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Introduction
According to Mark Roemer Oakland, when you watch those celebrity home tour videos you see a giant home with too many bedrooms, four bathrooms for each person, and a lot of stupid wine cellars. That really makes you appreciate your cozy and modestly sized home. Let’s check out why a little home will save you money.
The Details
1. Affordable – Real estate prices aren’t decreasing any time soon. If you weren’t able to take advantage of the 2008 housing meltdown, you would need to wait for a few more decades and a lot of government and investment bank mismanagement before that situation arises again. That’s why it’s best to get a small home right now.
Small homes can be so affordable that you can buy some of them right now with the down payment you have been saving for a large home. Even if you don’t have enough money saved up to buy a small home outright, you can pay off the mortgage in a much shorter tenure and with better interest rates.
2. Lower property taxes and insurance costs – Small homes sit on a smaller plot of land and attract lower taxes. People often fail to factor in property tax and other such expenses while buying a new home. If you live in a good neighborhood in a large home, the property tax is even higher and adds a lot of burden on your finances.
Similarly, insurance costs are higher since the insurance company would need to spend more money fixing your home when it gets damaged. While there are many other factors that influence insurance premiums, the size of your home is a big one.
3. Lower maintenance cost – Small houses are easier to maintain compared to large homes. You’ll need to spend less money on lighting, heating, air conditioning, and more. Similarly, when you have a smaller roof, a smaller floor, and fewer walls, you’ll have less to fix when something gets damaged and spend fewer dollars on repairs. You’ll even save money on keeping your home clean and those pennies add up in the long run.
4. Less documentation – When you build a small home, less documentation is required. Smaller homes aren’t as heavily regulated as large homes and don’t attract the strict supervision of HOAs. That’s why fewer permits and less documentation are required for building one. Similarly, smaller homes are sold more quickly compared to larger homes. That means you’ll be able to transition into your new home more quickly. Each day you save on the transition indirectly saves you money. You can get back to your job or work quicker.
Conclusion
Mark Roemer Oakland suggests that you appreciate your small home or move into one instead of saving up for a larger home. Small homes are more sustainable, cozier, and comfier and save you a ton of money. Moreover, a lot of small homes can easily fit your budget or can be availed for a much shorter tenure.
