Perhaps you’ve heard of the tiny house trend and are considering taking the leap into a minimalist style of residence. While they do come with their excitement and benefits, there are some important things to consider before jumping into tiny house living. Here’s what you need to know about tiny houses.
- Lower pricing: One of the most appealing parts of tiny houses is the significantly lower cost compared to a traditional house. This often means less debt, if any at all.
- Different financing: If you do need to take out a loan for a tiny house, you should know that most lenders will finance it similarly to an RV for its mobility. You will have shorter payoff times, higher FICO score requirements, and higher interest rates.
- Reduced space: As the name suggests, the house is tiny and can be rather limited on space. The average square footage is 600 at most, so you’ll either adapt to the minimalist lifestyle or you might start to feel a bit cramped after a while. You’ll need to give up some excess belongings or find a storage unit, but that can also teach you to value the more important items in life.
- Less maintenance: Along with the reduced space, you’ll find that there is significantly less to clean. This could also mean less repairs because you won’t have as many belongings that could require such repairs.
Tiny houses can be exciting for their affordability and minimalist aspect, but it’s more than just a change in residence. It’s a lifestyle change. You’ll want to take some time to consider all that comes with tiny house living before you take that final leap. If you’d like to know more about tiny houses, give us a call at Bright Law, PLLC today.