The Pros and Cons of Living in a Tiny Home

In August 2023, the average sale price for homes in the U.S. was about $420,000. To afford that price at current interest rates, you would need to earn nearly $115,00 a year. Most Americans make about $40,000 less than that.

Given the high prices of real estate, it's no wonder that tiny homes are a popular alternative to traditional homeownership. But before you go out and buy a tiny home, take some time to think about whether living in one will work for your family.

Below are some of the top pros and cons to help you decide whether tiny home living is right for you.

More Affordable

Whether you buy a prefab home or build it yourself, tiny homes are much more affordable than traditional homes. Due to their small size, they take less time to build and use fewer materials, adding up to a lower purchase price.

Aside from the upfront cost, living in a tiny home is also cheaper. Less space means lower utility bills, leaving you with more money in your pocket every month.

Less Cleaning

When you live in a tiny home, you don't have room for extra junk. This goes a long way towards keeping your space decluttered. Also, less square footage means you won't have to spend as much time keeping things clean.

More Eco-Friendly

Tiny homes are better for the environment and can help you lower your carbon footprint. They're more energy-efficient than traditional homes and lead to lower consumption and waste.

You can also minimize the environmental impact by choosing sustainable building materials, including

• Recycled steel
• Reclaimed wood
• Bamboo
• Cork

Difficult to Finance

Depending on the purchase price of the tiny home, you may have difficulty getting a mortgage. Many lenders have a minimum loan amount of $100,000, although some may go as low as $50,000. If you don't have the capital to pay for your tiny house upfront, you might have to find alternative methods of financing.

Limited Storage Space

While you might like the idea of less clutter, living in a tiny home will force you to make some tough decisions about your belongings. You might have to give up some things you love because you won't have enough space to store them.

You also won't have as much space to store food. This means more trips to the grocery store and cooking smaller meals to reduce the amount of leftovers.

Everything Is Tiny

Less square footage means everything is smaller. Don't expect to have full-size appliances or a bathtub in your tiny home.

Some areas of the home, such as beneath a loft, can also feel quite cramped. This is important to keep in mind, especially if you or a family member are tall.

Is Tiny Home Living Right for You?

Tiny homes are a great alternative to traditional houses, but they're not for everyone. Carefully consider the pros and cons and how you want to live your life before buying a tiny home.

If you've decided that tiny living is right for you, Old Country Building Sales is here to help. We offer several tiny home options from top vendors and can help you find a floor plan to suit your needs.

Get in touch today with any questions.