These days it appears many homeowners feel bigger is better, however there is a counter-trend and a lot of house hunters are opting for something smaller. For those with a growing family this may seem counterintuitive, but more families are feeling a condensed house means more quality time spent together, therefore they purposely choose a more compact property though they could afford something larger.
If you are considering purchasing a cozier home, know that as with all kinds of housing there are benefits and disadvantages to small-scale living. The Springfarm, Yorkhill real estate market has both large and small homes for sale in the Toronto area. Do your research so make a choice that is right for you and consider the pros and cons before you buy.
The Cons of a Small Home
No Room to Grow
Many parents with young families prefer buying a too big home in the beginning so they grow into it. When children are young you may not mind a smaller space but as they become teens having more room gives everyone more privacy. In a house with less square footage it can feel like you are on top of one another. A bigger home allows for growth into the future.
Office Space and Guest Rooms
If you like to have friends or family visit from out of town not having a guest room can rob you of this. No one likes to sleep in the living room and if your guests also have kids it can be a bit crowded for comfort. In a larger home you can have a room especially for guests. If you plan to work from home or need a home office a compact house may be too cramped for this option.
The Nest Egg
Larger properties tend to hold their value more when compared to more diminutive ones. Paying the mortgage on a big home for many years typically means a better return in the long run. House hunting families usually look for extra space so selling a house that is lacking it can be more difficult. Another thing to consider, a larger residence might have an area to turn into a rental suite which is not an option in little ones.
Entertaining is Challenging
When inviting friends over for dinner parties or backyard barbecues is your thing you should consider purchasing a bigger property. It is difficult to fit guests in when quarters are close so you want to keep this in mind. A residence with more area makes entertaining easy and more enjoyable. Keep this in mind when house hunting.
The Pros of a Small Home
Lower Mortgage Payments
If you would like money left over after paying monthly bills to travel or go on adventures buying a modest home can help with this. Condensed homes are less expensive, meaning a lower down payment and cheaper mortgage payments. Many buyers opt to purchase in the higher price range of what they qualify for and this can lead to families being house poor and tied to a home they might struggle to afford.
Typically littler homes have lower utility bills as they have less space to heat or cool. In a world that could benefit from energy conservation many people opting for this choice are doing so because of this. You will also need to buy fewer furniture pieces to fill your home so this means you will be consuming less than those deciding to go larger.
Easier to Sell
If the market takes a turn for the worse it is much easier to sell a more cost-effective home with less square footage. With rising energy costs and mega houses becoming more unattractive to potential buyers you might find that your choice to buy small now will be better for you in the long run. In slower markets cheaper properties sell more quickly.
Many families are choosing to buy compact houses because they don’t want members spending all their time in separate rooms in different parts of the residence. A house with less space generally means the family will spend more time together and interact more.
Less Spent on Maintenance and Repairs
Condensed houses are not as expensive to maintain or repair as their counterparts living in large homes. If you want to free up money and contribute more to your savings account this is one of the major benefits of small-scale living.