On this economic struggle, more and more buyers are searching for small homes that can better fit their financial standing and also lifestyle.
Tight loans and unemployment have shuttered many dreams of big houses, and they turn smaller houses into a profitable business.
One of the advantages of having a small home is that you can better use the land that surrounds your house, meaning that you can grow a vegetable garden or plant some trees.
But the greatest benefit is the price, of course. Most of the people that own a bigger house pay as much as 30% of their income only in mortgage. Living in smaller home will make you pay 10% of your income. So you do the math.
Now it’s also the trend to live a more responsible life and not throw money off the window.
1. The hardest thing that you’ll have to do is cope with the tiny space, especially if all your life you’ve lived in a traditional-sized home. A disadvantage of small spaces is that clutter seems more evident than in any other place. This way, you may find yourself cleaning more often that you used to do. To avoid these problems, just learn yourself to put back things after you use them.
If all of your belongings don’t fit in your new home (and they won’t fit), you can build a small garden shed and store your things in there.
2. If you have bought a small lot and you want to build yourself a small house, it’s better that you check the zoning regulations. Some municipals don’t allow the construction of a house if it’s under a certain square footage. This means that a small house will affect the overall look of the neighborhood.
3. Another obstacle is that you may not succeed in getting a loan from any bank, because the value is too little. Banks and mortgage companies are more interested in the resale value of the house than the initial sale value. One thing that you can do is purchase the home using the equity from the old house.
4. Be easy on adding new features to the new house. A price can range from $15.000 to $90.000, but you can easily get past that sum and see yourself having to deal with a 6 figures mortgage.
5. But having a small house doesn’t only really mean just small costs. Think if the tiny house suit your needs.
6. If you’ve decided in the tiny home, just think what you can eliminate and what must stay.
7. Every decision you make for a smaller home has a big impact. Everything needs to be carefully planned from furniture to decorations.
8. Take a look in the future. If you, for example, have small children, a small house may not fit your needs. On the other hand, if you have a large house and you’re about to retire, you may think of moving to a smaller house.