The trend towards moving into a tiny home is very popular these days; featured on reality television, tiny living spaces seem to present a cute and, perhaps, mobile solution to home buying. However, there are some issues that should be considered while pursuing this option as a place in which to live.
The Trend May Cool
There are those who say this is a trend and won’t last long, like platform shoes and leisure suits. Keith Thompson, a real estate broker with Berkshire Hathaway HomeServices Carolinas Realty in Charlotte, NC, calls this trend a fad.
“The key word is fad,” says Thompson. “This is a totally unproven market, buoyed by the intense interest in reality TV. Although there can be compelling reasons to want to simplify your life by reducing your financial obligations via less expensive housing options, we don’t know long term how that will play out. I’d say the artificial interest caused by the TV trend and the uncertainty in a newer, unproven market make tiny homes a risky investment.”
There is a Small Demand for Tiny Houses
Families and others requiring space do not fit the demographic of those who might buy a tiny home when it goes to market. Because it is a niche property, there are fewer buyers who might be interested in a home so small. This translates as a longer period on the market when it comes time to sell the home. For those who plan to live in their tiny home a long time, this is not a concern.
Because of the size of the tiny home, having overnight guests is almost impossible. Buyers will not be interested in a residence that does not allow friends and family to stay overnight. As far as parties, owners will have to rent a hall to entertain. If the tiny home is on a property where a larger home is being built, then the temporary size factor will not be as important.
It’s Not Less Expensive
Because people need a place to put their belongings and sports equipment, they might need to rent a storage area at an extra cost. Driving to and from the storage unit costs gas and time. Downsizing does not necessarily help people save money.