Why Buying a Smaller Home Makes Good Financial Sense | Soleil

Why Buying a Smaller Home Makes Good Financial Sense

smaller home makes good financial sense
According to the U.S. Census, back in 1950, the typical size of an American home was only 983 square feet. In 2010, it grew to more than twice that at 2400 square feet. Do we really need all that extra space? Probably not. There are many reasons why buying a smaller home makes good financial sense. Here are a few:

Less expensive to buy

Whether you purchase out-right or go the mortgage route, a more modest home almost always comes with a smaller price tag. This results in significant savings, whether you decided to finance or not.

Less expensive to clean

Cleaning and decluttering a small home is a breeze compared to a larger home. Even if you have a cleaning crew come in to do the work for you, the cost will be cheaper in a smaller house than it would be in a larger dwelling.

Less expensive to maintain

While landscape maintenance is included with every home at Soleil, there are still things that will require periodic maintenance. A small house means fewer light bulbs to replace, less plumbing and wiring to maintain, and less yard to water. Not only does it save money, but it also frees up your time, effort, and energy.

Less expensive utility bills

A smaller home is more energy efficient, so your utility bills will be lower too. With less space to heat and cool, you’ll be able to get your house to a comfy temperature faster and much more frugally compared to a larger home.

Less expenses taxes and insurance

Tax assessments and insurance rates are mostly based on the valuation of properties. A smaller footprint home on a smaller piece of property will cost less money. That often means less expensive tax and insurance bills.

Less stuff to accumulate

Having less living space will encourage most people lead a simpler life. Stuff reduction is a key part of that. After all, do you really need six sets of sheets for your bed or nine different pots for cooking? A smaller home will get you on the popular minimalism trend, which is renown for manifesting happiness for those who genuinely embrace the idea.

Less decor

Decorating is one of the best parts of buying a new home. But you won’t have to buy as much for a smaller place. If you change your mind on something and want to re-decorate, it will cost less to do that too.

Appeals to a larger audience

If you’re concerned about a smaller home’s value and the return on investment, don’t be. Smaller, more affordable homes appeal to a broader audience than a more expensive, less affordable ones. This is especially true for a high-demand, active-adult community like ours.

What this all boils down to is this: buyers who opt to purchase a smaller home will have more disposable income to do with as they wish. It’s money that can be allocated toward anything — epic travels, debt-reduction, a grandchild’s college tuition, anything. So if you’re age 55+, want to free up some extra cash, and are in the market for a smaller (yet very well-appointed) home, hurry to Soleil. We only have three of our cozy home plans left — The Ambrose, The Dalton, and The Emerson. Time is running out. Plan your visit today.