Living small is a great way to save money. Today we’ve got a guest post on 1500 Days To Freedom about how our family of four lives in just 1,000 square feet.
1500 Days To Freedom is a blog written by Mr.1500 (he blogs anonymously). The blog is about his family’s goal to achieve financial independence by amassing $1,000,000 of investments in just 1500 days. Check out our guest post about living small and please make sure to check out the rest of the site too!
In the guest post you’ll find a detailed layout of our house. We live in a three bedroom bungalow that measures just 40ft by 25ft. We have a full size kitchen, living room and dining room but our bedrooms range from just ~80 square feet to ~120 square feet.
We chose to live small for many reasons, all of which are covered in the post, but one important reason was that it lets us save big. Our annual housing costs are approximately $15,000 lower than other family homes in our area.
Living small also allowed us to buy a house in a great location. This helps us save big on transportation every year.
In total, for both housing and transportation, our annual budget is only $13,220 per year.
When first buying a home it’s hard to comprehend the sheer number of new expenses there are. There are mortgage payments, home insurance, property taxes, maintenance, water, sewer, electricity and gas, just to name a few.
When coming from a rental you may be blissfully unaware of all the new home expenses that you now need to budget for.
These extra expenses are tied directly to the size of your home. A larger home means larger expenses.
Before purchasing a new home consider all the expenses attached to your decision. Buying “just enough home” is a great way to save money. Buying “too much home” can cost thousands per year in extra expenses.
This is one of the main reasons my wife and I live with our two daughters in a small 1,000 sqft bungalow. Although we could afford a much larger home we chose to purchase something much smaller…
Feel like it’s impossible to put together a down payment as first-time home buyer? Don’t despair. We’ve got some great tips to help you out.
With the average price of a home in Canada above $500,000 that puts a lot of pressure on first-time home buyers.
Putting together a 20% down payment means you need to scrape together $100,000 plus closing costs. That’s creates a huge barrier for many first-time home buyers.
Use these tips to help boost your down payment as a first-time home buyer.