6 Ways To Know Whether Tiny House Living Suits You (and Your Budget)
Tiny home living has increased in popularity over the last few years as real estate prices have skyrocketed. Some people want to reduce their carbon footprint by reducing their energy consumption. Others are looking to embrace the minimalist lifestyle to have more money for other areas of life.
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A tiny home can be a custom-built unit you place on a plot of land, an accessory dwelling unit (ADU) attached next to an existing house or an RV you travel in. These tiny homes can vary in size from 150 square feet to 1,200 square feet, depending on the setup.
If you have considered downsizing your lifestyle to live in a smaller space, here are six signs that tiny house living might suit you and your budget.
You’re Tired of Your Hefty Real Estate Expenses
“Tiny homes would always be a great idea for individuals who are both unable to bear the financial load of a mortgage and are equally tired of having to pay rent on a property they have no claim over,” said Rinal Patel, a real estate professional with We Buy Philly Home.
With higher interest rates, people are spending more on mortgage payments and rent. This could get frustrating, and you may be looking for alternative living options to add some flexibility to your budget.
According to HomeAdvisor, you can purchase a typical tiny home for $30,000 to $60,000. You also can reduce your fixed monthly expenses by no longer having a mortgage to worry about and all of the other costs associated with living in a larger space.
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Here are some other ways you can save money by moving into a tiny house:
Less time spent on yard maintenance. You won’t have to spend your free time worrying about working on your yard or trying to complete DIY projects.
You could sell your high-ticket items to downsize. When you move into your smaller place, you could sell your couch and other bigger items that wouldn’t fit into your new place.
Less money is spent on stuff. Since you won’t have much space in your tiny home, this will force you to cut back on spending money on items for your place.
Lower utility bills. You won’t have to spend as much money on heating your place and other utility bills that sneak up in a larger home.
You Have a Plan for Your Savings
The money you save from reducing your monthly living costs could be used for other areas. If you have a plan for your savings from downsizing, then you’ll likely want to make the leap. It’s not uncommon for people to move into tiny homes so they can travel more or perhaps even quit their jobs so they don’t feel tied down.
You’re Ready To Downsize and Embrace Minimalism
If you feel you have too much clutter and are holding on to too many items in your current home, you might be ready to downsize. If you’re at the point where you don’t want more space and don’t want to be spending your money on stuff, it’s likely a sign that you would enjoy tiny house living.
While minimalism isn’t for everyone, it could work out for you if you’re at the stage in your life where you value experiences over possessions.
You Want To Cut Back on Energy Use
“Living in a tiny house means less energy usage and fewer utility bills to contend with,” Patel said. “So, if the plan is to live a more budget-friendly and budget-conscious lifestyle, then tiny house living is certainly right for you.”
You can reduce your carbon footprint by moving into a tiny home that’s more energy-efficient than your current residence.
You also can consider other environmentally friendly modifications like installing solar products or gardening. Living in a tiny home that you built is an ideal way to be more environmentally conscious of your lifestyle.
You Have a Plan for Your Location
One of the main perks of tiny house living is that you can decide where you get to live. You can purchase a small plot of land somewhere or invest in an RV to be mobile. If you have a plan for your location or want to be more mobile, then tiny home living could suit you since you won’t be stuck due to hefty mortgage payments.
The reality is that owning a home or paying expensive rent will hold you back and limit your mobility. If you want to travel more or become more mobile, then that tiny house could provide you with that flexibility. For example, many families will move into RVs so they can go exploring the country. There are numerous campgrounds across the country that are ideal for families, and you could show your children a different way of living.
You also could have a dream location in mind that’s a bit out of your price range. While you wouldn’t be able to purchase a traditional piece of property, you could buy a small plot of land where you set up your tiny house.
Your Family Gets Along Well
If you’re going to live with a family in a tiny home, you want to ensure you can get along well in a tight space. When you move from a house to a restricted living space, you will often be around each other. If your family values time spent together and you have activities that will keep you occupied, you could benefit from downsizing to a tiny home. If you don’t do well in tight spaces or if everyone wants their own space, you may want to reconsider this move.
Final Thought
It should go without saying that tiny home living isn’t for everyone; but, if you’ve been thinking about making the move, this could be the sign you need. If you’re ready to embrace minimalism by owning less stuff and focusing on experiences, you may be ready for tiny house living. The good news is that you can customize your living space since there are more options for this alternative living arrangement now.
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This article originally appeared on GOBankingRates.com: 6 Ways To Know Whether Tiny House Living Suits You (and Your Budget)
