Recently I read an article in the paper and it talked about how much better it is on utility cost to own a smaller home vs a bigger home - All I have to say is "common sense" The larger the home, the larger the utility bills.
The article stated that if you compared a 1600sqft home to a 3200sqft home the cost to heat the house would be double. As a result the utility bill would be more than double in the 3200sqft home as it would have more windows and doors.
-Hydro is subsequently higher i.e. it will take more light to lighten up the home at night.
-Property taxes will be higher as MPAC will use a formula (appraisal x mill rate) to come to the annual payments.
-Cost of Renovations would be more substantial due to the size, etc
On the flip side, A bigger home might be a better investment. The bigger home will be higher in bills but it might be more cost efficent. Here's why:
-We help many clients find a home where they can rent out a portion of the home to help pay the expenses.
-Annual appreciation will accumulate more on a larger home (i.e. at a 5% increase annually on a $400,000 home will go up $420,000 and a $800,000 home will go up to $840,000
If you are considering this option, we can help. Contact us today and we can discuss your options.