Finding existing homes to move into isn’t the easiest or cheapest thing to do. What’s more, there are plenty of other things you might be wishing for once you retire. Take, for example, long-travel opportunities or even starting your own small business. It’s easy to see how these two goals don’t exactly gel together.
Tiny houses are a fast growing trend as older adults realize they don’t need such a large retirement home. Some older adults have even downsized to a smaller space so that they can better manage the cost of upkeep.
Managing a big, suburban-style home is just one burden that comes with old age and people are opting to live in tiny houses in order to better manage their resources.
Here, we look at a few things you should certainly know about tiny homes and how they can be the ideal solution post retirement.
Small Or Large? How Small Is A Tiny Home?
The sizes of homes have been getting larger all over the world, for instance a typical American home has gotten bigger and bigger over the decades, rising from 1,660 square feet in 1973 to 2,598 square feet in 2013.
While this represents an increase of just under 7 per cent, it also represents a decrease in the number of homes falling within the affordable range — a key indicator of affordability.
What does this mean for homeowners? If you want to buy a home, it’s important to realize that your financial options are actually quite diverse .
No matter how you define a tiny house, though, it’s certainly much, much smaller than an average home. Because of this, they can be a great option for people who want to downsize but don’t quite want to give up living in their own single-family house.
Tiny houses are usually less than 500 square feet. While this may not seem like a lot, consider that a typical two-car garage holds about 9,000 square feet. A typical one-bedroom apartment in most areas holds about 850 square feet.
Tiny home living is becoming increasingly popular among retirees, so why is it so popular?
First, retirement is a time to relax and travel. So why are many retirees opting for tiny homes and downsizing their living space? Below are some of the benefits that many tiny home dwellers have pointed out as their major motivations.
Tiny Homes Offer Simplicity of Living: Retirement can be a wonderful time to simplify your living space and focus on having essential things that are necessary for a comfortable living.
After years of raising a family, acquiring a lot of possessions and maintaining big homes, the idea of fewer things and less stuff to deal with can be very appealing. Tiny living allows you to live simply and pretty cheaply while still enjoying many of the comforts of home life. For instance, you can store items in freezers instead of basements.
They Are Environmentally Friendly: There are three main types of tiny homes: the prefabricated home, the modular home, and the mobile home. Prefabricated homes are the simplest option and are not only the easiest to build but also the cheapest. Modular homes are made up of units that can be combined to make larger structures. The biggest environmental impact from a tiny home may come from its construction materials, it consumes way less than your conventional homes.
Saves You Tonnes Of Cash: One of the goals for many retirees is to downsize their lives. They want to live in a much smaller home or apartment. But usually, they have to leave behind their lifetime of accumulated stuff and move into a place that is small enough to fit. Tiny homes are a great investment. They preserve your property value and can help you cash in on the equity over time.
Tiny homes can help you cash in on home equities which are the biggest source of wealth for most people, this can dramatically improve your retirement finances. Moving to a tiny home is downsizing big time.
Ease Of Maintenance: Home ownership comes with obligations. And less square footage means having to take care of less house and yard, which gives you more time for leisure activities. Reducing the amount of stuff you own allows you time and energy to focus on what’s really important to you, like family, friends, travel and hobbies. The tiny house movement is not about slowing down though. It’s more about freeing up time.
When you look at it like that, a smaller home could actually be liberating. With less square footage to keep up and maintain, you could have more time and money to do whatever you want.
Considerations To Make Before Buying A Retirement Tiny House
It’s a great idea to consider a Tiny Home for retirement as part of your overall estate planning, but with so many variables to consider, it’s challenging to know where to begin. Here are some things to consider when exploring the possibilities.
What security systems will be in place: Owning a tiny home allows you to enjoy minimal living. With low maintenance requirements and less to buy, tiny homes are appealing in these economic times.
But with security constantly on the minds of those who live in urban or suburban areas, people should think about whether they want to leave their most valuable possessions outside and unsecured. So it is important to put security systems in place to secure you and your property.
Where will your tiny home be built: In terms of location, tiny homes can be almost anywhere. Of course, most tiny homeowners prefer to live in or very close to cities. This is because many types of businesses are only available in the city (such as restaurants, grocery stores, hardware stores, etc.) and things like transportation are much easier to access.
Some do live by themselves in the middle of nowhere, though not all dwellings there would qualify as tiny. You have to have relatively easy access to goods and services at all times.
Will it be mobile: Whether your tiny home will be mobile or not is a factor to consider when the thing of owning a tiny home arises. A lot more thought and planning are required if you want to build a foundation for your tiny home first and then attach wheels or casters to it. Of course, some people will disagree with this but if you love the idea of having a tiny home that is easy to move around then this is worth taking into account at the earliest stage possible in your design plan.
What amenities will it have: In house amenities are also an important factor to consider when considering owning a tiny home, so you need to know what is in store for you before making a move to purchase a property.
The convenience that in-house amenities bring can make your life easier, and your home turns into a fantastic place to live in. However, it should not be your only deciding factor, so do not base your purchasing decision on this alone.