Over the years I've certainly heard my share of mcmansions vs. mcmodest a/k/a small homes stories. Depending on your lifestyle, financial status and your housing needs, bigger isn't always better and there really are advantages to buying a small home. A small home used to be referred to as a "starter house". A starter house is the house a first-time homebuyer buys until they are ready to move-up.
Then you have the empty nester who's downsizing from the mcmansion who doesn't really need the formal "show" living roomthat nobody ever used. What they now need is a living room or family room where they can actually sit down and watch tv. The formal dining room used on special occasion is now replaced with a contemporary kitchen set or breakfast bar.
There comes a time when we realize that based on our personal needs, that bigger isn't always better and size really doesn't matter. Whether buying your first home, moving up or downsizing, buying a smaller home does have its advantages.
For starters, smaller homes have a lower sales price, lower property taxes and lower homeowners insurance compared to larger homes in the same town. I live in a small home and I don't envy my friends in town who are paying double my property tax and possibly even double my mortgage payment.
Smaller homes are cheaper to heat and cheaper to cool. A recent energy use study compared the annual heating and cooling of a reasonably well-insulated, 3000 square foot house vs. a poorly insulated, 1,500 square foot house. The results indicated that it cost $421 to heat and cool the poorly insulated, 1,500 square foot house and it cost $635 to heat and cool the reasonably well-insulated, 3,000 square foot house.
Another advantages of buying a small homeis your time spent cleaning is reduced. It definitely costs less to furnish a small house because of the fewer amount of rooms.
I certainly don't begrudge anyone living in a home or buying a home that they love, regardless of the size. Just remember a bigger home isn't always better and size doesn't really matter as long as your home suits your needs and that there are advantages of buying a small home.
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