Tiny homes are becoming a big idea, especially for millennials who wish to embrace a debt-free lifestyle by owning a home to call their own without the burden of a mortgage to pay. This niche market is popular among those under the age of 35 who may have experienced life the hard way as they watched their parents struggle to keep their homes during the recession.
Is a tiny house right for you?
With an estimated 10,000 tiny homes in the U. S., the younger millennial generation is learning to live within their means by adapting to a pared-down lifestyle. But not everyone is suited to “living tiny.” Most of these homes range from 150- 400 square feet, which leaves little space for anything aside from the bare essentials.
Advantages:
Mortgage-Free: If you are a millennial who is focused on keeping your debt to a minimum, it’s no surprise you are gravitating toward tiny mobile homes. The catch is that you must have enough savings to finance and build your own home, since most lenders typically won’t give loans for such small structures.
Flexibility and Mobility: Your tiny home could easily become a tiny mobile home so it can be moved easily, thus giving you, the homeowner, the freedom to pick up and go – wherever and whenever.
Customized Options: Depending on how fancy you want your home, these small spaces can be customized with kitchen and bath materials such as granite, recycled glass, quartz or mosaic tile for a fraction of what it would cost to build in a traditional home. Luxury tiny homes are way more realistic than luxury homes.
Low Utility Costs: Electric, water and gas bills are minimal, since you’re living in such a small space. You can reduce or eliminate your bills completely if you choose to install solar panels.
Disadvantages:
Limited Living Space: Although builders are getting creative with making the most of the space, living tiny means having just enough room for you and your family to live comfortably – which means you might find yourself enjoying the outdoors if you need a break from your spouse or children.
Limited Storage: If you have 50 pairs of shoes or are someone who hoards books or video games, a tiny home may not be right for you. Living within your means and streamlining your possessions to only have what you use is key to “living tiny.”
More Chores: Living in a tiny home brings added household chores – such as emptying a composting toilet, hauling water, and buying fuel for a gas heater, to name only a few.
Difficult to Entertain: Hosting large parties or even having a few friends over for dinner may prove challenging in a tiny home. Your best option is to create an outdoor living space for entertaining guests.
