Most Americans want to build their dream home. They want the white picket fence and the flower boxes that look inviting. In 1970, the average size home was 1,700 square feet. The past two decades have brought that average up to 2,500 square feet. However, Millennials have a different mindset. Do you want to build a home? Then, here are five reasons why you should start thinking about a smaller home.
1. Small Homes Are Easier To Maintain
A smaller home is much easier to maintain than a larger one. Did you know that 30% of homes are under-maintained because it is too expensive? Anyone, who has owned a home previously knows how much time and energy it takes to maintain it. A smaller home will require less time and effort. All that extra time can be spent enjoying the family. Also, a new home has a warranty and will require less than an older one.
2. There is Less Debt and Risk with a Smaller Space
By going to a smaller floor plan, you are saving a tremendous amount of money. The less you have to go into debt, the better off you will be. Plus, not tying up so much of your credit with a home gives you a good debt-to-ratio for other credit purchases. Not just going into debt, think about all the money you will save on insurance, property taxes, heating and cooling costs, just to name a few. You will have more money for vacation, experiences, and living life to the fullest.
3. A Smaller Abode Is Mentally Freeing
Many people are gravitating toward a smaller home. Not only is a smaller space easier to maintain, and has a lower house payment, but having a smaller home can be quite freeing. The old saying is that the more you own, the more it owns you. Having less, sometimes, gives you more in return.
4. There Is Less Room to Clutter
Have you seen the television show where people have so much clutter they cannot move around in their home? When you have less space, you create a new mindset for purchasing. You cannot buy for space that you don’t have. When you are less tempted to buy, you will be less tempted to waste money on impulse things you may never use anyway. Do you have a treadmill that doubles as a clothes hanger? If you haven’t used an item in six-months, then you probably don’t need it anyway.
5. A Smaller Home Sells Quicker Even In A Poor Market
When it comes to selling your smaller home, you will be able to market to a larger group of people. If you have a four-bedroom home with three bathrooms and over 2,500 square feet, you will have a hard time selling that large home in a downtrodden market. Well, even in a bad real estate market, the tiny homes sell. People want more bang for their buck. They want a place to call home, yet they don’t want to overspend. Millennials are less about space and more about conservation, which makes the future sales market prime. Not to mention older couples and those that travel a lot. Tiny homes just make sense.
It’s easy to see that living small is more affordable, energy-efficient, inexpensive to furnish, and easier to keep clean. Home builders are finding that a smaller space also encourages you to be more careful about purchases. Due to their experience with the local market, they know that bigger isn't always better. Building a home is a very personal decision that is based on many factors. Evaluate all the variables before making such a decision. Isn’t it time you build a place to call home?