Tiny homes are a trend that can seem appealing from the surface. They tend to be cute and seem to be a cheaper option – but are tiny homes all they are cracked up to be? Below are 4 things you should keep in mind before purchasing a tiny home.
How Much Space do you Really Need?
Before purchasing a tiny home it’s important to really consider how much space you need in a home. Do you host frequent get-togethers? A tiny home may not be the best choice. Do you need an office to work or a hobby space that requires storage? Being confined to a tiny home may not be the most conducive. This isn’t to say you can’t find a tiny house with space for entertaining or a place to store your sewing essentials, but considering the amount of space you use on a daily basis is the first thing you should consider before purchasing a tiny home. Some tiny homeowners opt to rent a storage unit to hold seasonal items and other household or recreational equipment; it’s important to consider the cost of this storage in addition to the price of your tiny home.
Do You Own Land?
When buying a tiny home you should verify whether your tiny home comes with the land it is currently sitting on – they typically do not. If you do not have a place to park your tiny home you will need to look into purchasing a plot of land or shorter-term solutions. Tiny home communities, communities designed specifically for tiny homes, are popping up more frequently but they may not be in your ideal location. While one of the appeals of a tiny home is the ability to pick up and go when you want to it may not always be that simple. If you aren’t planning on keeping your tiny home on a permanent piece of land you will need to consider the price of parking when budgeting for your home purchase.
Will Your Lifestyle Change in the Near Future?
You may not be tethered to many things at the moment, but is that going to change in the next couple of years? A tiny home may not be the best option to raise a family or bring in a partner depending on the size. If you think your lifestyle may change in the near future, you may want to rethink a tiny home especially since the tiny home market is very niche, so it may be difficult to find a buyer when it’s time to sell.
Are You Prepared for the Cost?
There can be lots of hidden costs when it comes to any home, but with tiny homes it can be more deceiving since the cost of the tiny home may be lower initially. As mentioned, you should consider storage and land costs when purchasing a tiny home but there are some other costs you should also keep in mind. Tiny homes may require special homeowners insurance depending on the state you live in as well as if you will be traveling with your tiny home. You should also keep in mind that some mortgage lenders have square footage minimums, meaning you may end up paying cash for your tiny home. You also have to keep in mind that tiny homes may not be as popular in the future and therefore may not hold their value long term.
There is a lot to think about before buying any home, and it’s important you truly know what you are getting into before putting in an offer. If you still think a tiny home is the right decision for you we would love to help you find the tiny home of your dreams.