Tiny homes are the newest fad that homeowners are falling in love with. A tiny home is exactly what it sounds like: a home that is tiny. In order for a home to be considered tiny, it needs to be less than 600 square feet. Most tiny homes are 400-600 square feet, but some can be as small as just 160 square feet. While tiny homes may sound great to some Auburn Bay home buyers, tiny homes come with a lot of risks. Here are some of the most important factors buyers should consider before deciding if a tiny home is right for them.
Tiny Homes are a Fad
While being a fad isn’t necessarily a bad thing, for tiny homes, it means no one can be sure of the future market for tiny homes. However, there’s a chance tiny homes could become more and more popular as time goes on. There’s also a chance the opposite happens, and homeowners are left with tiny homes they can’t sell. When a homeowner purchases a tiny home, they’re taking a risk, and they need to understand this before making the purchase.
Tiny Homes are Difficult to Sell
Buying and selling homes is a fact of life. However, it’s more difficult for the owners of tiny homes. Because tiny homes are such a niche interest, there aren’t many of them out there. If a homeowner decides they need more living space and need to sell their tiny home, the market isn’t going to be large. Not only that, but all buyers have different wants and needs in a home, and when the home in question can cost as little as $30,000, there isn’t much stopping them from having a home custom built. Buyers interested in a tiny home need to be prepared to potentially have a home they can’t sell.
Living in a Tiny Home is Difficult
People interested in a tiny home probably already know this going in, but tiny homes can be difficult to live in. The quarters are close, and if there are multiple people living in the home, privacy is going to be scarce. Tiny homes also don’t have plumbing, so using the bathroom is going to require a specialized toilet, which requires the homeowner to do the dirty work when disposing of their waste.
Plus, tiny homes can be set up in a way that in order to get to bed, they need to climb a ladder to get to it. If something happens and the homeowner hurts their leg and can’t climb the ladder, they need to find somewhere else to sleep. Living in a tiny home can be physically demanding, and buyers need to be ready for that.
Getting a Tiny Home Mortgage is Difficult
Because tiny homes are so inexpensive, many mortgage lenders won’t agree to lend money for one. This is because most lenders have a minimum amount of money the buyer needs to actually borrow. A high-end tiny home may be enough to get a mortgage, but buyers will need to finance the less expensive ones on their own. Other lenders may not even allow mortgages on tiny homes at all if they’re built on a trailer, which many are.
Tiny homes are fun and cute to look at online, but a home buyer needs to consider seriously if it’s the right choice for them. Home buyers should only buy a home if they’ve weighed every pro and con and decided a tiny home suits their needs.