Should You Consider a Tiny Home?
Over the past few years, we’ve seen a large uptick in the trend of “tiny homes”. To some it may seem crazy to live in such a small space – typically less than 400 square feet – but there are quite a few benefits that could have you considering this option for your next house.
Cheaper Housing Expenses
For many people, the cost of building a tiny home may be much more attainable than purchasing a more traditional house. Tiny Homes come in at an average of $30,000 – $60,000 (but can go all the way up to $180,00 for more luxurious models). Even after the initial purchase price, tiny home owners typically see long-term savings due to much cheaper utility costs.
Smaller Eco- Footprint
Compared to a traditional house, tiny homes require significantly fewer building materials and use less water and energy to power things like appliances and AC. One recent study found that those who had recently downsized to a tiny home had reduced their ecological footprint by up to 45%! Additionally, a small home means less room for stuff – living in a tiny home could help decrease unnecessary consumerism by residents.
Less to Clean
With only a few hundred square feet, a tiny home can be tidied up in a fraction of the time that it takes a traditional home. There’s also less chance for clutter to build up. So by making the switch to a tiny home, homeowners can effectively have more free time that would have been spent cleaning in a regular house.
What About the Downsides?
While there are some major benefits to downsizing, a tiny home may not be the right choice for everyone. There are definitely some cons to living in such a small space that would need to be considered.
- It may not be possible to get a mortgage for a tiny home as lenders tend to be wary about financing such a small amount. And if your home is on a trailer or moveable base (like many tiny homes), then it may not be considered “real estate” at all and a mortgage might not be an option.
- Many cities and towns have regulations on minimum home sizes, so finding a place to build your tiny home may be difficult.
- Unlike a traditional home, most tiny homes will actually lose value over time. So if you ever decide to leave your tiny home, you’re likely looking at a less than stellar resale value.
So if you’re ready to downsize your home and eco-footprint, a tiny home could be a good option to consider. However, keep in mind that you will be giving up many of the luxuries and financial benefits that come along with traditional homeownership.
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