A growing trend in the country is to downsize living space and build smaller, more affordable homes. The biggest benefit is saving money, but it can also reduce the amount of maintenance you’ll need on a regular basis. Keep reading to discover the benefits of building a new smaller home.
Reduced Cost of Building a Smaller New Home
The cost of building a new home can be high, depending on the materials chosen and square-footage desired. Downsizing and going with a smaller new home can dramatically reduce the total cost of the build. The smaller the space you need is, the less you’ll pay overall.
Smaller Mortgage Payment
The amount of your mortgage payment for a new construction loan will depend on the amount needed to be borrowed to get you the house you want. Reducing plans from a four-bedroom to two-bedroom can make a huge difference in the amount you pay each month. Discuss each aspect of the size with the construction planners to determine the right dimensions for you and your family.
Less Money Spent on Repairs
The maintenance costs of any home should be considered in the monthly and annual budget. Reducing the square footage of a new home plan can help adjust expected maintenance costs.
Reduce Monthly Bills and Increase Savings
Less square-footage will also bring you smaller power bills. You have less space to heat or air-condition, which can save you hundreds of dollars each year. All of the money you save with a smaller new home can go into a savings account for retirement or other financial needs.