The tiny home movement that was sparked off by the Great Recession and made popular by people seeking to cuts costs of living significantly has become a movement worldwide. Compared to a conventional house, building and living in tiny homes can be far less expensive even when maintaining an uncompromised standard of living. A quick look at how tiny homes can save you lots of money that you can invest to secure your financial future:
Save On Buying Land
Irrespective of whether you are looking to build or buy a home, buying the land is invariably a costly affair. It is quite common for the owner of tiny homes to take on rent land owned by family and friends or even properties that have an existing accessory dwelling unit agreement that permits building a second home on the property. You can also exercise the option of putting your home on a trailer and use low-cost RV parking lots and camping grounds, many of which are increasingly allowing long-term parking for mobile homes at very reasonable rates.
Save on Building Costs
Buying a house in America, according to an https://www.census.gov report in 2017, costs averagely $385,200 and building one $286,909, in addition to the cost of the land. In stark contrast, even a professionally-built tiny home, including all amenities but without the land, costs a relatively paltry $59,884. However, it can cost less than half that if you undertake a DIY job, which is quite easy considering that plenty of construction companies offer a large variety of floor plans as well as itemized lists of materials required. Of course, buying a pre-built tiny house is far more convenient as the home comes fully-built, customized according to your needs and equipped with all appliances, electrical wiring, and waste disposal.
Save On Loans
Mortgages are invariably required for traditional houses and you could be spending an additional $300,000 in interest on the $385,200 the average house costs. With the average tiny home costing in the range of $20,000 to $60,000, the saving can be immensely appealing even after accounting for land rentals or camping ground charges and trailer upkeep. If you need a loan, you can consider a personal loan from a private lender that will give you the benefit of competitive rates of interest and the convenience of not having to offer any collaterals due to the unsecured nature of these loans.
Save On the Utilities
Even if you are plugged into an existing grid, the significantly smaller size of the home means that demand of utilities like power, water, and waste disposal is also less. If you do decide to go off-the-grid, you can become self-sustaining by generating your own power, water, and arranging for waste disposal. Not only can you slash the cost of utilities but also play your part in reducing ecological footprint.
Choosing to live in a tiny home can be extremely cost-effective and can potentially save you thousands of dollars every year for the rest of your life when compared to conventional housing. You also end up being closer to nature and have the flexibility to travel all over the place without lacking the comfort of your own home.