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may want to consider renting storage space. Or, they can include the costs of an
outdoor storage shed in their building plans.
With less area for food storage, tiny home living can be much different than
living in traditional homes. Many who have made the switch will plant a garden
to avoid having to store a lot of produce. People living in small houses also spend
less on groceries since they can't buy more than they need.
Zoning and Laws
While more places around the country have adjusted their zoning laws to allow
for this new trend, tiny homes aren't welcomed everywhere. Therefore, it's
important to check the local laws before getting started. Potential homeowners
may have several options including private lots, mobile home parks, long-term
campgrounds, or rural land.
It's also important to understand how tiny homes may be affected by local building
codes, which can limit the design options available to builders. In some cases,
tiny homes may be covered by standard building codes. Other states may have
specific building codes, which will detail the requirements for these small structures.
Therefore, it's important to collect together all this information before getting
started.
Home Insurance
Many insurance companies haven't caught up to the tiny home craze. Many of
them have nothing for self-built homes. Other insurance providers have nothing
for homes under 1,000 square feet with a permanent foundation. And while RV
insurance may be an option in some areas, it isn't guaranteed.
As an alternative, many small homes are self-insured. To do this, owners build
up an emergency fund that they can access should they need to. However, there
are some important considerations for this option as well. For example, if someone
should get hurt on the property, an emergency fund probably won't cover
the legal and liability costs. Building an emergency fund while paying for the
construction of a home also requires the homeowner to have exceptional money
management skills.
Financing a Tiny Home Project
Many banks won't lend money for tiny homes since mortgages are often limited
to houses over 1,000 square feet. Credit cards have higher interest rates and larger
minimum payments. As a result, living costs could be extremely high for the first
few years. This can be further complicated by the fact that people need to live
somewhere during the home's construction.
Consumers do have a few options for financing the construction of their homes.
Many tiny home manufacturers offer financing options. Some financial institutions
provide customers RV or leisure loans that may cover some or all of the construction
costs. However, be aware that the value of a tiny home can vary greatly.
What may be worth $69,000 in one city today may only be worth $40,000 next
month or in another location.
Tiny home living can be a dream come true for many people. It's not without its
pitfalls and dangers, however. To avoid the problems many previous tiny homeowners
experienced, potential builders need to research everything thoroughly
and plan carefully.
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