The phrase "bigger is better" doesn't have to apply to everything. When buying a home, one of the first questions you'll have to ask your self and one of the questions that would recur most often is whether you should settle for a smaller home or not. Do you really need all that space? There's the notion that Americans love to live large, but these days, more people are downsizing their homes, and with good reason too.
Let's say that you're planning to buy Seattle real estate property. While you are looking at Seattle homes for sale, it's inevitable that you'll find large houses that look attractive as well as smaller houses that seem alright as well. What would help you make up your mind about the size of your future home?
Here are a few suggestions you may want to consider.
1. Smaller homes are cheaper - Obviously, smaller homes can be more affordable than bigger homes in the same neighborhood. If you opt to buy a smaller home, this could mean a few things. You're still buying into a good neighborhood but you'll have more leeway when it comes to your cashflow. There'll be more money to save, more money to invest on businesses or other investments, and more chances to make your money grow. If you're selling your first house in order to buy a smaller second house, it could mean that you can pay for the amount of the smaller house in full or make a larger downpayment so you won't have to deal with a big mortgage monthly.
2. Smaller homes have cheaper utility bills - Since they heat up and cool down faster than bigger homes, having a small house means less energy is needed. This means you get to deal with a lower utility bill every month.
3. Smaller homes deter from unnecessary spending - Since you won't have the space to store stuff into and whatever storage space you have is already reserved for the necessary things you need in the house, it's possible that having a smaller house can minimize unnecessary spending. That's another financial plus for smaller homes.
4. Smaller homes are easier to maintain - Unlike bigger houses that cover more square footage, smaller homes require less repairs and less effort to clean and maintain. Because of this (and the smaller mortgage to pay), owners of smaller homes tend to be less stressed out.
Obviously, there are disadvantages to owning a smaller house too. You'd probably be more hard pressed to find ways to accommodate guests in your home. Bigger houses are also more impressive-looking than smaller houses. If you're moving in from a big house, finding a place to stash your belongings could be quite a challenge. There's also the fact that moving to a smaller home is, for many people, a lifestyle change. That being said, not many people will be willing to adjust to this lifestyle change. When talking about the size of a house you will buy, it's a matter of preference. Ask yourself first whether you really need all that space, or whether it's something you can do without and live with for a long time. Hopefully, you'll find the points mentioned above helpful in your decision making.