The tiny house movement has motivated countless people to approach home ownership from an entirely new perspective. In the past, many would-be property owners prioritized size over anything else when looking for the ideal home. While a spacious property has its benefits, a more compact home can offer a range of unique advantages. With a smaller home, you can spend less time cleaning and organizing, and more time enjoying your life.
Plus, you may find that you can enter the property ladder much faster by purchasing a converted RV, or a smaller house. Still, if you think a tiny home might be right for you, there are a few points you’ll need to think about before jumping into an investment. Here are three of the most important things to consider before you buy.
How Will You Finance the Purchase?
The first and most important thing to think about is how you’re going to buy your new tiny home. Unless you’re lucky enough to have a robust savings account, you can tap into for your purchase, there’s a good chance you’ll need to borrow some extra cash. Since many lenders are hesitant to finance tiny home purchases with a traditional mortgage, you may need to consider other options.
A personal loan could be an ideal way to access the finances you need, without having to worry about mortgage agreements. You may find you can even pay your personal loan off faster than a traditional mortgage, which means more income in your pocket long-term.
What Type of Tiny Home Will You Buy?
The tiny home movement covers all kinds of properties, not just miniature houses, or apartments. A tiny home could be a converted van, an RV, or even a boat docked at a local marina. Before you make your decision, it’s worth doing plenty of research. Ask yourself what kind of décor aesthetic you want from your home, whether you want to build your property yourself or buy it outright, and even whether you want to be able to move around and travel in your home.
If you’re not sure what the pros and cons of each type of property are, take some time to look at articles online, or speak to other tiny homeowners. There are even amazing documentaries available on video sharing sites that can help you.
Are There Any Extra Expenses to Consider?
Finally, remember buying a tiny home doesn’t always mean just finding the cash for the property itself. There are items to complement your tiny home that you might want. Plus, you may need to pay for specialist insurance, or furniture to go into your home. You might want to purchase generators and solar panels to help you access energy away from a standard grid system.
Another point to consider is whether you’ll need to pay for land. If you’re using an RV or van as your tiny home, then you may need to pay a fee to regularly park it in a residential area and access any available amenities on site. Doing your research into these expenses ahead of time will help to protect you from any nasty surprises.