Perhaps you’ve been considering downsizing due to tight finances or maybe you’re a first time home buyer and you’re struggling to save up enough money to purchase your starter castle.
Rather than being depressed about the prospect of moving to smaller quarters, consider yourself very trendy indeed as you’ll be partaking in the new “Small Living” movement.
The new passion for small housing speaks to the desire to make a smaller footprint no only environmentally, but also financially. A smaller home can mean lower heating and energy costs as well as less time and money spent on maintaining a home and more time and money spent on who and what you love.
Consider this – according to the CMHC, the average size of a Canadian house in 1945 was just over 800 square feet and in 1975, it was 1075 square feet. In 2009, it had jumped to well over 2000 sq feet although houses started to contract in size in 2010 for the first time since the 40’s, mainly due to the credit crisis and the difficulties the housing market was facing at the time.
In addition, the average home in the UK would be considered miniature to most Canucks, coming in at 818 sq feet and in Japan, the small-home movement has a name: kyosho jutaku, which means “ narrow houses” in English. Check out some of these cool “micro homes” that have been squeezed onto corners and in back alleys on the street of Japanese cities.
As far as a mortgage goes, most lenders would prefer to lend on properties that are at least 600 sq ft, mostly for easier resale should they end up with the property. However, if the Small Living movement does indeed sweep the nation, it’s certain lenders will find a way to make exceptions.
If you’re considering living small – here’s a link to some big ideas about how to make tiny dwelling work for you!