Is Owning a Small Home for You?

It’s time for you to upgrade from your starter home to a larger living space. How do you find the right buyers for your home? There are excellent reasons to own a modest home, and there is an active movement toward investing in small houses. Your target market might surprise you. Your buyer could be anyone from young professionals to families to retirees. To find the right buyer, consider what aspects of your home are most attractive and to what lifestyles they might appeal.

Reduced carbon footprint:

A home with less energy usage is just what a buyer concerned about green living is seeking. Heating and cooling costs are lower in a small house that is well-insulated. There are fewer fixtures and less water and electricity use. A small home can be a win-win for anyone trying to lower their energy output and stick to their budget. TIP: Go the extra step and replace regular incandescent light bulbs with LED bulbs to get your buyer started on the right foot!Less hassle:From routine cleaning to maintenance projects that pop up a smaller home reduces inconvenience, time, and expense. An aging buyer or a buyer with a busy life can mitigate stress with less space in the house to worry about cleaning and organizing. When a larger maintenance project arises, homeowners can save on time and expense for things like roofing repairs or flooring upgrades. 

Financial freedom:

Purchasing a home with lower costs helps buyers stay within their monthly budget and save money for other activities. For the active traveler or family, the extra saved money could go toward new adventures. A couple wanting to save for retirement, or a young entrepreneur opening a business, benefits from the financial freedom a more cost-effective home provides. 

Quality upgrades:

Deciding to buy a smaller home allows buyers to save money for reinvesting in the house later and for making investments more affordable. Plans for renovating the kitchen or putting down new flooring are easily achievable with smaller spaces and have lower ongoing costs. Homeowners can find the extra cash to upgrade appliances or even install solar panels to enjoy the added financial benefits of energy efficiency.

Affordable investment property: 

Smaller homes are the perfect size for buyers investing in rental properties. A small house allows investors to set modest lease prices and appeal to a wide range of renters. Many future home buyers prefer to rent in the neighborhood they are considering before they decide to buy. Investing in a small home allows owners the freedom to rent the house out or find the right buyer down the line. 

Work with your real estate professional to target the right buyers for your smaller home.