Selling real estate can be just as much work as buying. There are so many things to worry about as you prepare your home to list on the market. Then you have to worry about the real estate agent you will hire to help you get the house sold. After that, you have to worry about who will be coming in to tour your home throughout the week. Will you hold an open house? Do you take the first reasonable offer you are presented with? Our blog was designed to assist you through the selling process a little bit easier.
In an effort to save money on living expenses, many new buyers are making the choice to invest in tiny homes as opposed to larger single family properties. If you want to join the tiny house movement, it's important that you make sure you are prepared to face some of the challenges associated with living in a small abode.
Here are three things you should consider before finalizing the purchase of a tiny house in the future.
1. Land
While tiny homes can be more affordable than larger properties, the prices of these small residences usually don't include land. You will need to determine where your tiny house will rest after the purchase process is complete to avoid complications after you buy your small property.
If your tiny house is mobile, you may want to look into renting a space in an RV park. These parks provide access to electrical and water hookups, which can make tiny living more convenient. If you want a stationary tiny home, you will need to factor the cost of a building lot into the final purchase price.
2. Size
When buying your first tiny house, it's important to recognize how small is too small. While the purpose of investing in a tiny house is to downsize your possessions and living expenses, you will want to have enough room to host guests and provide privacy if you aren't planning on living alone.
A good guideline to use when determining what size tiny house will be best suited to meet your needs is to plan for between 100 and 400 square feet of living space for each person who will reside within the home. Using this benchmark will ensure that you find a tiny house that is large enough to accommodate your family's needs.
3. Insurance
Protecting your investment with insurance is essential when buying a tiny house. It's important to recognize that traditional homeowner's insurance might not apply to your tiny structure. Since a tiny home doesn't qualify as an RV and isn't considered a permanent structure by many insurance companies, you should work closely with your insurance agent to determine which insurance options are available to you.
If it turns out that you are only able to secure renter's insurance that covers your personal possessions in the event of a fire, you need to determine if you are comfortable with such a limited level of insurance protection before investing in a tiny home.
Making the choice to purchase a tiny house can be exciting. Be sure that you are considering land availability, size needs, and insurance options before purchasing to ensure that a tiny home is the right choice for you.
Share10 May 2016
