10 Ways Tiny Living Saves Cash
The tiny house craze has swept our nation over the last decade and beyond, with states and municipalities jumping on board legalizing tiny homes on wheels and ADUs (Accessory Dwelling Units). Though some report an increase in building costs, tiny home dwellers are still finding a much lower cost of living over the average American apartment rent or home mortgage in most cities.
Build Cost
Since the average square footage of a THOW (Tiny House on Wheels) is between 120-250 square feet, the size of the build reduces your overall expenditures automatically. This allows you to place budget item lines in for better appliances or upgrades you might not have traditionally been able to afford.
Lending
In the long-run, you are saving heaps of cash on interest as many lenders choose a 15 year option or even less since the average cost of tiny homes are much less than a traditional house.
Purchase Parts
Unlike with a traditional home build, you are able to start by purchasing a solid foundation by getting a certified tiny house chassis for the build. This way, even if you choose to build your own home, you will save money while building safely.
Including Design
Expert builders offer a completely custom design and build experience from the consultation to the day you leave with your keys in hand. Unlike an apartment, the tiny home experience allows a client to design, build, and buy the home of their dreams, and the design process is part of your quoted price.
Potential Partial DIY
Another option to consider is to purchase a tiny house frame that is part of a kit that you can assemble yourself. This saves money, time, and frustration for the beginning of a build.
Maintenance and Repairs
Since the size of the home itself is so much less square footage, the amount of things to be broken is less and should something major occur, the financial output to repair and overhaul things would be minimal.
Utilities
Since you have less space, you use less power. This means the combined cost of utilities for things like propane, electricity, water, and trash are reported between $50-$250 per month, depending on household size and location. This is well below the national average.
Monthly Payments
Tiny home buyers who financed their tiny house still report their monthly cost of living in the range of $450-$1100 per month. This means that the overall cost of living for tiny home owners can remain less than 50% of the cost of the average two-bedroom apartment in the city and even less compared to the median homeowner monthly costs.
Parking
Many tiny dwellers report bartering with landowners with work for rent systems where they tend farms, gardens, help with upkeep or landscaping, or other odd jobs in exchange for the ability to park their tiny home on the property for free or a reduced payment. Unlike an apartment, the tiny community is filled with pioneers willing to accept work as payment.
Land and Taxes
Tiny home dwellers who own their home as well as either owning their own land or are parking in or near the city on agricultural property have more room to roam—usually well over an acre. All of this comes without property taxes for the house itself, since it remains on wheels.
Is it possible that tiny houses could be the answer to those dreaming of living in a booming metropolis without the price tags that comes with it?
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