You’ve probably seen them. You have perhaps even laughed at them for their miniature size. But be prepared to see tiny homes more and more, as they are taking over the real estate market. What was previously just a fringe housing choice is quickly becoming more commonplace as buyers are seeing the benefits. While their small size may seem silly to some, this niche housing option is drawing a big following with minimalists, the environmentally conscious and even the financially savvy.
What is a tiny home?
Tiny homes are exactly what they sound like: very, very small homes. Typically, the little lodgings range from approximately 500 to 700 square feet. They are often built onto trailers for portability. Generally, these homes will feature a bed, at minimum. Additional rooms and features can be added based on the needs of the buyer. A tiny home owner might opt to add a kitchen, dining area, bathroom, closet or even an upstairs! There are a multitude of craftsmen specializing in tiny homes who can create a luxury space for a price. The price can vary drastically based on the size, functionality and customization of the space, but you can expect to pay at least $10,000 for a brand new tiny home.
What are the benefits?
One of the most obvious benefits of a tiny home is the minimalistic lifestyle free from clutter. It’s impossible to accumulate too much stuff, as it just won’t fit inside such a small home. You’ll be forced to choose what’s really important.
Tiny homes are also a great option for those looking to move frequently. All you have to do is hitch the home to a trailer and you’re ready to go! You don’t have to worry about packing up boxes or finding a new apartment to rent.
Tiny homes can also be crafted with an environmental focus. Solar panels can be added to decrease the reliance on the traditional energy grid. Plus, the smaller appliances work more efficiently and the home requires less power to operate. Typically, the monthly electric bill is much smaller than at a traditional home.
How have they changed the real estate market?
More and more homeowners are looking to move out of a large, sprawling space into a tiny home. They affordable option for living make it a perfect choice for young couples or retirees wanting to downsize. The real estate market has been forced to adapt to this. Realtors are receiving special training in selling these types of homes. Estate appraisers in Maryland are also seeing an increase in work as more and more people are reducing their belongings in preparation of moving into a tiny home.
There’s still more work that needs to be done before tiny homes could ever become as popular as townhomes or apartments. Cities would need to adopt different zoning regulations, and lot sizes would need to be adjusted to be more appropriate for tiny homes.
Are you ready to live a simpler life in a tiny home? Let Jane Campbell-Chambliss & Associates, LLC help you downsize. Call us today to learn more about how estate appraisers in Maryland can assist you.