Tiny houses are an affordable abode for Millennials, a downsizing solution for seniors, and the new trend in vacation rentals. It’s the home building trend that’s sweeping the nation, promising to overcome housing shortages, and inspiring HGTV shows that make it look like the ideal living situation. But real estate agents know better.
We know every type of residential property has its pros and cons, even the quaintest of tiny homes.
Pros of Living in a Tiny Home
Many of the tiny living converts will talk your ear off about all the ways their life has become richer after purging their material possessions. Tiny living is generally:
1. More affordable
Tiny homes can be expensive if you go all-out with high-end building materials and amenities, but on a whole they’re much more affordable. The Spruce estimates tiny homes cost about $60,000 on average . The median price of an existing traditional home is currently $243,400.
2. Mobility
Many Millennial digital nomads see a portable tiny home as a huge plus. People that want to move around before setting down roots will find that a tiny home is a more livable than an Airstream.
3. Smaller eco-footprint
Environmental advocates enjoy that a smaller living space equates to a smaller eco-footprint.
4. Quicker to build
Because of the scaled down size, tiny homes tend to be built faster than a conventional home. You can even find builders that offer customizable prefab designs that can be built in a few weeks.
Cons of Living in a Tiny Home
A recent survey from Trulia reveals that tiny home regret is growing. Another survey from the National Association of Home Builders found that 47% of people aren’t open to the idea of tiny living. No matter how much money you save and how much you reduce your eco-footprint, sometimes the reality of living in a home under 600 sqft. isn’t all it’s cracked up to be.
1. Less personal space
In Texas where everything is bigger, making the transition to a tiny home may not be so easy. Living with another person (or people) significantly cuts down on personal space.
2. Less storage space
What’s the number one thing homeowners wish they had more of? You guessed it - storage space. Something you won’t likely get with a tiny home.
3. Hidden costs
Tiny homes may be more affordable, but there are hidden costs to consider. A few of the big ones are cost to transport, renting a lot or RV space, connecting utilities, and lower resale value.
4. Tiny homes may not abide by codes and laws
Before you decide to buy or build a tiny home, check the local codes and zoning laws. Many cities haven’t updated the codes and laws to include tiny homes.
If a client thinks they’re ready to become a resident of Tiny Town, USA you’ll want to go over the pros and cons first. It may change their lifestyle for the better, or it could lead to a lot of space frustration.
Images from Forbes and The Spruce