Tiny homes are becoming a big idea for millennials who wish to embrace a debt-free lifestyle by owning a home to call their own without the burden of a mortgage to pay. This niche market is popular among those under the age of 35 who may have experienced life the hard way as they watched their parents struggle to keep their homes during the recession.
Is a tiny house right for you?
With an estimated 10,000 tiny homes in the U.S., the younger millennial generation is learning to live within their means by adapting to a pared-down lifestyle. But not everyone is suited to “living tiny.” Most of these homes are only about 400 square feet, which leaves little space for anything aside from the bare-essentials.
Do you have what it takes to live in a tiny home? Check out some of the advantages and disadvantages, and then decide for yourself:
- Mortgage-Free: If you are a millennial who is focused on keeping your debt to a minimum, it’s no surprise you are gravitating toward living small. The catch is that you must have enough savings to finance and build your own home, since most lenders typically won’t give loans for such small structures.
- Flexibility and Mobility: Since tiny homes can be built on wheels, they can be moved easily, thus giving you, the homeowner, the freedom to pick up and go – wherever and whenever.
- Customized Options: Depending on how fancy you want your home, these small spaces can be customized with kitchen and bath materials such as granite, recycled glass, quartz or mosaic tile for a fraction of what it would cost to build in a traditional home.
- Low Utility Costs: Electric, water and gas bills are minimal, since you’re living in such a small space. You can reduce or eliminate your bills completely if you choose to install solar panels.
- Limited Living Space: Although builders are getting creative with making the most of the space, living tiny means having just enough room for you and your family to live comfortably – which means you might find yourself enjoying the outdoors if you need a break from your spouse or children.
- Limited Storage: If you’re a woman with 50 pairs of shoes, or are a guy who hoards books or video games, a tiny home may not be right for you. Living within your means and streamlining your possessions to only have what you use is key to “living tiny.”
- More Chores: Living in a tiny home brings added household chores – such as emptying a composting toilet, hauling water, and buying fuel for a gas heater (to name just a few).
- Difficult to Entertain: Large parties or even having a few friends over for dinner may prove challenging in a tiny home. Your only available option is to create an outdoor living space for entertaining guests.
Looking to renovate or build a tiny home? Granite Transformations can help! We offer granite, quartz, and recycled glass countertops, mosaic tile backsplashes and cabinet refacing for your kitchen and bath. Schedule your free in-home consultation today.
(Header Photo credit: http://www.hgtv.com/remodel/interior-remodel/cool-tiny-houses-on-wheels-pictures)