If you are looking at building designs for a new home but can't quite get the numbers to add up for a larger home design, bear in mind that you can save money with a larger home. Here are some ways that you might be able to save money if you have extra space at home. Here are a few ideas.
Saving money on business premises
If you are currently paying for a separate business facility for an owner operated business, you might be able to save money by running your business from home. This is generally more successful if you have a space that has some separation from the house. as it allows you the focus and quiet to work on your business.
You may be able to charge your business rent for the space you use in the house and tax deduct a portion of the mortgage interest against this money, but this can interfere with your ability to claim the full capital gains exemption for your home if you sell. It's a good idea to get tax advice if you do go down this path.
Saving money on rent for dependents
If you have a dependent child in a student residence or a parent in an assisted living facility, you may be able to bring them back to your home with a large enough bedroom and living space. The extra cost of the mortgage is often much lower than the cost of maintaining a separate rental facility for your dependent.
Saving money on storage spaces
If you currently have a storage space crammed with all of the bulky goods that you can't keep at home such as surfboards, ski equipment or camping gear, a larger home can often be a great solution. It can be inconvenient needing to travel to get those items and much easier if you can store them at home in a spare room or garage.
Saving money on food
If you currently hate the job of cooking because you have an unattractive or hard-to-use kitchen, you may be spending more money that you intend on takeaways and restaurant meals. Having a well-designed kitchen can turn your kitchen into a place where you enjoy spending time (or at least somewhere you are happy to regularly cook dinner).
The right house can help your home better fit your lifestyle. Having a home that is a good fit for your lifestyle can often help you save money as you don't need to work around issues in the home. Keep this information in mind as you discuss potential house designs with your home builders.
