What You Need To Know Before Buying a Tiny Home

Posted by Justin Havre on Tuesday, September 17th, 2019 at 9:18am.

4 Things You Should Know About Tiny HomesThe exact opposite of the McMansion, the newest trend in housing is the tiny home. A tiny home is a home that is 500 square feet or smaller. They are often mobile, so homeowners can hitch them to a truck and move them, and they are usually a fraction of the cost of a traditional home. Because of this, many people are tempted to buy their own tiny home. However, tiny homes may have some issues that buyers need to know before investing in one. Here is what every buyer interested in tiny homes should know before they purchase one.

Tiny Homes Often Don’t Have Traditional Plumbing

When a Varsity Calgary home is 500 square feet or smaller, there isn’t a lot of space for the traditional things homeowners like having, such as plumbing. Normal flushing toilets are often too big for the small space, so they’re often replaced with dry-flush toilets or compost toilets. These toilets don’t use water, so homeowners don’t need to worry about hooking up their toilet to the plumbing. However, because they don’t use septic tanks or sewers, it means the homeowner has to deal with the waste by other means, which might be a turn-off for many home buyers.

It’s Difficult to Get a Mortgage

Tiny homes are popular because they often cost under $50,000. Getting a mortgage for a tiny home is difficult when they cost so little because most mortgage lenders require a loan minimum amount.. While buyers might be able to finance a higher-end tiny home, the average one is too inexpensive for that. Some lenders may not even recognize tiny homes as a home due to them being built on a trailer and having wheels, so this is another thing to keep in mind.

Tiny Homes Don’t Have Much Space

While it’s probably obvious by this point, a tiny home that is 500 square feet does not have much living space. Tiny home owners will find that there is very little room to do much more than live. When living in a tiny home, there often isn’t any space for entertaining inside, so if the homeowner wants to have a get-together with friends, they’ll have to do so outside. Tiny homes are also not ideal for large families due to the lack of space.  Home buyers who like entertaining or want to have a family should carefully consider tiny homes.

The Future Market is Unknown

A tiny home is a new fad, and there’s no way to predict what the demand for them will be in five years, ten years, or longer. If a home buyer purchases a tiny home, they may decide later on that tiny home life isn’t for them and choose to sell their home, there may not be a market for the home. Buying a tiny home is risky because there will always be a market for single-family homes, condos, and so on. However, with tiny homes, if there’s no market, the homeowner will be left with a $30,000-$100,000 home they can’t sell.

Tiny homes can be a fun and unique home choice for some people, but they aren’t well suited to all lifestyles and people. Above are just some of the different factors buyers need to consider before buying a tiny home. When thinking about purchasing a tiny home, seriously take into consideration all the cons that come with tiny homes as well as the pros to make an informed decision.

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