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Day by day, the housing costs are rising. So, people will surely be looking for alternative ways of householders. That is where the tiny house movement comes. In fact, it is an architectural and social movement that supports living more sustainably in little areas.
Nowadays, a lot of people are finding tiny houses as a great option to own a house of their own without much hardships of debt.
As we are covering various topics on the tiny houses, this is another important thing to know why your first home should be a tiny house. Let us know how a tiny house as first home is better for your first-time homeownership?
You can easily guess that the first reason to own a tiny home as your first home is- enjoying financial freedom. But, this is not the only reason though. There are four more very convenient reasons for this. Just keep reading the article until the end and you will be able to know all the things on the topic elaborately.
Why Are More And More People Going For Tiny Lifestyles?
Earlier, staying in tiny houses was considered to be a niche lifestyle. It was thought that only pensioners, naturalists, and thrill-seekers can inhabit away from town with satisfaction. But, now thoughts are changing. More and more people wish to live away from city crowds.
At present tiny houses have become a global phenomenon. Right now, the tiny homes are not only popular in the U.S. but also in some other countries. Namely, Australia, New Zealand, as well as Canada.
Getting the increased sales of the tiny houses each year, builders are now trying to grow the market of the tiny house up. Unlike it was before that only bare nesters and outdoorsmen used to live in a tiny house, at this moment, the small house can cover various types of householders. Even, small families of four members now wish to own a tiny house as a sensational new property.
That is to say, the tiny home has become the absolute substitute for conventional homeownership. This is because of many reasons like:
- There is always scarcity for space, especially in metropolitan areas. For this reason, day by day, real estate rates are ascending. At times, it gets almost untouchable for forthcoming homeowners. Particularly, it is becoming tougher and tougher for students and new families. In contrast to spending hundreds and thousands of bucks on a house, the typical American can avoid the apartment-hunting competition and establish or purchase a tiny house.
- Lack of quality houses. Often, if you look for the less priced homes, then it would be in the low end of the average. Again, you will only get an apartment under 400 square feet costing a lot of bucks. On the other hand, the tiny houses let you get promising designs manufactured with heavier equipment.
- Tiny houses offer flexibility. A conventional household ship signifies permanence. In this way, a person gets the chance of establishing bases and settling in one place evermore. But, this fact is no longer American fantasy still now. Dreams have changed. At present many people are wishing to adventure and do a remote job. Having a tiny home of your own, you will be able to enjoy the advantages of households without not being set in one place forever.
Choosing Tiny House As First Home
Let us now explain why we recommend a tiny house as your first-home. There are plenty of reasons, we will draw your attention on the following six major reasons behind picking a tiny house over a traditional home.
6 Major Reasons Why Your First Home Should Be a Tiny House
It is nothing new to you to know about the difficulties of being a conventional homeowner. There are plenty of factors you are to maintain while owning a home. That is, rigid loan qualifications, high repayment terms, and much more are some issues that come in.
Fortunately, the tiny houses appear as a solid alternative for a person who is going to purchase his first house. Below we are listing the major five reasons why your first home should be a tiny house:
- Escaping from Debt, Getting Financial Freedom
Householders have to pay student debt, car loans, and credit card fees. So, there are plenty of costs for them. If you own a tiny house, then dealing with debt will be a lot easier for you to manage your versatile expenses. If you don’t have to pay a home mortgage, which is a great portion of your monthly earnings, then life will be easier for you with less debt.
Even tiny living helps you to live debt-free. A query says, 65% of tiny homeowners do not have any credit card debt. The major idea of living tiny is to buy commodities that you only have got to. Not taking anything extra or additional for only fulfilling the excessive desires.
That is why, more and more people are now finding out the tiny houses as a great option to own a house without much hardships of debt.
As you will get a very short space to live in, you will not be captivated to buy items that you don’t need. In this way, you will be able to curtail your buying habits.
You might be interested to read our another comprehensive article of: What Is the Cost of Living In a Tiny House
- Living Away from Mortgage Payments
In general, normal mortgage payments take around twenty to thirty years to pay back. As the Lending Tree tells, mortgage payments consume almost 15% of a homeowner’s monthly earnings relatively that may differ by state. To give an example, California householders normally have to spend 19% of their income on mortgage repayments.
The most important thing is that this scenario is not the same when it comes to tiny houses. If you have decided to make a tiny house from scratch, the utmost expense should get around 20,000 to 30,000, US dollars. If a large part of your house is built with reclaimed materials.
In addition, if you take out house loans with builders, there are still promising terms available for you as well. If you found through a builder, then you will have to pay a 10-25% down payment. Usually, most people love to get a ready-made tiny house. The cost of a ready tiny house will be anywhere from 40,000 to 150,000 USD. You can buy a tiny house with mortgage agreements that you have to pay within seven years relatively.
Fortunately for those who have financial issues, they can own a tiny house even with personal loans. There are some Lenders available like LightStream and Lending Club who offer considerable payment conditions. There will be stable interest rates, fewer interest rates for the persons having decent credit, as well as no prepayment fines.
- Easy Relocation
As the system of homeownership is very difficult, most people have to stay in a place before owning a home of their own. For this reason, they waste years after years to collect the total money for buying a house. In this way, most of them are to pay excessive rental fees and renter’s insurance.
If you can own a tiny house, then the solution comes straightforward. Now, you don’t have any tension for excessive mortgage repayments, high rental fees. Having a tiny home on wheels, one can dwell virtually anywhere as well as a journey with his house anywhere you want to go. As a result, relocation would be far and more simple as you are traveling with your home!
Since tiny houses are very inexpensive, if you can make it by yourself, then you won’t need to wait for 10 to 15 years in another’s apartment. Plus, the house rent you are supposed to spend in those 10-15 years will be saved.
In general, the tiny householders need anywhere from 3 months-2 years to build a home. Therefore, a tiny house owner will be able to save huge rental costs.
- Less Hidden Concerns
In horror movies, we have come to see the botched plumbing jobs, mold, as well as termite infestations. If you remember the horror scenes, it may demotivate you to buy a pre-existing structure. As a new homeowner, it is tricky tough to know the hidden issue of a house.
Tiny houses totally abolish this concern. As all the tiny houses are made of scratch, you are getting all equipment that is safeguarded as new. Yet, while using the restored materials, you know the genre of those materials. Being an owner, you can know everything that belongs inside your place.
Do you plan to make a tiny house by yourself?
If you have, then you have to know what is needed for- plumbing, electricity, and insulation.
You might be interested to read our another comprehensive article of: How Long Does a Tiny House Last
- A Tiny House Can Be Both Permanent Or Temporary
It is another great thing that you won’t have to settle down in one location for always. Then, you can sell your small place to the real estate if you want to do it later.
Besides, if you want to get your tiny residency forever, you can do this as well. Here, you are able to expand new elements and reshape your tiny home as your wish. Thus, you have options to take both permanent or temporary tiny homes.
- Draw Your Own Design
Being a homeowner, you will always want to accomplish your own design. But, in a traditional building, you will have to pay a lot of price for making your home with your own design. Again, you can’t change a lot from the pre-existing structure. Moreover, there are local zoning laws that will limit some features in building your house.
Tiny home design offers a lot of flexibility, functionality, as well as creation. You will get the chance to execute a fascinating design. The tiny home will let you fulfill your dream at a minimum cost.
These are the major reasons why you should own a tiny house instead of a traditional house. As you have flexibility to choose design, structure as well as you will get the flexibility to make a travel anywhere. Now, we will answer one of your most asked questions – is it possible to live with a family in a tiny house?
Can I Live with a Family In a Tiny Home?
Shortly the answer is yes. Let’s explain how it is possible to raise a family in a tiny house.
It is thought by maximum people that living in a 500 square foot home is insufficient for a family. A family needs a large space to grow, right?
It is not always right though. Nowadays, more and more households are choosing tiny houses as their residence.
Let us see a scenario, Francois and Sarah-lee have three children. In total, they have five people in their 226 square feet tiny home. Yea, it is much less, even considering the tiny living norms. However, they made their mind to live life in a smaller place but with proper coordination.
This family is not so unusual today. More and more families are now going for tiny lifestyles. They choose tiny living as it is more cost-effective than raising the traditional houses.
Let’s Wrap Up!
After all the discussions, you should have no doubt about owning a tiny house as a first home. There are several reasons behind this. Hopefully, you can now understand why your first home should be a tiny house.
If you have any questions on this topic, feel free to ask us what you think and need to know. We will be right back to you soon in the comment box below.
In this video, I breakdown my monthly Tiny House expenses and also explain what it costs to travel with and maintain a Tiny Home.