Pros And Cons Of A Smaller Home - Weigh the benefits and drawbacks of down sizing from a large home. Factors such as utility costs and storage space are discussed.
Many homeowners reach a point in their lives where they realize that a large home is no longer necessary or practical. Maybe the kids have moved out or you need to down size to save money. Whatever the reason, it's best to weigh the pros and cons of moving into a smaller home before making any final decisions.
The benefits of a smaller home
1. Lower utility costs, lower maintenance
It costs a lot of money to thoroughly heat and cool a house with a lot of square footage. It generally costs much less to regulate the temperature of a small house, condominium or town home. It's also a lot easier to clean a small house and taking care of a small yard won't dominate your entire weekend.
2. Community benefits
If you live in a community of condos, town houses or patio homes, you will probably be part of a home owner's association (HOA). While you are expected to pay annual or monthly dues to your HOA, these dues typically cover a wide variety of benefits - depending on your neighborhood. Some HOAs include simple maintenance costs like front lawn care or exterior home repair (typically only offered in attached condos or town houses). Other HOAs offer more luxurious amenities such as neighborhood pool access, gym facilities or even golf privileges. Communities that offer these luxuries will inevitably have higher HOA dues, but they can still be cheaper than paying for membership at a private country club.
While condo loans often have some additional requirements that must be met such as a minimum percentage of units occupied, financing a condo or town home generally doesn't cost much more than a mortgage for a single family home.
3. Simple life
By constricting your living space to a smaller area, you are essentially forcing yourself to make some sacrifices. Although this can be tough for some, it can be a welcome change for others. Living in a small house will make you take stock of your material possessions and really consider what you must have and what you can live without. By simplifying your life, you may find you are happier in a small, modest space than you ever were in a big, four-bedroom house.
Drawbacks to a small house
1. Less space for storage
The most common argument against a small house has to do with storage. Smaller homes typically do not offer the amount of storage that bigger homes have. Condos and town houses usually don't have garages or basements. Small houses and cottages may lack modern storage features like walk-in closets and food pantries. If you're the type of person who has a lot of stuff, this will be your biggest challenge in a small home. If you're a minimalist, you'll probably be fine.
2. Resale value
Modern American home buyers have a lot of possessions. After all, we live in a consumer-driven society. We live in a time and place where we can easily buy things we want, but don't necessarily need. A single person might own a small fortune in electronics. Families might have 3 or even 4 cars. Sports enthusiasts want room for their gear, crafters look for space to create, and the DIY types need a spot for their tools and equipment. Home buyers tend to look for homes that can accommodate all of their belongings.
3. Harder to entertain
If you love to entertain, you will find it is much more difficult in a smaller home. While it certainly isn't impossible to have a party or get-together in a small house, it will be harder to accommodate parking, allow comfortable seating for everyone and have a space that "flows" nicely for large groups. In addition, it will be harder to accommodate house guests when family and friends come to visit. If this is a factor for you consider looking for a small home near a bed and breakfast or hotel where out of town guests could stay. Some condo communities have a party room that can be reserved when you want to host a large gathering.
As with any major decision, choosing the right home for you takes time and a lot of thought. Always weigh the benefits and drawbacks to any home you are considering and don't be afraid to get a trusted friend or family member's opinion.
Disclaimer: Dime-Co.Com is an online information article and video article network. All articles, video articles, comments, and other features herein are for informational purposes only and are provided "as is" without warranties, representations or guarantees of any kind. The views and opinions expressed in an article, comments, links or blogs are the author's own, and not necessarily those of dime-co.com's owners. For full disclaimer, please read our TOS.
