Let’s face it: the cost of owning a home is greater than ever. Between mortgages, skyrocketing insurance premiums, maintenance costs, and property taxes, many homeowners’ home values are not keeping up with the true cost increases of home ownership. For those who are renting, the situation is arguably even worse.
It should come then as no surprise that an increasing number of people are looking to break the system and find new ways to enjoy life without the monumental costs. One such way that individuals are breaking free is by investing in what many refer to as “tiny homes.” These micro-sized houses are much cheaper than traditional homes. Let’s see what all the fuss is about and how these homes can save you lots of money.
Eliminate Expensive Mortgages
Easily the biggest and most obvious cost savings associated with tiny homes is the elimination of hefty mortgages or rent payments. Many people have built their very own tiny homes for a fraction of the price of a real home: some models are easily constructed for less than $10,000!
When you consider that the cost of a modest tiny home can be comparable to what you’d spend on rent or mortgage payments in a year, it is no wonder that people are making the switch. Why pay hundreds or even thousands of dollars per month when you can shave off 90% or more on your housing costs with a tiny home?
Learn to Live Simply
The size of our home often determines how simply we live. When you have more space, you tend to fill that space with more worldly possessions. Those possessions, of course, cost money. When living in a tiny home, however, you have to make sacrifices.
Instead of investing in expensive appliances, you might opt for small, portable, and easily stored camp-style alternatives. Rather than spending thousands of dollars on adorning your bathroom with all of the latest fixtures, you could choose to use a biodegradable toilet alternative. Whatever the case, though, living in a tiny home means learning to live without an excessive number of accessories – which ultimately saves lots of money.
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Reduce Utility Costs
It should be obvious that a smaller home uses less energy, but many people do not realize the true extent of the savings. For starters, smaller homes can be more thoroughly insulated: premium insulation can easily cost thousands of dollars in average-sized homes, but you can take advantage of higher-grade insulation in a tiny home due to the relatively small amount needed.
Furthermore, many tiny homeowners opt to go “off-grid” for their utility needs. Through solar panels, a solar water heater and/or other forms of tiny home efficiency energy, the true costs of your utility bill (as measured by $/kWh) can be reduced even further, saving even more money long-term.
Depending on your preferences, a tiny home can save thousands of dollars per year when compared to a traditional rent payment or mortgage. While the cost per square foot tends to be higher than a traditional home, getting by with less means your overall costs are much lower than they would be in a standard house. These three factors merely touch the surface in terms of the many different ways that a tiny house can save tons of money for you and your family over the long run.
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