The “Tiny Home” movement has gained traction in recent years and is very popular with retirees and millennials. They are great for singles, couples, and small families who want to own their own home with affordable mortgage loan payments.
The only drawback you need to be aware of is that these types of homes range from 100 to 500 square feet in size. Yet, there are several key benefits of considering a tiny home, including:
- Saves Money – Tiny homes cost a fraction of traditional homes.
- The Down Payment Is Lower – Putting together the down payment is easier.
- Easier to Get Financed – Since you are financing less, it can be easier to get approved.
- Maintenance and Repairs Cost Less – You will spend less on upkeep.
- Heating, Cooling, and Electric Bills Are Less – Tiny homes use less energy.
For example, here in Los Angeles, the current median home price for a traditional home in LA is $633,600, according to Zillow. Yet, you can find vacant lots starting around $125,000 and up to build your own tiny home.
Tiny home construction costs can range from around $25,000 to $50,000, or more, depending on how you customize the home. So, essentially, you could buy a piece of land and build a tiny home for about half the cost.
If you are interested in building or buying your own tiny home, Elite Financial can help you find the financing you need. Contact us at (800) 908-LEND or (805) 494-9930 today!