Benefits of Buying a Smaller Home
Let’s discuss the major benefits of buying a smaller home.
With the recent interest rate hike, and further hikes predicted in the near future, buying a home that is comfortably within your budget has never been more important. While much has been said about the hidden costs of buying a home, buyers need to also budget for additional costs that they will face once they become homeowners.
Bigger isn’t always better, as buying small has a number of benefits attached. The main benefit, of course, is that you will save financially, allowing you to put more aside towards saving.
Let’s discuss some of the major benefits in more detail:
Financially, buying or renting a smaller home saves you money. The smaller the property, the lower the homeownership costs will be. Paying less for things like bond repayments, rates and utilities will make it possible for you to save more each month. This can play a vital role in allowing you to reach your goals and achieve your dreams.
With utility costs and the general cost of living on the rise, homeowners with bigger properties often have to rethink their budget, cutting down on certain items such as entertainment and transport. Affordable living makes it possible for your money to stretch further, enabling you to live more freely.
Easier to Maintain
Besides having to spend less money on repairs and maintenance, a smaller home is much quicker and easier to maintain. Nobody ever truly feels like cleaning, so having less to clean means more free time for relaxing.
Encourages Family Bonding
Buying small means more social interaction among the members of the family. This creates an environment where family members can make a small home feel cosy rather than cramped.
Easier to Sell
The current property landscape in South Africa shows that the demand for affordable living is high. Western Cape living estate, Bardale Village, perfectly demonstrates that demand still exceeds supply, with homes selling fast.
This means that buying small is not only financially beneficial, but also a good investment. By definition, a smaller, more affordable home is affordable to a much larger percentage of the population. When the time comes to sell or rent, finding a potential buyer or tenant should be a walk in the park.