The market for tiny homes has been in the media for a while with people taking downsizing to a whole new level. These diminutive versions of their traditional counterparts almost resemble dollhouses with perfectly scaled-down baths, kitchens, and living spaces, attracting quite a following of buyers from families, to empty nesters. With closet spaces not much bigger than a car trunk, it’s hard to believe the demand for these tiny abodes is on the rise particularly amongst baby boomers. So what’s so intriguing about residing in what’s often under 200 square feet? Many retirees are finding it’s the simpler lifestyle that enables them to stretch their nest egg, and pursue dreams of travel, or take up new hobbies.
Outside of purchasing the land if the home is stationary, or the cost of construction for a custom build, many tiny homes sell for under $100,000 which most buyers purchase outright versus having a monthly mortgage payment. The idea of living debt-free is attractive to tiny home buyers, and they’re willing to sacrifice space for the financial peace of mind. In a society where the idea that more is more, the tiny house trend is proving that living on much less reaps bigger rewards. Those going small realize that although they are challenged space-wise, in the end, it’s just “stuff”, and there are bigger and better things they’d rather be doing.
The greatest benefit of living big in a small space is the substantial reduction of monthly expenses. Many tiny homes are built using eco-friendly innovations from skylights to solar panels, with some utilizing only propane as a fuel source if the home will be moved, or using cost-efficient tankless natural gas heaters. There is no such thing as wasted space, or energy which many buyers find is the biggest money-saving aspect to choosing the tiny home lifestyle. Considerations to keep in mind are whether to choose a home on wheels, or on a foundation, the best geographic location, and making sure to research applicable building codes and standards.
This kind of grand-scale downsizing isn’t for everyone, but for those who find the simplicity of tiny living appealing, the positive impact it has on the environment, and the financial freedom people enjoy when they go back to basics, make cutting corners on an extreme level worth the effort.
