Go big or go home. To your tiny home that is. There is a new social movement gaining popularity across the U.S.
The tiny house movement has picked up traction, even gaining media attention through HGTV television shows such as Tiny House Hunters, Tiny House Builders and Tiny House, Big living.
So, what’s up with tiny houses and why is everyone talking about them?
Imagine moving you and your family from your average sized 2,600 square foot home, and downsizing to a house no bigger than 400 square feet! Sound crazy? Well people are taking the leap and living compact lives as a means to save money.
These costs savers may seem like an appealing option, and for some may be a great alternative depending on their circumstances, but tiny houses have some very distinct drawbacks as well.
Ok, tiny homes are absolutely adorable, we can all agree on that, but they’re not exactly the easiest investment to undertake. For instance, while buying or building a tiny home may be relatively cheap, without land to park your new abode, you’ll run into some legal trouble. Purchasing land isn’t the cheapest when you add in sewage and water management.
Another practical drawback of living tiny is, unless you’re single, you have to be in close proximity to whomever you live with… all the time. Even the best friend and familial relationships can use a little space and alone time.
Lastly, unless you have $23,000 at your disposal, you must figure out how you intend on financing your small dwelling space. Mortgage lenders require a minimum amount in order to lend money, and tiny house values are often too small. Not to mention, the home regulation requirements your house must meet need to be up to code. Personal, secured or unsecured loans may be an option but they can be costly.
All in all, the Tiny Home popularity has increased and they may create great possibilities for those who aren’t quite ready for homeownership, but as with most things, there are pros and cons.