This guest post was written by Go Banking Rates, bringing you informative personal finance content and helpful tools, as well as the best interest rates on financial services nationwide.
It’s interesting how some people will practically bankrupt themselves to get into a mansion-like home while others are perfectly content living in a modest abode. It probably would be nice to upgrade the square footage in any living arrangement, yet many people who can afford to do so don’t. So are there just as many advantages to living in a little house as a big one? Does it come down to more than just mortgage rates?
Advantages of a Big House
Sure a bigger house gives off a swankier vibe–there’s more room for things like nice furniture and cocktail parties. That’s not the mindset of every homeowner with a larger residence, though. There are plenty of other and more practical reasons to go big:
Space: One of the great things about living in a big house is being able to accommodate a growing family. For example, young couples that start off in a small one bedroom will eventually have to move on to something bigger if they have kids. Depending on the housing market at that time, the task may not be easy.
Worth: Owning a home is really an investment that you basically live in. If you decided to purchase a larger, more expensive home, you would also own a larger investment. The bigger the home in comparison to the rest of the neighborhood, the more money you’ll receive if you sell (presumably anyway).
Organization: With a larger floor plan comes more room for stuff. While this can work against you if you’re the hoarder type, in general, clutter is less of an issue when you can spread it out. You won’t feel as cramped and there will be a proper place for every item in your home.
Advantages of a Little House
Mortgage: This is a big advantage. Smaller homes are less expensive, which means you are going to put less of your income toward housing costs. When finances get tight, it’s less likely the possibility of losing your home will be an issue.
Utilities: When your home is smaller, it costs a lot less to keep it running. Consider all of the additional rooms that will need heating and/or air conditioning, not to mention the zillions of extra light bulbs.
Cleaning: Anyone who actually enjoys cleaning is both rare and insane. Cleaning is one of the most exhausting, time-consuming and just plain unenjoyable activities associated with maintaining a home. A decrease in the overall area of your house dramatically reduces the amount of time you have to spend cleaning it, or the amount of money you pay someone else to do it.
When choosing whether you want to live in a big or little house, it really comes down to cost and convenience. A sprawling living arrangement will no doubt be more expensive, though you may find the extra space is worth it. On the other hand, a “cozier” home is also much easier to take care of. Deciding what’s more important to you will determine which one makes most sense for you and your family.