I’m a big fan of small houses. When I say small, I’m not talking about shoebox small, micro home small or even little pink houses (for you and me) small. I’m talking about what I like to call comfortably small, especially when compared to the 3,000 plus square feet McMansions that are so commonplace these days. Give me a 1200 – 1500 square foot abode any day. Here are five reasons why I’m a small house fanboy.
1. Purchase price
A small home usually costs less to buy than a larger one, all other things being equal. This will mean that whatever you have saved for your down payment will go further. This will translate into a smaller mortgage for you and depending on your situation, it can also result in less or no default insurance on the resultant smaller mortgage. You’ll pay far less interest on that smaller mortgage over the years too. Who doesn’t want to pay less interest?
Property taxes are based on a property’s appraised value and two of the key criteria used to determine your property’s value is the size of the lot and the size of the house sitting on it. Smaller homes mean a smaller tax bill. Who doesn’t want a smaller tax bill?
No brainer. Again, all other things being equal, it will cost notably more to heat a 3,600 square foot home than a nice bungalow half that size. You’ll also notice a big difference in your electrical bill in the summertime when your air conditioner is keeping things cool during those blistering heat waves. Who doesn’t want smaller heating and hydro bills?
When the floors or the roof of your house need to be replaced, you’ll be glad you chose cozy over cavernous. Ditto when it comes time to replace the windows and doors. It’s also worth noting that if your time is valuable (and whose isn’t?) you’ll spend less of your precious time cleaning and maintaining a small property than you would in a jumbo home. Who wouldn’t like more time?
Nature abhors a vacuum. So do houses. With a smaller home you’ll have less space to fill and therefore won’t feel the need to buy as much stuff to fill that space. Who wouldn’t like to spend less money on stuff?
The next time you go house shopping, be sure to consider the many advantages of choosing a smaller home. You may quickly discover that you’re a small home fanboy (girl) too!