For many people in their 20s and 30s, the idea of buying a home is not only out of reach financially, but increasingly unattractive as a proposition. In tandem with this growing feeling, more people are building their homes, and the fasted growing trend is for tiny homes. These range from glorified sheds to homes built on the back of flatbed trailers. Are they the future?
What are Tiny Homes and Why are they Popular?
As noted above, these are small homes built on the back of flatbed trailers. This makes them mobile and customizable. They are usually built by the homeowner at their own cost or with help from friends and some contractors. They are usually built from wood but are fully functional, insulated, homes running either off being plugged into mains electricity, generators, or solar panels.
People are turning to these homes because mortgage rules are getting too tough. They are expected to save for larger deposits which are usually more expensive than the cost of a tiny home, and monthly repayments are higher than for previous generations. This is combined with home prices rising faster than wages, and rising rental costs by buy to rent investing landlords, companies, and greedy real estate agents, many of whom are also charging non-refundable fees.
- Lost building costs
- Ease of personalization and customization
- Easy to move from location to location
- Low running and maintenance costs
- Minimalist lifestyle
- No need to buy land
The economic argument and the ability to move or customize a building at low cost is extremely attractive to a generation who does not necessarily want to stay in one place or burden themselves with long term debt. The low cost also allows for a tiny home owner to lower costs and save for a larger home later.
The downside includes:
- Difficulty finding access to utilities and land to place home
- No space for having a family or pets
- Tiny kitchens making baking difficult
- No space for entertaining guests indoors
- No alone time space if you share
Living in a tiny home seems to be good for the individual or people who do not mind being in cramped conditions together. It’s not suitable long term for those who want pets or a family, and it is not a comfortable place to entertain. For the solo travelling writer however, it seems like Eden.
For Some, Not for All
In short, tiny homes are brilliant for minimalists without pets, but not so good for people with families or a need for space. They do offer great flexibility and affordability, as well as being totally custom. They are definitely something you should consider getting into or at least trying for a vacation rental first.