It is often believed that the larger something you invest in is, the greater the returns on investment. However, while the soundness of the logic underlying it may be acceptable on some levels, it may not always be true. Home buyers looking to purchase property to live in may be guided by specific needs to address their accommodation needs – as also is the case with those looking to invest in office space will also be guided by needs. However, in contexts where size is not need-driven, there are many points to consider.
Lack of space:
Let’s face it, as the population grows, space to accommodate everyone is fast shrinking. There’s no running away from that reality. At the same time, you need to balance this with the requirement of your family. You can’t house a 4-member family in small homes comfortably.
Changing preferences:
Owing to the reduction in family sizes, there is a rising demand for residential properties with one or two bedrooms. This has resulted in ease of occupancy, and the building of more houses that would amicably suit the growing population’s needs. Nuclear family structures and delayed parenthood are prime causes for growing demand of small homes and studio apartments.
Affordability:
The biggest advantage in investing in small homes is that you have the comfort of affordability and a way to make an entry into the world of property ownership. In many instances, it is easy to purchase outright, and if you did opt for the EMI system the amounts payable will be much smaller.
Ease of maintenance:
Small homes are easier to maintain and don’t take too much out of your monthly budget for their upkeep compared to big houses. You continue to enjoy the same amenities that are enjoyed in larger properties.
Better location:
Another advantage to purchasing small is that your property is usually more ideally located, in that there is access to resources, neighbourhoods and facilities around the localities.
There are a few issues to buying small homes in that modifications are less possible, or less easier to make when the property is small and not as versatile. There is a bit of a confined and cramped feeling if you are from a large family, and there are a few issues with respect to the maintenance – there isn’t too much that can be done that does not reiterate what has already been done to the property.
When deciding the size of the home, it is best to adhere to practicality – there’s no point in having a 5bhk if there’s only two people in the family and the struggle to pay EMIs is constant. At the same time, not too many people want to live in a matchbox-sized home.