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Tiny House Living: Can Living In A Tiny House Save Money?

By taufiqhaque

Living in a tiny home could save you thousands of dollars! Several people are considering downsizing their current homes. You may be one of them. Perhaps you’ve seen a tiny house on HGTV and have been intrigued by the idea. Nevertheless, moving into a tiny house is both an exciting and daunting experience. One of the main reasons people hesitate to downsize is because they do not want to give up the luxuries and amenities that come with larger homes. But these things are accessible even in tiny house living, saving a great amount of money! 

This article covered some of the ways that tiny house living might save you money. Let’s explore them in detail.

House size

A small house saving starts with the house size. The less space you have, the less you will need to purchase. A home might not be an option if it does not fit in your budget, but a tiny house can! A small living situation also means a smaller mortgage, which would save you money on interest.

Less building cost

One of the biggest benefits of living in a tiny home is that you will spend much less time and money building it. You will only have to spend a few thousand dollars, as opposed to tens or even hundreds of thousands of dollars for a regular home. You can build this home by yourself too, which is going to save a lot of money.

Lower utility costs

The small size of a tiny home means that you’ll need less heat, less electricity, and less water. So, saving money on utilities can add up to hundreds or even thousands. Tiny house living can help you reduce your monthly costs by an average of $100 to $400 per month. Most tiny homes have solar panels to help with heating, and some have tanks for collecting rainwater. You will also be able to control your utilities more efficiently with a tiny house, as all your appliances will be plugged into one power strip.

Furniture and appliances

Furniture and appliances are often the first things you think of when you think about downsizing. But if your tiny house is built with a loft space, it will give you plenty of room to store these items more efficiently. This means that while your furniture might be smaller, it does not have to take up as much space as before. 

Plus, using more multi-purpose furniture can make your living quarters feel even more spacious. This cuts down the furniture and appliances expense to a great extent and adds to your small house saving.

Maintenance

Another reason why tiny house living is cheaper is that you will have fewer things to take care of. A tiny house requires much less maintenance than a regular home would. You will still be able to enjoy luxuries like a TV and internet, but you won’t have to worry about maintaining the lawn, taking out the trash, or counting your garage maintenance cost.

Smaller mortgage payment

If you are able to move into a tiny house, your mortgage payment is going to be smaller. This is because tiny house living will cost less than a bigger home. Your mortgage might be $200 less per month alone.

Less home ownership cost

The monthly cost of owning a tiny home can also really add up to your small house saving. Yes, you have to pay for property taxes, maintenance, utilities, and more just like the large houses, but the tiny house will only require you to pay for the cost of the home itself. This is significantly less than what you would be paying in a larger home.

Saves transportation costs

The average American spends about $5,500 a year on transportation. And gas prices will only increase this cost in the near future. But living in a tiny house helps one escape the high cost of transportation and add up to their small house saving.

A tiny house on a trailer is significantly cheaper than a regular home because it’s not weighed down by the costs of land and construction. In fact, they might be more expensive to purchase than a regular home, but they are considerably cheaper to live in because of their mobility and minimal expenses.

Excellent resale value

One of the greatest benefits of living in a tiny home is that your resale value will be excellent. A well-designed tiny house with quality materials will have great resale value.

Let’s say, you purchased a new 500 square foot tiny home for $100,000 and you lived in it for 10 years. At the end of those 10 years, your tiny house would be worth around $125,000. This means that you’ve already made a 25% profit on your investment in 10 years!

Availability of pre-built tiny homes 

Pre-built tiny homes are also available, which is a significant advantage over building your own and adds up to your small house saving. These pre-made tiny homes can be delivered to your lot and set up in as little as a day. When you buy a prebuilt home, you know that it will be high quality, built with material that will last, saving you thousands of dollars over the years. The company will also make sure the house is hooked up to the power, water, and sewer lines.

Minimalistic life

Life in a tiny home can be a very minimalistic one. Small living spaces are going to force you to make decisions about what’s important and what isn’t. You may need to decide what furniture to keep, what possessions are worth making room for, and how much space things need. This process of thinking about what you really want and need can help you live with less and find peace by getting rid of the clutter that we all tend to accumulate.

Taking control of your time and money will also be helped by this process. The less stuff you have, the less spending, organizing, and cleaning you have to do! The items will be affordable and easier to maintain because there won’t be as many of them. For example, if all your clothes fit in two dressers instead of one dresser, then it will only take up half the space in your closet, which results in smaller affordable closets. The same goes for food storage; if there’s not as much food, then there’s less work and money involved with storing it all. And all of these greatly add up to your small house savings.

Conclusion

Tiny house living can have a number of benefits, but the most attractive one is that it saves money. A smaller home means less building cost, less utility charge, and excellent resale value. Moreover, pre-built tiny homes are available, which can make your move much easier. And, of course, you’ll be able to live a more minimalistic life! 

When you have less square footage, you have less to upkeep, less to clean, and less to dispose of. Aside from saving you time and energy, this will also save you money. So, if you are looking for a new way to save money and enjoy a simpler lifestyle, you should consider downsizing to a tiny house.

You can also read: Debunking Tiny House Rumors

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