage of bargain prices on flooring materials by shopping for remnants of hardwood, carpet, tile, etc.
- Avoid ladders. Most small homes are a single story, making it much more feasible to paint both interior and exterior walls yourself without risking a fall from a ladder. It’s also cheaper to hire a professional to paint your small home for you.
- Save on utility bills. It costs less to insulate, heat and cool smaller spaces. Consider using electric heat which eliminates the costs associated with furnace and duct work maintenance and allows you to heat just the rooms you are using.
- Spur your creativity. Smaller spaces inspire inventive ideas for maximizing every square inch of your home. Consider building a loft to take advantage of unused ceiling space. Or turn your stairs into drawers!
- Curb accumulation. The phrase, “Where would I put it?” will regularly run through your brian. When you have less space to fill, you tend to buy less stuff.
- Feel more secure. Smaller homes generally have fewer access points, i.e. doors and windows, so the bad guys can’t get in as easily without being seen/heard.
- Save travel time. Yes, it does take more time to walk from one end of a large home to the other and one floor to the next. Those seconds add up more quickly than you think, especially if you are running late!