The Benefits of Owning a Smaller Home

Given the restrictions on mortgage financing, which also limits the access to home ownership, many families feel obligated to postpone their plans for buying their property. How about buying a smaller house instead? Times have changed, you know.

In the past, living in a smaller home was too often perceived as some sort of failure. Social success was determined by the size of your home. Big house, lavish lifestyle, large budget. The size of the home sometimes exceeded the family’s needs.

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iStock

The whole world is joining together now to fight the rapid change in climate. Consequently, owning a home that suits your exact needs is perceived as an Eco-friendly gesture.

However, for many families, the restrictions to home ownership prevents them from even buying a property that fits their needs. What to do? Postpone the purchase? Not necessarily.

If you wish to buy a home this year, there is always a way to find a property that is smaller in size to lower the amount of your downpayment and of your mortgage loan. Take the time to read the following advantages.

There are several ways to expand a home from the inside. Blogs (such as Via Capitale’s), TV shows, magazines, and books provide a ton of information on how to rethink the inside of a home to gain space. These same sources of information provide plenty of tricks and tips to multiply your storage space without undermining your daily routine. Who knows, maybe a family member or friend would be willing to store your extra belongings for a little while.

If you are a tenant and you decide to buy a home right now, your rent will turn into an investment as of this year, which will increase your buying power for the years to come.

If you choose a smaller home, you will benefit from the lowest interests rates ever recorded before they increase, perhaps as early as next year.

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iStock

A slightly smaller home needs fewer decorations and fewer renovations, less heating and less of everything. Even the maintenance costs will decrease. Of course, if you are thinking about buying a smaller home, you will have to go back and do your math, but it will be well worth the effort.

 

Images: iStock.com

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