Why Financial Experts Recommend Buying a Small House
Everyone dreams to have their own house and land around it. 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. Most of these people who own a small house would choose to own a big one if they can. However, they are living in a small real estate since it is impossible for them to secure a much bigger house right away. Although they do not prefer a small house, there are still good in owning a small house. 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. The parts of the house needed to replace are also not as many as that of a big house. People living in a small home also use few appliances which they have to maintain. Pest exterminators would charge their service depending on the area of infestation. All in all, the maintenance for a small home is way more convenient.
Low investment and consumption – It is a fact that the cost of a small property is lower than a larger property. With the initial investment alone, people can save a lot of money if they choose to purchase a small house. The energy consumption of a small home is also smaller than the bigger home.
Discourage people to collect unnecessary items – Occupants have to make do with the limited space of a small house. If there are multiple occupants, the space becomes more limited. Some people like to buy a lot of things and stock them in their home. The available space will further shrinks due to these items. People are discouraged to bring unnecessary items if they do not have a lot of home space available.
Small interior designing project – Space inside a small home is not as large as big houses. Interior designers will only consume small amount of materials when designing a small house. Therefore, the cost is also minimum.
Cheaper mortgage – It is not possible for people to have the cash when purchasing a new home. Most of them rely on banks and mortgages in order to secure the house. The mortgage will increase if the cost of the house is a lot higher. The loan is cheaper if they opt for a smaller property. They will not be affected much financially by getting a smaller mortgage.