#1. What are your goals?Is your tiny home going to be your long-term residency? A second home? A place you can get away from work for the weekend? While the popularity of tiny houses is soaring, it may not always be that way. The resale market may decline, and getting back your initial investment might not be possible. Think about your goals for going tiny, and if those might change in the coming years. If you’re sure this is a long-term and short-term goal, you can be more clear about the type of investment you’re willing to make.
#2. Where would you build your own tiny home?One of the biggest hoops you’ll jump through is deciding on a location. Where to build a tiny house? Ideally, you will have a location that’s covered, has access to electricity, and a place where you can store materials during the build. Do your research on potential build sites. If you don’t find anything you like, this could be a big sign that purchasing is a better option for you (assuming it fits in with the goals you talked through in step #1).
#3. How much time do you have?With work, family, and other commitments, do you have time to oversee the project of building your own tiny home? Sure, it’s a smaller house, but it’s a project that will require extra attention. If you’re hoping to get your designs and have it done in a few months, perhaps you need to think again. Beginners (think 9-5 worker building his tiny home on weekends) should expect the process to take 800-1000 hours. Do you have 15 hours a weekend to spare for the next year to get your tiny home done?
#4. What’s your budget like?Obviously, money is a factor in this situation. How much cash do you have available for buying a tiny house? Building can save you a ton of money, but you’ll need the funds available up front even for an inexpensive tiny home. Or, you could consider a loan. You’ll pay more if you have it built for you, but may be able to secure good financing that makes it worthwhile. Consider your budget and financial projections over the next few years before making any big decisions.
Are the Financial Benefits of Tiny Houses Worth the Investment of Building Your Own?
When considering whether to build your own tiny house, it’s essential to evaluate the financial benefits. While upfront costs may be lower compared to traditional homes, the overall investment can be significant. However, the long-term financial benefits of tiny houses, such as reduced energy consumption, minimal maintenance costs, and potential for lower mortgage payments, are factors that make them worth considering. Ultimately, it is crucial to carefully weigh the initial expenses against the potential monetary advantages in the future.