The Tiny Home Buying Trend
Next to location, space is one of the key features people look for when buying a home. While extravagantly large ‘McMansions’ were the trend before the housing bubble popped, most homebuyers are now content to settle with a little less space for the sake of living within their budget. One of the hottest current trends involves tiny houses, many in the form of cabins or small trailers that can be easily moved from one area to another. A surprising number of people are embracing the tiny house movement, claiming less is more when it comes to what makes a house a home.
The Tiny Home Movement
According to the website The Tiny Life, buying a smaller home is more than just a way to save big money when purchasing a house. Advocates claim it is a lifestyle that allows owners the flexibility to travel and go where they want, when they want, while also providing a community which embraces the following types of values:
- Environmental awareness;
- Life simplification;
- Responsible budgeting;
In addition to the above, there are ways in which tiny or smaller homes harken to a bygone era. While today’s traditional American home may measure 2,600 square feet or more, this was not always the case. Most houses in the 1940s and 1950s tended to be less than half as big, and it was only over the course of decades that carrying a large mortgage and a heavy amount of debt began to be less taboo.
In contrast to many homes on the market today, a tiny house is generally between 100 and 400 feet, and may come on wheels in the event their owner relocates or faces a job transfer. While that amount of space may not be nearly big enough to accommodate your family, simply opting for a smaller home has big benefits. Living with less space offers large financial rewards in terms of mortgage costs. The end result is that these buyers get to keep more of their monthly income for savings or other pursuits, while paying off their property in less time than a larger mortgage would take.
The Advantages of Having Less Space
While living in a tiny home or cottage may sound rustic and adventurous, there are practical benefits as well. In addition to the mortgage savings, which are significant, small houses save their owners time and money in a variety of ways. According to Money Crashers, tiny homes and small house living in general offers the following benefits:
- Energy efficiency: Not only do small homes cost less to heat and cool, they also require smaller, less expensive appliances to fill their spaces.
- Easy maintenance and cleaning: Smaller homes mean less space that needs cleaned, painted, and repaired.
- Less expensive to furnish: With limited space, there is less of a requirement for large scale furnishings that can eat up your budget.
- More intimate surroundings: Smaller homes enable their owners to spend more time together, creating a warm, cozier environment for themselves and their guests.
Reach Out to Us Today for Professional Assistance
Whether you are considering a tiny house, a condo, or just a smaller sized home, our experienced New York real estate attorneys can help. At Cavallo & Cavallo, we provide the full service real estate help you need when choosing to buy a home or invest in property. As your neighborhood law firm, we take the time to get to know our clients, so that we are in the best position to assist you in finding the type of home you need.