Why Financial Experts Recommend Buying a Small House
Owning a real estate property is a goal for many people. Most people dream of having a large house and estate. Be that as it may, few people are still choosing to purchase a small real estate property. These people living in a small home still dream of living in a large house. However, due to their limited financial resources, they are forced to settle for a smaller house. Although they do not prefer a small house, there are still good in owning a small house. There are several financial advisers who would recommend a small property for their clients. Here are the main reasons owning a small house is considered the best situation in the financial aspect.
Low Maintenance – From replacing the parts or repairing broken areas to maintenance services like pest control and appliance maintenance, a small house will cost lower than a bigger house. There is little area which needs to be repaired. For parts replacement, the smaller house have fewer parts than a big home. The home appliances also need regular maintenance and the small house often got fewer appliances thus the maintenance cost is also fewer. The cost for pest control will differ depending on the area the pest exterminator has to cover. With all of these, a small house is a lot easier to maintain.
Cheap to purchase and monthly bills – Buying a small house is a lot cheaper compared to buying a bigger house. By choosing a smaller house, the investment of the buyer is minimum. Meanwhile, the monthly bills from the water, electrical, gas and other consumption are much lower than when living in a large house.
Less likely to hoard – A small house has limited space compared to a big house. If there are multiple occupants, the space becomes more limited. There would be one or two in the family who are hoarders. These things will occupy a lot of space in the house. With a limited space to begin with, people tend to stay away from the urge of hoarding things.
Small interior designing project – Compared to the large house, the interior space of a small house is smaller. 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 – Only a few people have the liquid cash to pay for a new property. A lot of home buyers would secure a loan or mortgage first to finance for their new 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.