Is a Tiny House Right for You?
If you’ve watched television shows on HGTV or read home decorating and architectural magazines, you may have heard about tiny houses. People looking to downsize and simplify their lives may find these cute little abodes appealing. Before you jump into this dollhouse-sized home, you should consider all aspects of the change.
Living Debt-free
According to one study, about 68 percent of people who own tiny houses have no mortgage as compared to almost 30 percent of traditional homeowners. The average size for a tiny house is 186 square feet.
Research shows that the average owner of a tiny house is over the age of 50 and has a graduate degree. They make more money than the average homeowner, so cost is not the only factor in buying a tiny house. More women than men choose to buy these adorable properties.
Because these homes are more affordable, people often choose them so they can focus on paying off other debt with their income. They are less stressed and have more free time because they don’t live with a big mortgage. This change allows them to pursue other goals, such as becoming self-employed or spending more time with family.
The Downside of Tiny Houses
Not everyone will be able to live in such a small space. Even if you believe it could fit your lifestyle, you have to find a place to put the tiny house, and a way to pay for it since most banks won’t provide loans for these properties. There are also codes and regulations for this type of property, and it can be difficult to find a place where you’re approved to live. As tiny houses grow in popularity, these problems will change.
Perhaps the biggest barrier to living in one of these properties is your own fear. Could you give up all of those “extras” you’ve come to love in exchange for a less stressful life? While many people would say “yes,” the reality is far different from the idea. Choosing a tiny home requires a major change in lifestyle, and one not everyone is ready or willing to make.