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May 01, 2019

Tiny Living

A new trend emerging among homeowners is tiny living. Luxury housing in a compact trailer home offers financial freedom and mobility. Tiny houses are popping up all over the United States, and they even have a show dedicated to them called Tiny House, Big Living on HGTV. Tiny homes have many pros and cons that need to be considered before buying a tiny home, but it might be the perfect option for you.

Pro: You Save Money, Lots of Money.
The average tiny home costs between $20,000 and $80,000. It is completely up to you on if you want to build a custom one with all the bells and whistles or build it as minimal as possible. You can save a lot on utilities, mortgage and general upkeep on a tiny house because they use so little resources and space. You also become a more conscious spender. Everything you buy you have to decide if it fits or if you actually need it because there is little room for anything else. The main thing about tiny living is that it forces you to downsize most areas of your life.

Con: There Still Are Hidden Costs
You can forget about getting a mortgage loan for these houses. They don’t qualify as a house so some people just build them with all cash. You can also take out a personal loan but there might be higher interest rates. But even though the bank doesn’t recognize them as a house, you still need to purchase insurance on it. If your tiny home is on wheels it can be recognized as an RV and you can get RV insurance. If you have a small foundation, then you might be able to get it certified with the NOAH (National Organization for Alternative Housing) and it will be easier to get in insured through another company. If your home is custom built to fit your needs, then the resale value won’t appreciate like normal houses. Zoning laws also make it very hard to settle down and it can be very difficult to find a place to put your tiny home, even if you own the land you are setting up on.

Pro: It is Great For The Environment
Many tiny home dwellers move into small homes not only to save money but to have a more positive impact on the environment. Because tiny homes use less electricity, water, and gas they emit less carbon dioxide. They also let you see more of the environment. Many tiny homes that are on wheels let you travel around the country like you would in an RV. If you want to lead a nomadic lifestyle and your job lets you work from home then a tiny home might be the perfect way to balance luxury with efficiency.

Con: It is a Very Tiny House
200 square feet can feel claustrophobic, especially when you live with other people. One little mess in such a small space will add up fast, and you are always in the same space as someone else. Your bathroom is standing room only, and the loft bed can be very hard to make without standing up. You won’t have space to cook and the fridge can hold the bare minimum. When moving in, you will either have to store or get rid of a lot of stuff to fit everything.

The bottom line is that tiny living might not be a solution for everyone, but it might be the perfect solution for some. People love the fact that they can live debt free and can travel around, but it might not be as easy to just buy a small home and set up where you want to. In St. George, UT we have a company called Zion Tiny Homes that customs build tiny homes and they have the option to let you rent a home before you buy one so you can be sure about moving into a small home.

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