Happy People Live in Small Houses
Thinking of Purchasing a Smaller Home?
Moving into a smaller space does have its benefits, and there are a variety of reasons for downsizing your home, even if you’re not retiring. Are you:
An empty-nester and no longer need a large home?
Tired of the upkeep of a large house, both inside and out?
Wanting to reduce your living expenses?
Traveling more?
Ready to put your energies in creative projects, not housework?
Even though downsizing usually means leaving a home full of memories, a familiar neighborhood, and friends, it also helps you de-clutter and frees up your time by spending less time cleaning and maintaining your home and having more time for other things.
Another great benefit – smaller homes are less expensive to purchase, and less expensive to keep (mortgage, insurance, taxes, heating, cooling, electricity, etc.). There is also a wider market to sell a smaller, reasonably priced house to a larger percentage of the population than a more expensive, less affordable one. A great opportunity for those looking to build their equity and not yet ready to buy into a large home.
Looking to Move Out of the Renting Lifestyle?
If you are still living as a property renter and are thinking of purchasing your first home, one thing to take into consideration is the space you will actually need and how much you’ll be able to afford.
Some things to start asking yourself before deciding on the type of property you want to buy:
Do you have a growing family and require space for play and sleep?
How long do you plan on living in your first home? 3 years? 5 years? Or are you looking for that forever home? Maybe you only need a starter home right now and don’t want the hassle of cleaning the extra space you are not using.
Are you looking for a place with a yard to finally move out of your condominium suite? Even if you don’t have a family to accommodate in order to buy a home, owning your own living space can be very rewarding, especially when you have your own yard to entertain friends and family.
Will you be able to afford the maintenance of your new home? As a homeowner, after all, you essentially are your own landlord. A pipe bursts in the middle of the night? Guess who’ll be up fixing it or calling (and paying) the plumber? (Hint: you.)
Whether you are buying a home to fit your growing family, or are looking to purchase something smaller to fit your own needs, chances are, you’ll need a mortgage.
If you have any questions, please feel free to give us a call today at (306) 244-7755 or email us at devinandwes@yourmortgagenow.ca.
