Owning a house is perhaps one of the best things that you can give to yourself. It is tangible proof of your hard work and perseverance to achieve your goals in life. A house is a symbol of stability and security for those who own one. And if you are on the path of buying a home, even a tiny one, then you’ve come to the right place.
There are a lot of questions and worries when buying a tiny house. Like how small could the house be? What are the steps to acquire one? Is it achievable? Is it worth it? Hold your horses, cowboy, because we’ll answer that down below.
If you’re still curious about owning a tiny house, then you’ll have all you need to know right below. Before purchasing your tiny home, consider first the things listed below. Read on.
How Tiny is A Tiny House?
Owning a tiny house is becoming a trend nowadays because of its convenience and style. A tiny house has a measure of 500 square feet or less and has two types. The first one is a transportable home or small houses on wheels and could be considered a recreational vehicle that can be moved from one place to another.
The second type of tiny houses are those built on a permanent foundation. These houses may be identified as accessory dwelling units or ADUs. ADUs are small, individualistic residential dwellings situated on the same lot. These two tiny homes could range from 500 square feet to as little as 80 square feet.
If you’re fond of small spaces, then tiny houses are a perfect fit for you.
Consider Getting A Mortgage
One way of acquiring a tiny house is through a mortgage. To simply put, a mortgage is a type of loan that you can use to purchase a house. It is also known as mortgage loans and has benefited many people to avail their dream homes. Visit Crediful to learn more about the best mortgage loan you can get.
A mortgage for a tiny house built on a foundation is much easier to get than small homes on wheels. One requirement of getting a mortgage includes local building codes; that’s why tiny houses built on a permanent foundation can quickly get a mortgage loan. On the other hand, if you opted to have tiny houses on wheels, you may avail of the RV loans.
You should also be familiar with the requirements needed to avail of a mortgage. This includes two-year steady employment, enough money for a downpayment, and a good credit score. Have all of these, and your mortgage is ready for you.
Look For A Suitable Location
Whether your tiny house is built on permanent residence or wheels, looking for a suitable location to settle should also be part of your plans. It would be best to consider how much land you want and whether you wish to rent it or buy it. Although most zoning laws of various cities won’t let you purchase land for small houses, you can get the most by renting the area.
Also, familiarize yourself with the laws and regulations of different cities regarding safety and security. In this way, you may be able to choose a better location for your tiny house, may it be on wheels or at a residential property.
Pros Of Buying A Tiny House
Buying a tiny house is a very tempting thing to do because of its many advantages and benefits. Below are some of it:
- You’ll have lower expenses because you don’t consume the same amount of electricity or monthly payments as the average house.
- Tiny houses are low-maintenance because, with less space to clean and not so many appliances to repair, you can spend more time on other things.
- Tiny homes on wheels can give you freedom of movement and can have your everyday adventure.
- You need not worry about property taxes when buying a tiny house on wheels.
- With tiny houses, you can live your life in the most straightforward manner possible and appreciate life even more.
Cons Of Buying A Tiny House
Tiny houses also have their share of disadvantages. Read them here.
- The most notable disadvantage of tiny houses is their space. Therefore, they are not suitable for larger families.
- Concerning a lesser space, tiny houses also have a lesser living space compared to average family homes. And you might not get the luxury of living your best life, especially if you have the whole family with you.
- You may have more difficulty when trying to resell tiny homes because of their limited space and living capacity. It is also not a glamorous first choice for a large family.
Takeaway
Buying and owning a tiny house is undeniably a huge and important decision to make. What’s essential to keep in mind is your overall well-being and capacity to maintain a home. Remember, it’s not space nor the size that defines a comfortable home; it’s your feelings of contentment and gratitude that matters.