Many of us have contemplated about downsizing our homes at one time or another. Yet, maybe not to the extreme degree that a tiny house can bring. Sure, a tiny house has its perquisites like less initial expense, lower maintenance costs, insurance, and taxes, going green and potentially the freedom to move easily to a new location. However, it also comes with a completely different lifestyle than most of us are accustomed to.
Living in smaller spaces has become a pattern in housing with various companies and sites that specifically deal in the thriving small home industry. Commonly alluded to as micro-homes, tiny homes offer a simpler lifestyle that is often free from the budgetary weight of a monthly mortgage payment. With 76 percent of Americans living from one paycheck to the next, the opportunity that tiny homes present can be very intriguing.
Millennials are the primary driving force in the tiny house movement as they seek an affordable housing option while paying down student loans and credit card debt.
Here are a few pros and cons of tiny home living.
Temporary vs. Permanent Structure
Since the idea of tiny home living is so new, numerous cities and States across the United States are uncertain of how to handle them. Local zoning laws, taxes and land use codes are all factors that each city must settle when dealing with small homes. The fundamental issue that numerous towns and cities have found is that in light of the fact that many tiny homes are built on a trailer chassis they can be governed as recreational vehicles as instead of a permanent structure.
Flexible Use a Tiny Home
While some tiny homeowners utilize them for their primary residence, others offer the use of one for rent or as an extra guesthouse for caregivers or houseguests. On the other hand, some tiny home, homeowners place it on a vacant lot that they intend to build on someday and use it as a vacation retreat.
Reasons to Buy a Tiny House
Are you wanting to simplify your life or lower your monthly expenses? Maybe you're looking to reduce your dependency on your job? If so, a tiny home may be the answer for you and your family.
Below are the benefits of owning a tiny home.
Less initial cost
A tiny house is obviously smaller than a traditional home. There are less materials and labor required to build it because of its size. Since tiny homes often have the vast majority of the features a traditional house has (kitchen, plumbing, roof, and flooring) the price per square foot is usually more expensive. However, since the overall size of the house is so much smaller, the overall price is only a fraction of traditional homes.
Less energy consumption
Tiny homes require considerably less energy to heat and cool simply because they have substantially less interior air space. Since many tiny homes are on wheels, a tiny house owner could move their house under a large tree in the summer, and out into the sun in the winter.
Another use of energy is your own energy consumption. Solar panels, wood stoves, wind turbines, compost toilets, the list goes on. When in smaller spaces, one has to be creative with ways to minimize everything.
Less water consumption and trash
If you have a little shower and small hot water heater, odds are your showers will be a lot shorter. If you have a small trash can, chances are you will generate less trash. Using less water and producing less waste is both good for the environment and your wallet.
Less cost for repairs
Repair costs for your tiny home are simply only a question of arithmetic. The cost to replace the roof of a 2,000 square foot home will be a lot more than the cost of a 300 square foot home as it requires less material, and less labor.
If you have a small pantry, you will have a small amount of food in your house. If you can look through your kitchen window and see fresh vegetables growing in it, you will spend less on produce.
Since the value of your tiny home and land it resides on is less valuable (assuming you choose to buy your land rather than lease) your tax bill will be smaller. The savings can go towards investments, retirement, and college for your children, vacations, or charitable donations.
Less interest paid
When you buy a home, initially you pay more towards interest than principle. This is typical for a 30 year home loan. Most tiny house owners elect to pay cash for their tiny house or elect to pay it off quickly, thus maximizing the cost savings.
Tiny home living is not for everyone, however it can be a great solution for some. Being informed and weighing both the pros and cons to tiny living before making the leap will help set you up for long-term happiness and success.
My question -- could YOU live in a tiny house? Need some inspiration? Here are the best tiny houses of 2017 by Country Living.
Until next time,