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The Tiny Home Trend – Things To Consider

As pricing for home purchase or renting a home or apartment have continued to rise over the past few years, many potential buyers are turning to the Tiny Home Trend as a more affordable alternative.

The trend is growing and with new efficient design techniques they are very livable and fun!  These tiny homes are not the traditional “granny flat” that is built with the same stick and brick of the main house. Similar to a travel trailer, tiny homes are built with wheels for ease in moving  them from location to location.

Sounds fun and affordable! Before you start drafting your plans, here are several topics that you will need to research about making the move to a Tiny Home:

  • Cost – It is true that the total cost to buy or even build a tiny home is much less than other options, but it is solely because they are so small.  If built to code and solid quality, when you factor out the price per square foot you often will find it to be similar to a traditional home or condo.
  • Parking – Before you get too excited about parking your tiny home on your families backyard, you need to check with local code enforcement agencies to see if they allow it. And you will need to factor in the cost to provide electric, water, and sewer to your intended parking spot.
  • City, County, State Code Requirements – Due to the additional stress on infrastructure to support the addition of tiny homes on a property, many government agencies are adopting ordinances that prevent living in a tiny home or recreational vehicle while it is parked on an existing residential property. And in those areas that do allow them, there are fairly strict building code requirements. The penalties for violation of these ordinances are high, so it is important to understand your local ordinances before you make your decision.
  • Licensing – Most tiny homes are mobile which puts them into the category of a recreational vehicle, which requires you to have it  licensed and insured.
  • Financing – Tiny homes do not qualify for traditional home loan mortgage rates as they are considered either mobile homes or recreational vehicles, depending on how they are built. You need to be prepared for higher interest rates on your tiny home financing. Lenders that offer financing for traditional mobile homes or recreational vehicles are resistant to financing tiny homes. You may find that you have to acquire a personal loan to build or buy your tiny home. 

If your community supports tiny homes, this small space living is a great way to save money and simplify your life.

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Notary Near YouThe Tiny Home Trend – Things To Consider

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