Large homes can be fantastic, especially for growing families. At the same time, smaller, newer homes have benefits too, especially for older homebuyers who are ready to downsize, or first-time homebuyers who are looking for something modern and low maintenance. Here are 10 reasons why you may be happier in a smaller, newer home:
1. Smaller Homes Are Less Expensive to Buy
Perhaps one of the first reasons that buyers turn to smaller homes is that these homes are, on average, less expensive to buy than larger homes. A less expensive home typically means a lower down payment, a lower mortgage, and more financial flexibility.
2. Smaller Homes Are Less Expensive to Care for, Decorate, Etc.
Not only is a smaller home less expensive to buy, but it’s also less expensive to fill with furniture, decor, repair, paint, cool, heat etc. This means that the savings keep on giving, year after year.
3. Smaller (Newer!) Homes Mean Less Maintenance
Don’t want to spend years of your life on maintenance tasks, like fixing the leaking roof or replacing the floors? With a brand new home, you don’t have to. And besides, if you do want to engage in a renovation or repair project, a smaller home will be more manageable than a larger home.
4. Smaller Homes Mean Less Cleaning
No one wants to spend their free time cleaning, and with a smaller home, the amount of time that you spend dusting, sweeping, mopping, vacuuming etc can be significantly reduced. Smaller homes are easier to keep clean.
5. Small Homes Are Greener
Whether you care about saving on your energy bill each month or want to be environmentally friendly, a smaller home can get you there. Smaller, newer homes are more energy efficient and reduce a homeowner’s carbon footprint.
6. Smaller Homes Ask You to De-clutter Your Life
With a smaller home, there isn’t enough room for all of your clutter. Which means that you’re forced to get rid of those things that you truly no longer need. This can be both physically (you need the space!) and psychologically rewarding.
7. Smaller Homes Encourage More Family Interaction
Smaller homes have fewer rooms so family members are naturally spending more time together. This can help to foster strong familial ties and a sense of togetherness within the home.
8. Smaller Homes Can Help You Let Go of Material Possessions
When living in a smaller home, it’s difficult to have an overwhelming amount of material possessions, plain and simple. Realizing that your happiness is not derived from material items can lead to a higher quality of life as you turn your attention more toward friends, family and neighbors.
9. Smaller Homes Give You More Time
With a smaller and newer home, you’ll likely have more spare time. This is because there will be less maintenance and less pressure to work overtime to pay your high mortgage. This means that you’ll have more time to do the things you really love including hobbies.
10. Smaller Homes Provide You More Financial Flexibility
Finally, having a smaller home provides you with more financial freedom. Often times people will stretch themselves financially to get into the biggest possible house. When you don’t have to stress about mortgage payments – in addition to life’s other expenses – you’ll have more financial flexibility when it comes to taking a trip, making a purchase, or taking time off from your job.
Come See Our Brand New Homes Today
We know that the one size fits all approach doesn’t work for everyone. But if you’re interested in downsizing or buying a newer, smaller home in the Northwest, we have homes of all shapes and sizes that you’re sure to love. Come see our new homes in Washington, Idaho, and Oregon today. View our gallery of both large and small home plans HERE.
For many, the idea of buying a second home or a vacation home is a dream – who wouldn’t want to have a home in both of their favorite locations? But purchasing a second home can raise all sorts of questions especially when it comes to financing that purchase. If you’re thinking about buying a second home as an investment property or vacation home, here are some tips for financing a second home as well as the pros and cons of second-home ownership.
Pros and Cons of Buying a Second Home
There are myriad benefits of buying a second home, as well as some drawbacks so pay attention as we dive into both the advantages and disadvantages of second-home ownership.
- Convenience and vacation. Of course, the most obvious reason to own a second home is that you can have a place to stay in a location that you love. This provides for the perfect spot to vacation, or convenience when you’re traveling back to your own neck of the woods.
- Rental income. If you are able to rent your home for more than your mortgage, you can collect rental income.
- Increase in property value. Long-term profits are one of the things to think about when purchasing a second home. Assuming that the home appreciates in value, buying a second home can be a great investment.
Of course, there are some downsides to purchasing a vacation home, too. These include, but are not limited to, the financial stress of finding a renter, making payments, etc., arranging home maintenance and cleaning, and high taxes.
If you decided that the ownership of a second home is the right move for you, the next step is understanding your financing options. Some options for buying a second home include:
- Paying in cash – of course, this option won’t be applicable to everyone;
- Taking out a home equity loan – if you have a lot of equity in your current home, taking out a home equity loan to finance your new home may be an option; and
- Conventional loan – if you have the finances to make mortgage payments on two homes, you may be able to qualify for a conventional loan to finance your vacation home. Because second-home buyers are not allowed to use FHA-insured loans (which require a down payment of just 3.5 percent), keep in mind that you may be responsible for the full 20-percent-of-purchase -price down payment.
Thinking About a Brand New Home for your Second Home?
If you are thinking about a new home as an investment property or vacation home, Hayden Homes can help. We have brand new homes for sale throughout the Northwest, including Washington, Oregon, and Idaho. Our homes are brand new, beautiful and backed by our warranty.
Working with Hayden Homes is easy. We offer peace of mind through our new home warranty, and work with local Lenders who can help you figure out the best financing options for your second home purchase. To learn more about buying with Hayden Homes, contact us today to learn more about how we can help!