There are many reasons why a small house is better than a large home. Of course, we live in a society where bigger is better. Therefore, some people work all their lives to purchase their dream home, which is usually a massive property with a “wow” factor. But although there's nothing wrong with upgrading your life and buying a nice home, there are reasons why a small house is better than a mini mansion.
From maintenance to the payment, smaller places are usually cheaper, which is why a small house is better than a larger home. Even if you can afford the payment, you’ll eventually need a new roof and a new HVAC system. The cost of both depends largely on the size of the home. If you want to keep your life simple and your expenses low, going with a smaller home makes good financial sense.
I don't know about you, but personally, I don't want to spend my entire weekends cleaning a house. And unfortunately, the larger your home, the more time you'll spend keeping it tidy. You can always hire a housekeeping service to handle your dirty work if you're too busy, but this adds to your monthly expenses.
If you have a large home, you'll have to work hard to keep this home unless you're financially independent. But if you purchase a smaller home with a cheaper payment, you might enjoy a little flexibility with your schedule. For example, if you and your husband both work but live in a smaller home, you might have the option of working part time in the future or becoming a stay at home parent. But if you have a larger home, keeping this property may require two full-time incomes.
Let's face the truth, the smaller your home, the less space you have for stuff. As a result, you're forced to be more organized and use your space wisely. Therefore, you have to consider whether you have space in your home for certain purchases. And if you don't, living in a smaller place might curtail your spending.
One of the biggest benefits of living in a smaller home in comparison to a mini mansion is you might have more disposable income. Rather than spend all your cash paying a large monthly payment, keep it simple and put the majority of your earnings into savings. You'll be able to build your cash cushion and retirement accounts faster, plus have money for extras.
Some people feel that moving to a bigger place is a part of life. However, you don't have anything to prove to anybody. The fact that you live in a small house doesn't necessarily mean that you can't afford something bigger. It means that you're smart with your money and more interested in making wise financial decisions.
If you buy a small house and save on the house payment, you might be able to afford splurges, such as a fabulous kitchen remodel or other updates to create your perfect dream home.
Whether you purchase a big or small house is ultimately your decision. Just know that the bigger the house, the more you’ll spend out-of-pocket on a monthly basis. If you keep things small and comfortable, there might be more cash in your wallet for other things. What are other benefits of living in a small house?