Purchasing a residential property is one of the biggest milestones for anyone. It’s one of the biggest goals that most people dream of. Indeed, it’s an excellent experience to have your own property, especially if you are planning to start a family.
Unfortunately, not everyone is given a chance to have this privilege. Some people find it difficult to secure funds to push through with their plans for homeownership. Some are also torn between continuing rent or applying for a home loan to finally have their own residential property. Most people find it challenging to find an affordable home that meets their needs. If you are one of those who are having trouble purchasing a home, you might want to consider looking for a small residential property first.
The Challenge of Finding an Affordable Home
The prices of residential properties in Australia varies according to state. In Sydney, you can expect a residential property to cost $955,000. This data was from a 2018 real estate report. In other areas, you can get a house from $480,000 to $793,000. Of course, these numbers can decrease and increase depending on the location, size, and status of the current economy.
With these figures, it’s difficult to afford an average-sized property. It will cost a lot of money, and even if you apply for a home loan, paying it off is still challenging. If you want, you can consider purchasing a small home for starters. You can also consider looking for land for sale first. Then, you can save money so that you can slowly build your dream home.
Benefits of Purchasing a Small Home
- Affordable—Smaller homes are more affordable compared to huge mansions and average-sized homes. If you want to save money, but you are itching to own a residential property, purchasing a small house is the best choice. Aside from this, you won’t need to spend a lot of money whenever you want to remodel or redesign your property.
- Low maintenance—Aside from the cheap property price, you can enjoy the benefit of having a low-maintenance home. You don’t have to spend a lot of time cleaning and inspecting your home for damages. The limited size allows you to finish home projects faster. Also, you don’t need to spend money on huge maintenance solutions. You can even skip hiring professional cleaners or repairmen because you can manage some house projects on your own.
- Energy-efficient—You get to have cheaper electric bills. If you have a small home, you don’t need to install a lot of light bulbs or purchase several appliances. You can only get items that you need to fill the limited space in your small residential property.
- Supports a simple lifestyle—You learn to remain humble and continue living a simple lifestyle. You don’t get tempted to splurge on unnecessary items. You learn to enjoy simple things, such as spending time with your family in your small home.
Building your dream home is a worthy goal. However, large residential properties will be expensive. If you don’t want to have a hard time financing your home, you can consider buying a small home first. You can always improve it in the future if you wish. Focus on improving your finances and continue saving for the future. This way, you can get more funds to build the house that you want.