Opting for a smaller home: How can home ownership influence your happiness
This article explains the benefits associated with living in a smaller home as well as explaining the expenses derived from homeownership.
A smaller living space entails less space for everything, including, less mess, less dirt, less electricity spending, less water spending, less gas spending and less mortgage!
Lack of space is not an issue to live happily and contentedly at home. Owners shall be resourceful and tidy, but living in a smaller home surely has its advantages, it is even said that people are happier in smaller homes. Small homes solve the basic needs of man and many people prefer to buy just enough, only what they need and get away from consumerism and the tendency to have more and more.
Are you struggling to decide whether to move to a big house or a small house? Read this article to find out how small houses are also very appealing.
- Benefits of living in a smaller home
- Expenditures of home ownership
Benefits of living in a smaller home
One of the most obvious benefits of living in a smaller home is that the smaller the home, the less things there are that need maintenance. Kitchen, bedrooms, living room, swimming pool, garage, veranda, garden, bathroom, basement etc.. As well as all the objects and furniture that are stored in each room. Between the cleaning, the maintenance of the garden and the storage spaces, keeping eveyrthing organised can become quite a burden.
Fixed expenses are logically lower, living in a small house allows its owners to control the heating and air conditioning costs more. Also in water and electricity consumption. In addition, the investment owners make in a smaller home will generally be lower.
A cheaper house has a cheaper rent or mortgage, which also entails a lower house insurance.
As well, any reforms that the owners may consider for their small home will be cheaper and more economical given that it has less material.
Another benefit is that decorating a small house is easy, as it is smaller, only a few pieces of furniture will do for your house to feel like a home. There are fewer spaces to fill and decorate, whereas, in a bigger home, sometimes owners have to fill empty spaces, buy things that are not necessary. Not to mention that when the time comes to repaint a wall or redecorate, it will be much easier to achieve a harmonious decoration. If you wish to know more about how to make your house feel like a home, you can read about it here.
In a small house, it is all the more important to be tidy. Owners may look for storage solutions in order to not accumulate for the sake of accumulating. Owners shall get rid of what is not being used and thus, have a more organised home, which also has an impact on the owners' happiness. Opting for a smaller home will force the owners to de-clutter and optimise the living space.
In a small living space, every decision taken regarding the interior design will have a direct impact on the daily atmosphere and functionality of your space. Indirectly, owners can control their mood and happiness as they can control the atmosphere of the house and play with it more easily.
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Expenditures of home ownership
Within 30 days of signing the notarial deed of sale, the new owner must pay the Property Transfer Tax to complete the transfer of ownership. The amount varies according to each autonomous community and can go up to 11% of the value of the propeerty. The notary's fees shall also be paid, which amounts approximately to 1% of the price of the property, this fee includes the registration fees paid by the notary's office.
But do not worry, if you are the winner of our house raffle, Cloverhut will cover all the expenses related to the transfer of property!
After these fees, the buyer becomes the owner, however, he is not free of expenses. What happens if you own a property in Spain but you do not reside there? The tax residence of the owner will determine whether the tax return shall be paid. If the owner stays in Spain for more than 183 days during the calenday year, or if the main centre of the economic interests and activities of the owner are established in Spain, then the tax return must be submitted there.
Every home owner in Spain is subject to three different kinds of taxes: Property Tax, Non-resident Income Tax and Wealth Tax.
Property tax is included in the Spanish local tax system and taxes the value of the property, which can be either urban, rustic or showing special characteristics. These taxes are collected by the town hall of the municipality where the property is located.
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