Canada is a country that is largely obsessed with real estate. In the last 40 years of Canada, the sizes of the houses have doubled whereas the persons in the family become smaller. The question is do we need such big houses for a living or we can adjust to a small home?
And if we can adjust in a small space then why can’t we reduce the size of our houses? So, sometimes buying a huge space doesn’t end up in your favor always. It only takes the double of your cost. Here are 5 reasons that tell why it’s good to buy a small home instead of large ones.
1. It can cost you more than the Cost
Buying a home isn’t a one-time investment. You need the money again for its maintenance. A bigger home means high property taxes, electricity bills, furnishing costs, and living expenses. So, even if you opt for a condo, stay in-line with your financial advisor that the prices don’t exceed a lot in the future.
2. Better Investment Isn’t Guaranteed Always
A bigger house doesn’t always mean that your investment will get doubled. It depends on market trends and the real estate market. So, if you’re making a huge investment, you must analyze the property value in the market, the nearby amenities, and the neighborhood. Several things can change over time, property value or location view can become unattractive so if you’re making a huge investment talk with the agent and dig into the history of the home and location.
Therefore, you don’t need to reap always the invested amount, things do change so your investment can turn into a major loss. Think wise before reserving the spacious building for your living.
3. A Trick to Continuous Spending
You have mortgaged a big home but you aren’t going to keep it empty, right? You need furniture to put in, decorative pieces for the arts and crafts and a lot of stuff so that your home doesn’t look like an empty castle.
In addition, the continuous running of the meter, electricity prices will take a surge. If you’re going to spend this much on your home, then how can you save for your children, retirement plans or fancy vacations?
4. Fill up your Status Quotient Only
If you’re buying a huge home only to impress your friends, family, and relatives then this decision can put you up in a major loss. Things that put on weight while buying a home are the environment, affordability, lifestyle goals, location and the history of the building.
If you satisfy your ego more than your requirements, then look for the homes that you can reasonably afford.
5. A Big Home doesn’t mean Usable Space every time
Big homes are designed uniquely. Some homes are designed in such a way that it consists of only two rooms with a lounge and a drawing-room. If you have kids in your family then space can become meaningless.
So, if all the extra space is going to be wasted, there’s no use to buy the big ones. So, a good tip is to buy the space that’s only required. Or if you’re a fan of enormous space then you can satisfy your requirements by getting Toronto lofts, it’s the best alternative for wide homes.
A Bonus Tip: Minimalism is the Best Lifestyle
The minimalism is getting common in designs, books, podcasts, and even your lifestyle. It’s the idea of having less but of quality. A lot of people use the minimalist approach to decorate their homes and discard the things which are no longer in use. You can also apply the minimalist technique while buying your dream home that says a small space but a perfect space. So, instead of spending on the space that’s no longer required, try investing in a small space and invest in the things that matter to you like your business, education, vacations, and retirement plans.
How Much is your Affordability?
If you keep your affordability in mind while buying a home, you’ll ditch the external factors like beauty, spaces, location and status quotient. And you’ll also save yourself from extra spending. In this regard, hire a real estate agent and take his help in landing a home that fits your needs completely.
Do you like the idea of minimal living? If yes, drop me a comment and let’s discuss the ways to design your home in a minimal way.