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Should You Invest in a Tiny Home?

By Molli McGee

The average cost of a residential home in the United States is $200,000. On the other hand, the cost of a tiny home can range anywhere from $25,000-$110,000. Can it be done even more cheaply? Certainly. But you’ll need to be able to do a lot of the heavy lifting when it comes to aspects like sourcing the right materials and labor. Before deciding if tiny houses are right for you, it’s a good idea to understand some of the costs involved, as well as some of the benefits.

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What are Some of the Costs Involved?

Materials & Appliances

Whether you’re looking to build your own tiny home or you’re looking to fill a ready-built tiny with appliances–these things are going to add up. If you’re building your own tiny home, a little patience and some scrap yard digging could land you some absolute treasures for free.

Appliances can be somewhat costly–the ones that are compact and of high quality tend to be. Remember, there is no one way to stock your house. Alternative options such as a hot plate instead of a full stove can save you some big bucks.

Mobility

If you’re lucky enough to own a tiny house on wheels, it means you can hit the road whenever you please! A cost that tiny enthusiasts often forget to consider is a vehicle that can safely tow a tiny house. Meaning, if you’re the proud owner of a VW Bug, it’s probably time to consider an upgrade. If you’re planning on moving your tiny home often, another thing to factor into your budget is the cost of gasoline.

Land

Aside from the structure, the cost to secure a home for your tiny home can sometimes present a challenge. The cost of land can range from free (behind your parent’s house), all the way to a standard purchase price. Renting a plot of land in one of the country’s many tiny house villages is another option, and will cost you around $400 on average per month.

Pro Tip: Be sure to check your local regulations for living in your tiny house on wheels full time!

How can a Tiny House Benefit My Family?

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You might be wondering, how on earth can my family live in such a small space? Read on to find out! You might be surprised…

Time Better Spent

Your kids will love this one…less space to clean means less time spent cleaning! Although you may have to tidy up more often, the time you spend doing so will be brief. If you consider the size of a three bedroom residential home, the amount of money and time you spend towards tiny house cleaning isn’t even comparable. The time saved means you can go out and do the things you enjoy as a family.

Money Better Spent

Less storage space means less room for material objects. Not necessarily a bad thing! Instead of spending money on trinkets and extra clothes, you can put it towards the family vacation fund!

You’ll Get Closer as a Family

As the name suggests, a tiny house is indeed tiny. The small space encourages the sort of intimacy and closeness that many families would love to have. Additionally, the lack of closed doors and separate spaces encourages communication rather than avoidance.

To Invest or not to Invest

Choosing to live in a tiny house is an adventure that shouldn’t be taken lightly. It’s requires you to adapt your way of living to a smaller scale in some ways, but allows you to live even bigger in others. Tiny living is a lifestyle that can be adapted to suit a family’s individual needs. Take the time to figure out what you like and what you don’t!

If tiny living is something that still interests you, there are ways to own a tiny house that suit almost every budget. Despite the costs, the benefits a tiny home can bring to your life are priceless.

Are you thinking about investing in a tiny house? Let us know in the comments!

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