Are you trying to save up for a home, and the process is taking longer than you planned? Well, here's an idea that many people have thought of...what about purchasing a tiny home? Tiny homes are under 500 square feet.
While many people would have to downsize, living in a tiny home makes sense.
"For all kinds of people, owning a 1,000 square foot house or a 1,200 square foot house is out of their price range." Brightpoint CEO Steve Hoffman says owning a tiny home may be a good solution.
"If you even think about the savings on a mortgage for instance, how much you can save on interest. It can become a significant savings."
The median price of a tiny home is $40,000 to $50,000, and when you think about cheaper utility bills...for some people, it's a move that makes sense.
"Well, it's a nice lifestyle. It's different. I mean, if you're going to stay all the time in them, the communities are usually very nice. More upscale, friendly people, I mean it's almost just like families." President of Advanced Engineer Sales Jim Hite has been building tiny homes for over 30 years.
"The stuff on TV, like you know, Tiny Nation, or whatever the shows are, really sparked people's interest, as to what is available, and where you can put them."
Hite says they're working on making their homes even more environmentally friendly.
"We're working on a new system where it's eco-friendly. Everything will be of green materials and sustainable. We'll be able to collect rain waters and everything else off of it."
And a small house could be wallet-friendly as well. "Affordable housing opportunities, and really kind of self sufficiency, and living more efficiently."
Now, some tiny homes can go up to $120,000 in price. But that's still cheaper than the median price of a normal size home, and you are also reducing your carbon footprint.
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