One of the movements that has been gaining some traction since the financial crisis of 2008 is the tiny house movement. Many consumers are becoming disenchanted with the idea of living in large homes filled with stuff. Instead, the idea is to turn to tiny houses.
Most of these tiny houses have between 65 and 874 square feet. Tiny houses take “small” to a whole new level. I know that some people would say that my home, at 1760 square feet, is small, but even the largest tiny house is half the size of my home. I’m trying to imagine living in a space that is half the size of my current home, which I am fairly comfortable in, and I’m not sure I could do it — although the idea of a tiny house, and the simplicity that comes with it, is intriguing.
Save Money by Living in a Tiny House
One of the biggest draws of living in a tiny house is that it’s possible to save money. Some of the savings that can come with living in such a small house include:
- Smaller utility bill: You don’t use as much electricity when you have a smaller house. Additionally, there is a good chance that you will use less water as well. There are some tiny house owners who find that such small homes allow them to live completely off the grid .
- Lower property taxes: Tiny home = smaller tax bill. You can buy a smaller lot, and have a smaller house that isn’t appraised nearly as high as a larger home. In some cases, tiny house owners don’t actually own property at all. Instead, they mount the house on a trailer, and move it with them, staying in RV parks or in other areas.
- No mortgage interest: One of the biggest expenses that homeowners face is the mortgage interest. By the time you pay the interest on a huge home loan over the course of 15 to 30 years, you are out hundreds of thousands of dollars. Most of the time, it’s possible to buy a tiny house outright. You can have it delivered, buy plans and build yourself, or build from a kit.
- No need to pay for the space: If you live in a tiny house, you don’t have the space to store lots of stuff. This cuts down on your need to buy expensive things to fill a larger house. You don’t need as much furniture, or decor. It forces you into simplicity, and saves you money that way.
Living in a tiny house has it’s challenges, though. Most of us are used to privacy, and the ability to spread out a bit. Tiny house living often comes with a specific lifestyle, including frugal living and often growing your own food . It’s possible to have computers in a tiny house, and you can find many other modern comforts. But you do need to be prepared to share your space, and that can be challenging — especially if you have children.
In truth, the larger tiny houses are similar in size to apartments. Many people also see the charm in them in terms of vacation homes, rather than full-time living arrangements. What do you think of tiny houses? Could you live in one?
(Photo: Earthworm )