New Homes – The Bigger the Better?
The elderly father of one of my good friends once said to me, “People should buy as much house as they can afford.” In other words, the bigger, the better up to the maximum you can afford in monthly payments. I suppose this thinking makes sense from an economic perspective because a home is good place to put one’s savings. It’s a stable investment and comes with a mortgage interest deduction on income tax assuming you have a loan on the property. Real estate developers, agents, and lenders are pleased that many people embrace this positive outlook as it means more dollars in their pockets. But from an environmental perspective and especially with regard to the climate crisis, it’s a rotten idea. People need a place to live but do they really need the largest house they can afford? Consider the following contrasts between a “McMansion” and a modestly-sized home: - It takes more energy to heat and cool it and often that energy comes from greenho...