Should You Buy A Smaller Property?

buying a smaller property

A lot of people fantasize about buying a large home. Part of this is the belief that “bigger is better” and the news headlines which often talk about the huge mansions and estates that are regularly purchased by the rich and famous. However, those who choose to buy a smaller property will gain a number of significant benefits. Below are some of them:

Smaller Homes Come With Lower Maintenance Costs

Larger homes have lots of square footage which means they’re more costly to cool during summer and keep warm during winter. In contrast, those who buy a smaller home can expect lower utility bills. Repairing the roof of a large house will almost always cost more than a smaller house, and the same is true with flooring and just about everything else.

Smaller Homes Are More Secure

There is a reason why larger homes, particularly mansions, often have greater security needs than smaller properties. Aside from the fact that they tend to be located in high profile areas and upscale neighborhoods which makes them a target for thieves, it takes longer for sound to travel in a bigger house than a smaller one. For example, if an intruder attempts to break into a smaller house, a homeowner who is present is more likely to hear them as opposed to a larger house where the homeowner may be completely unaware.

Smaller Homes Are Easier To Sell

Few people have the money to pay for a home outright in cash, which is why mortgages are so popular, and bigger homes require larger mortgage payments, down payments and property taxes. A smaller house that is put on the market for sale will often move faster because its lower price means that a larger pool of buyers will be able to afford it, while the reverse is true for larger properties, which can sit on the market for months or perhaps years.

Buying A Smaller House Saves You Money

By purchasing a smaller house you will keep more money in your pocket which will allow you to fund your retirement, pay for the education of your children and deal with any unexpected emergencies that come up. You should never spend so much on a house that you have little cash left over.

Smaller Homes Come With Lower Property Taxes

Property taxes are a fact of life for anyone buying a house in the United States, and the bigger the home, the more you will pay. On the East and West Coasts of the U.S. it isn’t unusual for homeowners to shell out tens of thousands per year in property tax, and the government can and will raise it whenever they want. To make matters worse, those that fall behind on their property taxes, even those who have paid off their mortgages, can actually have their homes seized and sold at auctions. Buying a smaller house keeps this tax at a minimum.

Looking for a cozy house in Westchester County? Check out our listings at eRealty Advisors today!