4 Factors To Help You Decide Whether To Buy Or Build Your Own Tiny Home
Are you stuck trying to decide whether to buy or build your own tiny home?
These space-efficient domiciles have grown in popularity, but it’s not always clear how you should get started.
Which is better: buying tiny homes and not having to worry about a whole project design?
Or is it to your advantage to build, and to have exactly what you want.
Before we dive in, it might help get your creative juices flowing to learn more about tiny houses. Here’s everything you need to know about building tiny houses.
Here are 4 factors to consider about building or buying:
#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.
Build Or Buy?
You’re excited about your tiny home build, but make sure you’ve thought through some of the factors above.
What are your goals, short and long-term?
Where will you build?
If you’re going to build, how much time do you have available?
And what does your budget look like?
For tiny house plans and more, check out our website here, and contact us with any questions.