The most widespread homeownership trend is moving from a large house in the suburbs to a smaller property, preferably closer to the city. Baby Boomers appear to be fueling it, so for this older generation, what makes this arrangement a preferable option?
1. Easier to Maintain
The bigger the home, the greater the maintenance. As soon as you have fewer chores to do, you have more time and energy to spend on leisure activities. As well, because maintenance tends to come with a price tag, homeowners frequently find they have more disposable income.
2. Lower Costs
Leading into this point, smaller properties usually have proportionate costs. That is, a homeowner ends up spending less not just on cleaning but on insurance, taxes, heating and cooling, and electricity. The property, too, comes with a smaller mortgage, so less of your income is going toward payments and bills.
3. Less of an Environmental Impact
Smaller homes leave less of a carbon footprint in two ways. First, the home required fewer resources to build. And second, the smaller size means less energy is needed for operation.
4. Less space
What’s the quickest way to taming clutter? Realizing you only have a limited amount of room, so you make do with what you have. The ample space of a bigger house, on the other hand, makes your extra purchases not seem as significant.
5. Easier to sell later on
Larger homes tend to have a limited amount of buyers. Depending upon where you live, this pool could shrink to individuals in a higher income bracket or, even smaller, to those who can only afford a jumbo loan. Smaller properties’ lower mortgages mean that, if you ever put this home back on the market, a greater pool of buyers is out there to potentially express interest.
6. Closer to the city’s center
In many situations, although not all, the inner ring suburbs aren’t situated that far from a city’s center. This means, you can commute by public transportation, don’t have you use your car as often, and may even have shopping and entertainment nearby.
Considering a smaller home in Central Connecticut? Explore By Carrier’s Harvest Village and other communities. Contact us to learn more.