You may wonder if moving into a smaller home is worth it. What if you end up regretting the decision once you make the move?
To give you the information you need to make the right choice for your family, here are some pros and cons of moving into a smaller house.
Pros of living in a smaller home
Let’s look at the bright side first:
Less expensive utilities
With a smaller home, you’ll be heating/cooling/powering a smaller amount of space. You’ll use less energy, and therefore, have a lower utility bill.
Lower mortgage and property taxes
If you’re moving to a smaller house in the same area, it’s likely you’ll pay less for your mortgage and taxes. If you’re moving to a different location, make sure you research to see how that will affect your mortgage and tax bills.
Extra money for investments
When you live in a large house, you typically have a number of expenses – whether it’s repairs, bills, or general upkeep. With a smaller home, your expenses will most likely be lower, giving you more money to save and invest elsewhere.
Downsizing on material items
Space is limited in a smaller house, so this gives you a chance to downsize your belongings to those items that you really want and/or need.
Money for quality materials
Since you have a smaller space to furnish, it’s possible to splurge on higher-quality items like flooring, furniture, and other decor because there’s less of it to buy.
Less cleaning time
When you live in a big house, it seems as though your cleaning jobs are never done. However, in a smaller house, you’ll notice spending much less time tidying up and scrubbing down.
Cons of living in a smaller home
While there are definitely advantages to living in a smaller house, there also are some downsides to downsizing. Here are some of the cons:
Limited amount of space for children
If you have kids, you know how important it is for them to have enough space to burn off their excess energy. That’s not always possible with a small house, especially one without a yard. You can make it work by finding nearby parks and similar activities, however having limited space at home makes it less convenient to work off that energy.
In a big house, it’s possible to forget that other people even live there. That’s not quite the case in a small home. If you need some time alone, privacy isn’t always easy to achieve.
In a small home, clutter gathers easily – and noticeably – especially if you have children who aren’t yet aware of the impact their toys make on a smaller space.
Parties aren’t easy
It can get crowded easily in a small home, so if you’re known for having parties, you might want to limit the number of people on your guest list.
Guests can be difficult
There are most likely no extra bedrooms in a small home for overnight guests. Often, there’s no other place for guests to sleep than on the couch – and that can make things awkward for guests and homeowners alike.
Not enough storage
If you have larger items that you would like to store, like sporting equipment or furniture, you’ll most likely have to rent storage space.
Is smaller better?
Whether or not you move into a smaller home is completely up to you, yet ideally the decision will be a bit easier with these pros and cons.