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The words ‘luxury’ and ‘tiny’ rarely go together, but a new breed of houses is changing the narrative. Following the 2008 financial crash, the housing market struggled to recover and for a lot of first-time buyers, the prospect of getting on the property ladder is creeping further and further away and becoming increasingly unattainable.
Salaries are stagnant and house prices are unreachable for most. Rent prices are continually rising and often exceed the price of monthly mortgage repayments, leaving a lot of would-be buyers looking for an immediate solution that differs from living in their parent’s homes. Rather surprisingly, the problem solver has come in the form of tiny homes.
What is a tiny home?
A tiny home is exactly what you think it might be; it’s a property that offers all the amenities of a normal house, but in less than 400 square feet. A tiny home is not to be confused with a small home that is less than 1,000 square feet – still small, but considerably larger than a tiny home.
A tiny home can be any type of structure, be it a trailer on wheels or a very small brick-and-mortar house that is anchored to the ground like any other home. Static caravans for sale on site to live in are a popular small home option for those who want to live in a community, but they do not constitute tiny homes because they’re much larger.
Despite their size, tiny homes often encapsulate all the amenities of a standard size house. King-size beds, flat-screen televisions, high-end furniture, and top-of-the-range kitchen and bathroom fittings can all be found in tiny homes, proving you don’t need thousands of square feet to live a comfortable life, but this is not why tiny homes are luxurious.
Why choose a tiny home?
For those wanting to live a life of luxury, a tiny home is a way forward. You would be forgiven for thinking that having access to a big bed and modern appliances don’t equate to luxury living, but it is the savings that come with living in a tiny home that leads to high-end living.
On average, a tiny home built from scratch costs around $23,000. The average home costs $272,000 and will exceed $481,000 when interest rates are taken into account. With savings entering the hundreds of thousands, it’s clear to see why tiny homes are a viable option for those who want to live mortgage-free.
Up to 65% of tiny homeowners have no credit card debt, and their outgoings are considerably less month to month. This is because most tiny homeowners are able to pay off the cost of building a tiny home fairly quickly, and the repayments they do make are much lower than those associated with paying off a mortgage or making monthly rent repayments. Less monthly outgoings mean more disposable income, and this is what enables tiny homes to offer people luxury living.
Whether it’s saving money for retirement or being able to travel and afford premium vacations multiple times a year, the costs associated with living in a tiny home result in a higher standard of living and less debt.
Buying a tiny home
There are several ways you can acquire a tiny home. You can build one yourself or buy an existing one. You could also convert an RV or an old bus or trailer and transform it into the home of your dreams – on a 400 square foot scale!
Whatever type of tiny home you choose, one thing is for certain and that’s that opting for a tiny home is not only a more accessible way of getting on the property ladder, but it’s also a viable lifestyle that affords you all the amenities of a standard house, but with more disposable income for a better standard of living.