Did you know that almost 10% of Americans move every year? In fact, this percentage used to be much higher!
While this may surprise you, many Americans enjoy the possibility of being able to get a bigger or smaller house to meet their needs when the real estate market is steady.
And, if you’re someone that is starting a family or changing jobs, you may be in the market for getting a new home yourself. How do you know if you want to get a small house to get your life started in or a bigger house that you can grow into?
Keep reading as we talk about the pros and cons of getting a small house vs. a big house below.
Pros and Cons of Living in a Small House
A major pro of living in a smaller house is that you’ll have a smaller mortgage to match. In many locations, smaller homes will be significantly less costly than bigger homes in the same area, and this will save you money that you can use to invest in the home and build your wealth. If you’re ready to downsize simply to save money, you can talk to AndrewTheHomebuyer to learn more.
Another pro of a small house is that you will have to buy less “stuff” to keep in the home. There isn’t as much room, so you won’t need as much furniture as you would with a large home, and you can use the money you save on the mortgage to buy high-quality items.
Your utilities in a smaller house are likely to be a little less expensive as well. There is less to heat and cool, for example, so the electric or gas bills might be smaller than you would have with a bigger house.
A big con of living in a smaller home is that you won’t have a lot of space to get away from family, so privacy may be hard to come by. There isn’t a lot of space for people to go, so when you have children or elderly parents living with you, it can feel a little cramped.
Another con is that you won’t have much storage in the home, so you’ll have to either deal with clutter or rent out storage spaces. This can be a less than ideal situation for larger families that have many hobbies.
Pros and Cons of Living in a Big House
It’s important to note that the pros and cons of living in a big house vs. a small house are opposite. The pros in the previous section are the cons here (and vice versa).
An additional pro to consider for living in a big house is that you’ll have more room for entertaining. If you like to throw house parties, you’ll have plenty of extra room to invite all of your guests over for a great time.
Another pro of a big house is that you’ll have plenty of space for projects, a home business, or any other activities that you’d prefer to do at home. You may be able to have a big outdoor space as well, which is great for outdoor activities as the weather gets warmer.
A con of a big home is that the general costs are much higher. You will pay more for your mortgage and utilities, which is the opposite of what we mentioned in the smaller home section, but you’ll also pay more on property taxes, home maintenance costs, and insurance fees.
Bigger homes are also harder to come by in certain areas, like the city center or downtown areas, so you may have to compromise on the location of your home if you want a big house.
Make Your Choice Between a Small House vs. a Big House
When you’re trying to decide between a small house vs. a big house, you have to consider costs, location, space, and lifestyle as key factors. These are the main things that will dictate where you’ll be happiest with your family.
If you are ready to make your decision and want to learn more about investing in real estate, check out the rest of our blog next!