Should you consider investing in a tiny home?

They are trendy, minimalist, and they create a small, environmental footprint. Simply Google the term and you will find endless pages and testimonials praising the merits of simple living in a tiny home.

If you’re a millennial looking to buy your first home, tiny homes may have crossed your mind. Here are a few facts to help you make your decision:

What’s a tiny home?

A home is considered tiny if it is 500 square feet or less. By comparison, an average single-wide trailer home is 1,080 square feet, the average hotel room with a king size bed plus chair and desk is 325 square feet, and an average new home today is 1,950 square feet.

Tiny homes provide an economical way of owning a permanent residence. According to thetinylife.com:

• The average tiny house is 186 square feet.

• 68% of home owners of tiny homes have no mortgage, compared to 29.3% of U.S. homeowners.

• A tiny house costs an average of $23,000 if built by the owner.

• More women than men own tiny houses – 55% versus 45%.

Thinking of building a tiny home?

If you’re thinking about building your own tiny home, there will be added costs in making sure the building meets modern building codes, which can be frustrating as the codes are based on houses with a much larger square footage. Most municipalities require a 1,000-square foot minimum when building, however, Ontario’s building code allows for homes to be built that are 239 square feet, plus a bathroom. According to tinyhouseontario.com, the City of Orillia is open to tiny homes being approved while Clearview allows a 400-square foot minimum. If you’re not very handy, but love the idea of having your own tiny home, be sure to check out the Tiny House Construction Company, located in the GTA, who will virtually build your tiny home from the ground up! http://tinyhousecc.ca.

Is a tiny home for you?

Tiny homes are not for everyone but may be a particularly good fit for millennials, who, as a generation, tend to be minimalists who care about their environmental footprint. Tiny homes force you to live your life out in the world and will leave you with more disposable income to do so.

A Festival of Tiny Homes takes place each year north of Montreal, Quebec, and features various home designs, builders, and how to work with municipal codes. The trend toward tiny homes shows no sign of letting up as people make the trip to this annual festival. For information on this event, visit http://www.festivalminimaisons.quebec/buy-tickets

What do they look like?

Below, we’ve featured a luxurious tiny home, famously known as The Alpha Tiny Home. There are some amazingly clever designs packed into this 24 ft. tiny home, including a dining room table that pulls out from the stairs, as shown below. The price tag on this luxurious tiny home is $95,000, however, most tiny homes are much more economical. This swoon-worthy home has been featured on HGTV’s “Tiny House, Big Living,” Season 3, Episode 9. It was built by a team led by David Latimer, CEO and Founder of New Frontier Homes. For more on this home, you can also visit http://www.tinyhousedesign.com/alpha-tiny-home/ .

If you’re looking for more swoon-worthy, beautifully crafted tiny homes, be sure to check out http://tinyhouseswoon.com. For any real estate advice on homes large or small, contact us for a free consultation:  1-888-444-9533  | Contact Us