Should You Buy a Tiny Home?

Posted by EdmontonRealEstate.ca Team on Monday, November 25th, 2019 at 9:33am.

Tiny Home Information for Future InvestorsAre you thinking about purchasing a tiny home? If so, you have much to think about. While there can be many advantages to owning a tiny home, there can also be disadvantages. Understanding the advantages and disadvantages can help you decide whether this kind of investment is right for Stony Plain homeowners.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What is a Tiny Home?

A tiny home is a smaller-than-normal home, usually delivered on site by a trailer. Tiny homes are similar to mobile homes, but smaller, with barely more than an open living area, a lofted bedroom area, and a bathroom. People who live in tiny homes often choose to do so because they want the simplicity of life in a home that is easy to maintain, with inexpensive utilities.

Benefits of a Tiny Home

There are many benefits of tiny home life.

  • Affordability. Tiny homes are more affordable than other homes because they're much smaller.
  • Easy to clean. Because tiny homes are so much smaller, they often need less cleaning and maintenance.
  • Portability. Most tiny homes come on wheels, and thus can be transported from one place to another as needed.

Issues to Be Aware Of

Life is not always easy in a tiny home. People who live in tiny homes may have a hard time finding storage space for sentimental heirlooms and practical items like clothes. In addition, tiny homes present less living space generally, which can be difficult for events like parties. Sometimes, tiny homeowners come up against zoning issues, as their tiny home may not be large enough to be considered a dwelling.

Finally, tiny homes may experience more difficulty in cold Canadian winters than some larger homes. Many tiny homes are off-grid structures, meaning that homeowners are responsible for having their own heating systems and redundant heating systems.

Tiny Homes as an Investment

Tiny homes are not an investment like standard homes. Whereas standard homes tend to appreciate over time, tiny homes are considered mobile property. As such, tiny homes can be a questionable investment. However, there are some ways that tiny homeowners can make a profit off of their property.

Namely, tiny homes make excellent cabins and rental properties in vacation areas. A property owner with a plot of land who would like to make money off their plot of land may be able to do so by purchasing a tiny home.

If you're thinking about buying a tiny home to be a rental property, talk to a real estate professional. Your real estate agent can help you decide which plot of land would be best for your tiny home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

By Justin Havre

 

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