Older homes were often built with the large families of the past in mind, but that rambling Victorian or sprawling ranch home can seem overwhelming for your family of two or three. Small families are also often on small budgets, so choosing a cozy, cost-effective home over a large and luxurious one makes sense. If you’re looking for a home that’s just the right fit, here are four of the most budget-friendly housing options for small families.
Apartment
Don’t think that apartments are just for students and singles. A nice apartment in a family-friendly neighborhood can be perfect for couples or parents just starting out. Look for good schools and amenities like swimming pools and playgrounds to keep your little ones entertained. Another advantage of apartment living is that your kids will always have other children nearby to play with.
Tiny House
Chances are you’ve already heard of the tiny house trend. Plans abound on the internet with everything from school buses to old shipping containers being converted into diminutive abodes. While these economical tiny homes can be cramped with a large family, your small family may find them comfortable and charming. These houses also make the most of their limited square footage with innovative features like loft beds, convertible furniture, and hidden storage.
Starter Home
A starter home is a small, economical home that’s perfect for couples or small families just starting out. Starter homes allow you to be a homeowner without paying for unneeded extra space. If you’re a first-time homebuyer, look for grants and loans specifically tailored to you and see if you qualify for the homestead exemption, which can save you a significant amount of money on your property taxes.
Duplex
Would you like to own a home that doubles as a source of income? Consider purchasing a duplex and renting out the other half. Half of a duplex provides plenty of living space for a small family, and many duplexes cost the same as or just slightly more than a single-family detached home. You can either rent your spare unit to another small family or furnish it and post it on Airbnb for short-term rentals.
Remember, you don’t necessarily have to live in a small home because your family is small. If you plan on your small family getting bigger, a house you can grow into may be a smart move. A larger home also gives you plenty of room for pets, guests, or aging parents.
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