We all want to move to a home that suits our needs and our lifestyle, and so when it comes to having a home that is comfortable, we are faced with various challenges, especially as a first-time buyer. We have many issues to face when we haven’t been on the property ladder already. Purchasing a home in any capacity is undoubtedly something that will drain our finances, and so by looking at our financial options, is going small a better choice? Let’s have a look …
Assessing Your Needs…
The main issue we all have when looking for the perfect home is to assess what we need. A lot of us have very high expectations of our home, and so for many people, the problem in going small for your first property is that you are compromising your ideals somewhat. But, do you actually need a big i.e. large space? For any first time buyer, we automatically assume that we need as large as space as possible, when in actual fact, it is seldom the case. When you look at your needs in relation to your living circumstances, such as if you’ve got a family, there are rarely real valid reasons to buy as big a house as possible, apart from the fact that it seems like a nice idea. Your needs can vary, and for some people it is about getting on the property ladder, so if this is one of the main priorities for you, you may want to consider buying a flat, rather than a house. The one thing to take away from buying your first property is that you think you have a specific set of needs, but you are only basing this on your previous property. There are occasions when you may find that your space is too cramped, or you are struggling, mainly because you have a lot of stuff. These are issues that can be resolved.
How Small Should You Go?
This is all relative, but the one thing that you need to factor in his finding a delicate balance. Before going all guns blazing into this scenario, there are some questions you need to ask yourself. The first one is how much space do you actually use? Lots of people purchase homes that are grand in stature because they can! Because they are able to afford to buy a larger property, they do so. And remember that you may be very taken by the idea of having a rumpus room, but in how you live your life right now, is it going to be something you will use, or will you use it for a short amount of time before giving it up altogether? This then leaves you with a room for junk and isn’t doing a thing for your property. The next question to ask yourself is how much stuff do you actually have? If you do have a lot of junk, is it something you were just going to bring from your old property to your new one? Instead, it’s better for you to purge as many items as possible, and in doing so; you will see how much storage space you really need. The most important question is, what are your plans for the future? While you have specific needs right now, are your needs going to change drastically over the next five to ten years? In which case, do you go as small as possible because it is cheaper? Or are you going to find yourself struggling because you’ve bought somewhere that can’t contain you, your partner, and possibly a new member of the family? There are many reasons why families move out of big cities and live a life in the countryside, and the cost is the overriding factor, but it’s also the fact that they’ve bought a small property that suited their lifestyle originally, but they have no use for this property now.
Buying Small Doesn’t Have To Be A Burden…
While it can be a delicate balance, especially if you have plans for the future, there are a lot of positives in purchasing a small property. And while these positives usually err on the side of finances, such as lower property taxes, cheaper insurance, and, of course, the property would cost a lot less, the benefits of a smaller property in a personal sense means you have a cozy home to live in. This isn’t just beneficial in the fact that it won’t take long to heat the property, and therefore you will save on your heating bill, but in spending a bit more time with your loved one in a smaller property, you may feel the benefits of being closer together. This is a personal issue, and it does vary from person to person, and while it can be argued that any cozy home is likely going to get cramped in a very small space of time, the fact is that a smaller home is a challenge. Not least in the fact that you have to think a little bit more about how you store your items, such as your furniture, but also how you cohabit with someone. Most couples on the brink of retirement look to downsizing to a smaller home because it is easier for them to live in a smaller property, and this may be worth something thinking about with regards to your situation. Purchasing a small property now, if you are just starting out on the property ladder, means that this could be your nest egg. Remember that buying a smaller property, such as a flat, means that you are able to rent it out to professionals, and you could make a lot of money in the short term, especially if you pick a flat in a lucrative area like a city center. The same goes for small houses; this can be very beneficial for you to rent out to students, or young professionals that have a little bit more money.