Financial Advantages of Having a Small Home
Everyone dreams to have their own house and land around it. Most people dream of having a large house and estate. However, there are still some people who prefer to own a small house. These people living in a small home still dream of living in a large house. 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. According to financial experts, a small house have financial benefits. Here are the main reasons owning a small house is considered the best situation in the financial aspect.
Easy 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. There is little area which needs to be repaired. Only a few parts have to be replaced compared to a larger house. The home appliances also need regular maintenance and the small house often got fewer appliances thus the maintenance cost is also fewer. The price for using a pest control service will increase if the area covered is wider. All in all, the maintenance for a small home is way more convenient.
Cheap to purchase and monthly bills – 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. Electricity, water and other monthly bills are lower as the consumption is minimal.
Deter hoarding ideas – Occupants have to make do with the limited space of a small house. The space becomes more constricted if there are several people living in the house. One of the main problems people have is they tend to hoard things and stock them inside the house. These things will occupy a lot of space in the house. People are discouraged to bring unnecessary items if they do not have a lot of home space available.
Cheaper cost for internet 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 – Only a few people have the liquid cash to pay for a new property. Most of them rely on banks and mortgages in order to secure the house. For expensive properties, they have to secure a larger mortgage. On the other hand, small homes will only need lower mortgage. They can settle the loan conveniently without sacrificing a lot of their income.
Resource: Smart Ideas: Resources Revisited