Will your next home be bigger or smaller than the one you’re in now? With the government looking at offering greater incentives for older owners to downsize (or ‘right-size’) let’s take a look at the advantages of owning a smaller home instead of a larger property.
While the desire to have more space is understandable, with extra room for storage or for an expanding family, there are benefits in opting for a smaller property, such as less maintenance and expense.
Financial Savings
– Greater affordability: a smaller property is typically cheaper than its larger alternatives, requiring a reduced down payment and less total interest paid over the life of the mortgage.
– Less maintenance: over time, there are always home repairs that need to be made. Smaller homes require fewer materials for common issues such as roof repairs, so it should be less expensive. Additionally, costs for cleaning materials and other household items related to maintenance can be reduced.
– Tailored spending: without a wealth of space, it’s easier to avoid the temptation to spend, as there won’t be room for that extra curio cabinet. This also helps ensure that items which are purchased are necessities that will get regular use.
– Energy savings: Less house reduces the need for lights, heating and cooling.
More Free Time
Many buyers are moving away from properties which require a lot of maintenance. With a larger house, this may not be so easy. Every additional square foot is another space to clean and repair at some point. Spending several hours cleaning up and fixing problems on your day off work is not always ideal.
Smaller properties require less time for a thorough once-over. What’s more, if it is part of a strata, much of the external maintenance is handled for you.
Moving into a smaller home can also be less of a hassle, as there are fewer rooms to decorate and furnish. In no time at all, you’re in and ready to start your new life.
