Hard times.....glad to have small house

caligalJanuary 30, 2009

I was just thinking about the economy and how glad I am to have my small house. Even though, I have a degree I can stay home and raise my son and do volunteer work. If I had a giant house, I don't know if that would be the case. I would have a higher mortgage payment, higher upkeep bills, and probably 2-3x the amount of our current utility bills.

If my husband were to lose his job, we would be OK because we have 8 months worth of living expenses tucked away. Now, if I had a giant house, the savings may only get us through 3 or so months.

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graycern

Even in good economic times it is great to have a smaller home. When you are not house-poor then you have more money to spend on things you enjoy. I love to travel. I live simply so I have the money to do it.

    Bookmark   January 30, 2009 at 2:53PM
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haus_proud

THE NOT SO BIG HOUSE is a book that deals with this subject. It is a very thoughtful treatment of the subject. The author (whose name I cannot remember) has also written a sequel.

    Bookmark   January 30, 2009 at 9:51PM
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trixieinthegarden

Sarah Susanka wrote that book, and it's got great insight and information.

Here's a link to her website

Here is a link that might be useful: Sarah Susanka

    Bookmark   January 31, 2009 at 10:15AM
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gayle0000

Aside from looking at investment statements, I haven't felt any day-to-day effects of the economy. With that said, I can't agree with you more!

I had a budget in my home-buying process, and I ended up spending $13K less than I planned. It was by a paperwork miscommunication/mistake with my Realtor that I even looked at this place. I bought it because I loved it.

I lived in a too-big-of-a-house when I was married. I remember those utility bills, taxes, and mortgage payments. I remember all the housework inside and out for spaces we never even used. Yeah, we could afford it just fine and didn't know the difference because it was a first home for both of us. We thought we were "living the dream", but now that the husband and that house are out of the picture, I can hardly believe the waste.

My HALF of utility & tax bills for that big place was more than what I pay now in my little house...paying 100% by myself.

I will never go back to a big house. Doesn't make sense for me...knowing what I know now.
Gayle

    Bookmark   February 3, 2009 at 5:13PM
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Jo-Ann M

After I got divorced & was looking for something to replace the monstrosity my ex insisted we needed, my requirements were: small house, no separate den, small yard. While I qualified for a $250k loan, there was no way I wanted those mortgage payments!! My entire salary would go to paying house expenses. I ended up with a 1200 sq ft house, which is still big for 1 person, a nice small yard I can upkeep by on my own, reasonable payments and utilities. I look at friends who are also single & have these huge homes. Half the rooms they never use, but still have to clean & heat. My most unused room is the guest bedroom, and I'm planning n turning that into an office with a futon for the rare guest.

    Bookmark   February 22, 2009 at 10:11AM
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Shades_of_idaho

We noticed how electricity has gone up in this last year. Sigh. This new house is just a slight bit larger than our last house 1290 verses a little over 1300 SQ FT and the electric rate now is about 50 dollars more per month. I am not doing anything different. House is well insulated. Really glad we do not have more house to heat.

I use our guest room as a sewing room and also a den for me to nap in when I choose to if hubby is watching TV in the living room. We have a futon in the guest room and I can nap comfortably on it when it is in the couch position. BUT if I had it to do different I would buy a small ,love seat size, hide a bed. I think for our room it would be easier for me to arrange the room. Also easier to set up the bed for company. The futon we have has to be turned around in the room to set it up. That is a pain on my back. The fold down couch futons might be a better choice. At the time I got mine I could not find one.

One great thing about the futon we have is the available storage under it.So.................

Chris

    Bookmark   February 22, 2009 at 11:03AM
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ronbre

i too have not felt any of the effects of the economy, however i do see it all around me, we have been subsidising our son whose job is auto related (not union) and they have had layoffs all winter.

we have a smallist house but it does have 3 bedr and 2 bath, and we have had my mom live with us in the past when there was a fire in their apartments..and looking to the economic problems, she may end up having to move back in with us..so i'm glad we are able to oblige there..one good thing about not being too small is to be able to take in others when the need arises

    Bookmark   February 23, 2009 at 12:02PM
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dontknow

Not just a smaller house but a less costly house is important. In our area I can get some larger homes even cheaper but in a much less desirable inner-city neighborhood with higher crime.

Similar to jomoncon's posting, we just moved to a home with a similar situation. Qualified up to 380K and purchased a home less than 1/2 of that with 70% down.

Do we love the house? No - but then again, I'm not sure with our personalities we'd love any home in particular.

One thing is for certain, having almost no mortgage makes us love the lifestyle we can have versus an 380K home in this economy!

    Bookmark   March 11, 2009 at 7:17AM
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