Around the world, house prices are rapidly skyrocketing. The price per square foot of housing is far higher than ever before, particularly in urban areas. While this may be good news for those already in the market, it can make things a little tricky for house hunters. Because of this issue, many potential homeowners are turning towards purchasing a smaller home. Of course, much like any major decision, opting to purchase a smaller home will have both benefits and drawbacks.
Cheaper to Buy, Cheaper to Stay
The major reason that people opt to purchase a smaller home is that they are generally cheaper to buy, and cheaper to live in, than their larger counterparts. This comes from not only the asking price, but also in the costs of utilities such as electricity, water, heating, and cooling. You can also expect your ongoing maintenance costs to be quite a bit lower as well, since there is simply less home to maintain.
Easier to Relax and Keep Clean
For those who prefer a clean home, a smaller home might be beneficial. Since there is simply less space to clean, you can get the job done quickly and easily. This means that you will then have more time to just kick back and enjoy your new home.
Drawbacks to Buying a Small House
Though the benefits are certainly appealing, there are also a couple of drawbacks that you will need to consider before making your purchasing decision. These drawbacks include:
Limited Storage Space
Given the limited indoor space, many smaller homeowners may find difficulty in storing their belongings – particularly if they have come from a larger home. While there are spaces such as the garage and basement to store your stuff, if you like to keep (and take) your belongings with you, then a smaller home may not be the perfect fit.
May be difficult to entertain
Smaller homes often lack dedicated entertainment rooms – instead opting for open plan living areas which are designed to make smaller spaces more spacious for its inhabitants. However, for those who like to entertain or have guests on the regular, this may be a hindrance.
Much like many aspects of real estate, owning a smaller home has its benefits and its drawbacks. Whether the small house lifestyle suits you will depend on your preferences, tastes, and of course, budget. Whatever your decision, be assured that there are many different types of homes out there, and the right one for you could be waiting just around the corner.