When it comes to home buying, is smaller better?
When you buy a house, you’re going to be facing a lot of expenses, most of which you haven’t faced before, above and beyond your new mortgage payments.
Heating, electricity, insurance, and property taxes are just some of the additional bills that come with owning a house. All other factors being equal, the bigger those expenses will be.
A larger home will have double the space, or more, to warm or cool but it also has more doors and windows that will allow drafts in during winter and cool air out during the summer. More exterior wall surface exposed to the outside during winter months will make the house harder to heat.
You can help keep these costs down by installing good quality doors and windows, but these can be quite costly. A bigger house also means a bigger property tax bill.