While many new American houses continue to become bigger and bigger, many homeowners are creating another trend by going in the opposite direction. They prefer living in tiny houses that offer them the best of everything, at a fraction of the cost. There is even a name for it – the ‘tiny house movement’ and it doesn’t in any way mean getting away from luxuries. If you want to embrace this trend, you should consider tiny homes. Many reasons drive this trend; however, lower living expenses are among the most important ones here.
Find out how living in tiny homes can lower your living expenses.
1. Lower Initial Cost
A tiny home costs much less to build compared to a full-sized house. It costs only a fraction of a full-sized house. The lower initial cost of ownership allows you to put more money in other areas such as:
- Saving for retirement
- Spending more on luxuries
- Spend fewer hours working
There are options for financing tiny homes. Since these houses cost only a fraction of full-sized houses, the monthly mortgage payments are much lower and affordable.
2. Tiny Homes Mean Lower Energy Expenses
Smaller homes require lesser energy, and this translates into lower and fewer bills. When you move into tiny homes, you will have lower bills for everything, including:
- Waste disposal
If you intend to install a solar array, it is also easier and more affordable to live off the grid. A small solar array may be all that is required to power your tiny homes. Besides, your heating requirements can be met with a small wood stove.
When you move to a smaller home, you are downsizing. This can instantly save you money on your bills. Typically, tiny houses will have new appliances, including the refrigerator, stove, and boiler. The latest appliances are designed to be much more energy-efficient compared to the older ones. This can further help lower your energy bills.
In terms of heating and cooling volume, you may require a much smaller system to maintain the temperature in your tiny home. In fact, some tiny houses require only a single AC unit to cool the downstairs. A well-placed fan can send the cool air into the loft. And when it comes to heating, your propane furnace system can get the whole place warm enough during the winter.
3. Ease of Maintenance
Another way tiny homes can lower your living expenses is by bringing down the cost of maintenance. A smaller house is easier to take care of. There is lesser space to clean and fewer and smaller appliances to service and fix. This will not only lower the cost of maintenance but will also save you time. The time saved means you will have to take fewer breaks from work or business.
When you move to a new tiny house, you are most likely to invest in newer appliances. New appliances and new materials further mean a lesser need for maintenance. A new home also means lesser chances of:
- Cracks around the doors and windows
- Leaky roofs
- Electrical problems
- Plumbing problems
The reduced maintenance costs also translate into lower insurance premiums. According to the AHS, the median cost of home insurance is less on newer properties by 8 cents per square foot.
4. Lesser Space Translates Into Lesser Consumption
Living in a smaller home typically translates into lesser consumption. You will have lesser space to hold all your belongings and groceries. Once people move into tiny homes, they become conscious of their purchases, especially when considering how much waste they produce. As you cannot fit the same amount of things in your refrigerator, cupboards, and elsewhere, you will likely bring smaller and fewer items to your home.
This is mostly the case with groceries. You will spend and waste much less than you did when you had a full-sized kitchen. This can also mean permanently paring down.
Thus, there are many ways you can lower your living expenses by moving into a tiny home. In reducing your energy expenses, you are also making a positive impact on the environment. Besides, lesser consumption and lesser waste will further lower your carbon footprint. As already mentioned, you may also consider moving to self-sustained living. There is an ever-growing push from the government for reducing carbon footprint. Moving to tiny homes can be just the right decision you may make for so many reasons. With some tiny home builders offering financing facilities, it has become much easier than ever to live in the tiny home of your dreams.