Should You Buy a Tiny Home?

The tiny home craze has taken off in recent years. For people who want a very specific type of lifestyle, a tiny home could be a good deal. However, tiny homes aren't right for everyone. If you're in the market for a tiny home, here's what you need to know about this kind of property.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What is a Tiny Home?

The definition for what constitutes a tiny home may vary state by state, however, typical tiny homes are typically standalone properties between 100 and 400 square feet. They are often mobile, and are delivered to their site on a trailer.

Are Tiny Homes a Good Investment?

When a person buys a traditional home, they can expect it to go up in value over time. Even as the house experiences the wear and tear from human inhabitants, they become more valuable because future people need homes as well.

Tiny homes are not like traditional homes because they are typically mobile. As a piece of mobile property, they depreciate in value over time, much like a car or an RV. However, sometimes tiny homes can offer a return on investment that can make the purchase of the tiny home worthwhile.

For example, a tiny home can become a rental property, like a cabin for weekend visitors or a budget home for a small family. While the home may not have very good resale value, it can still be kept up for tenants and can generate income.

What Are the Benefits of Tiny Homes?

Even for a person who is not interested in renting out their tiny home, there are many benefits of owning a tiny home.

• Easy to clean and maintain. Less space means less to clean and maintain.
• Small spaces can be zen-like. Many people who purchase tiny homes do so because they want to live in a simpler, smaller space.
• Fewer bills. Tiny homes cost less to heat and air condition, and many tiny homes are purchased outright, so they come with no mortgage. Tiny house insurance will most likely also be less than an average-sized house. 
• Environmentally friendly. Because tiny homes use less energy, they have a smaller carbon footprint than many other types of homes.
• Mobility. Tiny homes on trailers can be moved from one plot of land to another, as needed.

Is a Tiny Home Right for You?

Not everyone can live happily in a tiny home. Because they have so much less space than many other types of homes, tiny homes represent a change in lifestyle. People who are likely to enjoy living in a tiny home are people who want to take action to protect the environment, people who have small households, and people who want to cut back on their number of material possessions.

People who have many children or who need a lot of indoor space in order to engage in their hobbies may not enjoy tiny home life. People who live alone often find tiny home living easier than people who live with more than one person. Those who live in close quarters in a tiny home must have excellent interpersonal communication and must often share the same values, to avoid arguments.

Contact a Real Estate Professional

If you're thinking about making the change to a tiny home, talk to a real estate professional. A good real estate agent can help you find the right plot of land for your future tiny home. There are many things Alexandria South homeowners need to consider when purchasing a tiny home, including zoning and permitting issues. Your real estate agent can help you weed through these issues to buy a home and plot of land that will meet your needs.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.