All Americans share the dream of buying a new home. You just have to think of grabbing a new job, saving enough money and then buying your dream home which brings a smile to your face. At least, this is what is perceived as the American dream. If you take a retrospective glance, in the year 1950, the typical size of a home was around 1000 square feet and in 1970, the size of the home rose to 1,500 square feet and later on in 2000, the average house jumped over to 2,200 square feet.
Basically, Americans decided that they need more than the actual space that they need to house few people. There’s no doubt about the fact that big houses can be cool but at the same time they come with a huge price. Let’s check out few reasons behind why you shouldn’t own a big house.
1: You’ve got to bear the huge mortgage loan
The bigger house you buy, the bigger will be the price attached to it. It is needless to say that the bigger will be the price of your house, the more likely you will be to chain yourself to the mortgage for a longer period of time. The two immediate pitfalls of taking out a big mortgage are that you will limit your flow of cash for the next 30 years and you won’t even find yourself capable of investing in your retirement.
2: Maintenance costs will be higher
The value of houses usually appreciates and this is indeed a good thing but they cost you a huge amount from one year to another. You have to fix the furnaces, lights need to be replaced and room need to be freshened up. Hence, on an average, you may plan to spend 1% of the value of your home every year. So, if you have a modest $100,000 house, you can plan on spending $1000 in a year on repairs and maintenance. Do you prefer the idea of spending so much on this house? If no, then opt for a smaller house.
3: You spend more time in cleaning the house
When you have a large house, you will definitely get more space to sprawl through and this would indeed seem great till you wish to clean it. You will find yourself tacking in few extra hours to your normal weekly routine as it will spend in dusting, vacuuming and window cleaning. If you’re rich enough, you will definitely have enough money to hire a service to clean your house.
4: A continuous pressure to feel and look rich
There are high chances that your huge mansion of $300,000 is not one among smaller $150,000 homes. The yards of your big house are costly indeed and they may range from $275,000 to $500,000 and you have to always make sure that your homes are glowing whenever someone passes by. While having to maintain this rich status of your house, you will one day become a broke.
Therefore, if you’re still confused about why you should ditch your big house and shift to a small house, take into account the above mentioned reasons. Downsize to a smaller house and save your dollars.