Exploring Real Estate Market Trends

Is Living In A Small Home Right For You?

If you're like many modern people, you're intrigued by the thought of living in a smaller home. After all, the media has been hyping the benefits of tiny home living for several years now, and many of these places are as cute as a button. However, tiny home living is probably impractical for most people, but there's a secondary trend involved here of people simply choosing smaller houses than they have in the past. While technically not tiny homes, these smaller houses have both advantages and disadvantages. 

Following are several questions to ask yourself if you're looking at smaller single family homes for sale.

Are You Ready to Scale Down Possessions?

Living in a smaller home means that you and other household members will have to limit possessions. This can be either good or bad -- downscaling saves money and can make life less complicated. If you're the type who likes to have a lot of gadgets on hand or collect something like antiques, small house living may not be for you. 

Are You Finished Having Children?

If you aren't finished having a family, you might want to reconsider purchasing a smaller home unless you're okay with the idea of moving to a larger house at some point in the future. If you're looking for a family home where you'll be living for many years, though, you should choose something that offers enough room for your desired family size. 

Would You Like More Money for Travel and Hobbies?

Living in a smaller house comes with certain economic benefits. For instance, it's very likely that you'll save money on utility and maintenance costs as well as enjoy lower mortgage payments. If you'd love to have more available funds to spend on things that you enjoy, smaller house living may be for you. 

Are You Fairly Tolerant of Noise and Activity?

If the noise and activity of others don't really bother you much, you may be a good candidate for living in a smaller home. However, if you savor quiet time alone, you're probably better off buying something that provides you with a serene reading nook or another haven for those times when you need a break from the hustle and bustle of family life. 

Fortunately, today's housing market includes all sizes of homes designed to meet a wide variety of needs and preferences. Your local real estate professional can provide you with more insight on what type of home is best for you and your family.