Making the jump in purchasing your first home can be scary. After all these years of renting apartments and condos, you’re finally ready to become a homeowner. As eager as you may be, you might find yourself wondering, “Where do I even start?” There’s no question that house hunting is a bit tricky. The secret is striking a balance of space, condition and affordability.
Long gone are the days of purchasing a ginormous first home. Many singles, couples and small families are learning it’s much more efficient investing in modest properties. Not only are these homes more affordable but also offer a variety of other perks.
5 Key Benefits of Purchasing a Smaller Home
1. Energy Efficiency
Smaller homes are notably more energy efficient because they have less space to heat and cool. Because the property is lower in cost, you have the opportunity to add upgrades that will further cut your utility bills.
Less space often means less time spent cleaning. It also causes you to be more intentional with what you store in each room. It’s takes a significant amount of effort keeping up with a home. But when you live in a more modest abode, you cause that extra time for doing the things you actually enjoy.
If your kitchen were the size of Gordon Ramsay’s, it’d take a fortune to redo the countertops or upgrade cabinetry. Because you have a smaller space (and you’re saving on your mortgage and utility costs), you’re able to splurge a little more on quality home upgrades. Doing this over time customizes it to your taste and needs while increasing home value in case you plan on selling in the future.
4. Market Appeal
As energy costs continue to rise, smaller homes will become more in demand – which is perfect for those of you purchasing investment property (or doing so in the future). Large homes that remain on market too long slowly start to depreciate over time. Statistics have been showing a trend of more modest homes selling more quickly.
What might scare some may inspire others. Smaller spaces have their constraints but they can also prompt you in getting creative with storage. A smaller home can quickly appear cluttered. Take advantage of vertical shelving, light colors and lots of natural light. You’ll be surprised how much it expands the room and creates a modern, minimalist aesthetic.
Smaller homes boast a wonderful opportunity for savings – both for homeowners and potential investment property owner. When you purchase a modest property, you have the ability to work on it as you live there. And when the times comes to move, you can choose to transform it into a rental – providing you with a great source of passive income.
Living in a smaller space may require flexibility at times, but we can assure you every bit of it is worth it. If you have any questions, give our Rieger Realty team a call at (405) 310-2796 and be sure to check out our Residential Listings section for our most recent market finds.