Bigger is not always better, three reasons why choosing a smaller home might be right for you
Category Newsletter: Article
With the Rand depreciating in value and decreases in disposable income, many South Africans
are finding it harder to save up for deposits on larger homes and as a result they are leaning towards smaller properties.
In fact, the Reserve Bank released data indicating that household debt as a percentage of household income is almost 80%. Furthermore, in the past 12 months there has been a 14% increase in houses sold for under R1 million.
However, tightening your spending belt by choosing less grandiose housing options need not be a reason to lament, primarily because smaller homes come with insurmountable benefits.
Of course, there are various practical considerations to take into account before choosing this option, such as the size of your family (if applicable) and/or lifestyle preferences.
Many homeowners are realising that bigger is not always better. Here are 3 reasons why opting to buy a smaller home may be right for you:
1. Less debt and less risk
Moving into a home with less area and perimeter space means that your bond repayments will be drastically reduced, thus you will be able to pay off your bond quicker when compared to a bigger home.
2. Easier maintenance
A smaller home also means decreased maintenance costs as there are less rooms and open-spaces to upkeep and much of the maintenance can be done by you, thus reducing labour costs in the process. It is for this reason that many people are opting to buy apartments as opposed to freestanding houses. Apartments save a tremendous amount of costs and time that would have otherwise been spent maintaining large spaces such as a pool, garden or patio.
3. Wide appeal
Since a growing number of individuals are choosing to live in smaller homes, demand is increasing. Affordability is the primary selling point of this type of home and this means that selling it will be easier as it appeals to a wider number of people than larger homes.
A smaller home does not mean downgrading, instead it is a feasible option to ensure affordable, debt-free and easy living.
Click here to view apartments for sale.
Author: Coastal Property Group
