Owning a home is one of the things that is most often associated with the so-called “American Dream.” Those who are chasing that dream often go to great lengths to get a home of their own. And it’s rarely just any home – sometimes it seems as though we’re all in some sort of contest to see who can buy the biggest or fanciest home.

Large houses offer certain advantages. They come with extra bedrooms so that we can easily accommodate overnight guests. They offer lots of storage space. And they’re impressive to look at. But they’re certainly not inexpensive.

Depending on just how large the home is, it can set you back a few hundred thousand dollars or more. Monthly payments can be in the thousands. If you’re independently wealthy, that’s no big deal. But if you’re the average working person, it can make the budget rather shaky. And if you’re living paycheck to paycheck, it’s a disaster waiting to happen.

Advantages of Smaller Homes

A small home may not be as glamorous as a large mansion. But it does offer advantages of its own. These include:

* There’s not as much space to keep clean. Instead of spending endless hours cleaning rooms that you never even use (or hiring a maid to do it), you can keep the whole house clean with very little effort.

* You won’t build up as much clutter as you would with a larger home. Small homes make it necessary to go through things and get rid of what you’re not using from time to time. With a large home, you could go years without clearing out unwanted items. Then when it comes time to do it, it could take a week or longer.

* A smaller home comes with a smaller price tag. That means you won’t have to go into so much debt when you buy it. You’ll have a better chance of paying it off early and saving money on interest, and you’ll build equity more quickly.

* You’ll have a smaller monthly payment. You won’t be as likely to have trouble making ends meet, so you’ll have less stress and be able to enjoy your home more.

* Small homes are much less expensive to heat and cool than large ones. If you live in an area where it gets very hot or very cold, this factor alone could save you hundreds to thousands of dollars each year.

* The smaller your home is, the less there is to repair. Any home will need repairs eventually, and the larger the house, the more stuff there is to break.

Large homes are quite alluring. But buying a home that is just big enough makes much more sense than getting the largest mortgage you can qualify for. The simpler life and increased peace of mind you’ll have with a smaller home are things money just can’t buy.