Why Financial Experts Recommend Buying a Small House
Owning a real estate property is a goal for many people. The bigger the house and the larger the land the better it is for anyone. Be that as it may, few people are still choosing to purchase a small real estate property. Most of these people who own a small house would choose to own a big one if they can. 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. The area to be restored or repaired influence the cost. Only a few parts have to be replaced compared to a larger house. People living in a small home also use few appliances which they have to maintain. The cost for pest control will differ depending on the area the pest exterminator has to cover. Finally, it is cheaper to maintain a smaller property.
Low investment and consumption – Most of the time, people will spend less if they choose smaller real estate property. With the initial investment alone, people can save a lot of money if they choose to purchase a small house. Meanwhile, the monthly bills from the water, electrical, gas and other consumption are much lower than when living in a large house.
Deter hoarding ideas – Occupants have to make do with the limited space of a small house. If it is a large family in a small house, they have to share with very limited space. Some people like to buy a lot of things and stock them in their home. It can be in the basement, closet or anywhere in the house thus limiting the available space of the house. People are discouraged to bring unnecessary items if they do not have a lot of home space available.
Small interior designing project – Small houses have limited area inside. Interior designers will only consume small amount of materials when designing a small house. 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. For expensive properties, they have to secure a larger mortgage. On the other hand, small homes will only need lower mortgage. This means that they have affordable mortgage and financial stability.
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