While many Americans are searching for more space in their home, a small but growing group are interested in getting rid of their additional square footage. These individuals are finding a more leisurely, more minimalist lifestyle with a tiny home. So what does a small house offer that a big house doesn’t, and is the switch from a prominent place to a little house worth it in 2023?
What is a tiny house?
A tiny house is a dwelling that is less than 400 square feet. In addition to smaller square footage, a tiny house offers that variation of being entirely mobile. Some tiny house owners make their homes permanent while others keep their mobile, allowing them to pick up and move whenever the mood strikes.
Cost to build
The cost to build a tiny house is far less than the cost to purchase or build a big house. The average price to make a tiny house is $45,000. However, the low end to build a small house is only $8,000, and the high end is $150,000.
Upkeep
Four hundred square feet is not much space to clean and repair, which means the cost of upkeep of a tiny house is much less than that of a big house. Everything from cleaning the floors to maintaining the home’s exterior is easier and faster with a small house.
Savings
One of the most apparent pros to living in a tiny house is savings. Everything from utility bills to repair bills is going to be smaller. In addition to monetary savings, you’ll have a smaller carbon footprint. A tiny house produces only 2,000 pounds of carbon dioxide emissions each year, much less than the 28,000 pounds produced by a larger home.
Selling potential
The small house market continues to grow as the cost of everyday living increases. However, the interest in a tiny house is generally smaller than in a traditional place. Less than 1% of all homebuyers recently purchased a house under 1,000 square feet. Since the interest in owning a tiny home is limited, the key to selling a small house is finding the right market and location.
What is a Big House
A traditional house can vary widely in size, ranging from 500 square feet to upwards of 50,000 square feet, though the average traditional home is between 1,500 square feet and 3,000 square feet. A conventional home appeals to most individuals because of its ample space for children, pets, work, and entertainment.
Cost
The cost to build or buy a traditional home can vary greatly depending on location, house age, mortgage rates, housing market, etc. The median home sale price was $363,300 in June 2021. However, home prices are constantly changing depending on the housing market in your area.
Upkeep
With more square footage to clean and repair, a big house requires more upkeep than a tiny house. Consider a 3,000-square-foot house with multiple rooms, levels, and surfaces to clean every day. In addition, all of the areas of a larger home require inspection, maintenance, upgrades, and repairs.
Selling potential
Though a small percentage of the population may be interested in living in a tiny house, most Americans still want a place with plenty of square footage. Selling a single-family home fast is much easier than selling a tiny home, even in the slowest housing market. With the right real estate agent, home decluttering, deep cleaning, and superb marketing techniques, most homeowners have very little trouble selling their property.
The decision to switch to a tiny house in 2023 depends mainly on the location of your home and your personal needs. There is no doubt that a small house will reduce the time and money spent on cleaning and maintaining the home. You will also save on utility bills. However, if you are a family of five trying to fit into a 400-square-foot home, you should be prepared to have very little, if any, personal space. Your odds of selling your tiny house may also be slim compared to selling a big house simply because the demand for tiny houses is so small. Before you decide to move from a prominent place to a tiny home, consider what you need in a home and speak to a trusted real estate agent who can better answer your little house questions.