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5 Ways Living in a Tiny Home Can Save You Money

Pratt Homes / Blog / Tiny Homes / 5 Ways Living in a Tiny Home Can Save You Money
April 12, 2023 Tiny Homes

There are many options people consider when looking to own a home: should they buy a new home or build a traditional home?

Design a modular or pre-built home?

Focus on craftsmanship designs and amenities?

Make saving money a priority?

What about a tiny home?

Pratt Homes in Tyler, Texas, has over 25 years of experience in the business of homes.

In our experience, living in a tiny home can save you money; allow you to custom design your home with many details of a traditional home, such as a state-of-the-art kitchen, custom flooring, and add-ons like a porch or garage; and provide you with a turnkey home in a fraction of the time of a traditional home.

In today’s economy and housing market, many people are looking to save money on their homes. A tiny home is an ideal choice.

Here is a list of five ways living in a tiny home can save you money:

1. No Mortgage

As anyone who’s currently looking for a home will tell you, not only is it a difficult market to buy a home, but mortgage rates are also making it hard for families and individuals to afford to buy their own home. With a tiny home, not only can you design a space perfect for you and your family—but it’s also affordable.

If you decide on a tiny home, 68% of tiny homeowners don’t have a mortgage. Without a mortgage gouging their savings every month, tiny homeowners also statistically have more savings in the bank. In today’s world, having savings can be a lifesaver. Imagine what you and your family could do with the money you would save every month by not having a mortgage payment. Not only could you have savings—you could also travel!

2. Fewer Utility Costs

Utility costs, especially depending on where you live, are becoming more and more expensive. For some, it can be a struggle to meet the costs of both rent/mortgage and utility costs. One of the best and long-term benefits of choosing to design a tiny home are all the sustainable options you can incorporate. While being more ecologically minded is never bad, it’s even better when it saves you short and long-term money.

For one, a smaller space will use less energy, saving on monthly utility bills like water and electricity. With such a small space, you’re limited to what appliances you can have, which can also help you save.

When you’re designing your tiny home, incorporate solar panels into your design. Especially in East Texas, solar can be a good option. With smaller utility costs, you might even be able to sell power back to the electric company! Now that is a homeowner’s goal.

3. Fewer Maintenance Costs

The construction of modular homes, in general, means homeowners will have fewer maintenance costs. That starts right at the construction process because the pieces of a prefab home are built in an indoor environment where they won’t be compromised by weather or insects. Damaged construction materials can lead to maintenance expenses down the line.

With a smaller house, there will be less exterior maintenance, therefore, fewer maintenance costs overall. Upkeep on a smaller house is considerably less and won’t cost as much.

In addition, many tiny homes come with a warranty, which can be a big financial help when it comes to paying for bigger, more expensive home maintenance issues.

4. Choice of Location is Flexible

One of the big benefits of investing in a tiny home is that you can use the money you save on the house and invest it in a piece of property.
A tiny home doesn’t take up much space, and you won’t need a large piece of land to place your tiny home.

Designing and building a tiny home is a great way to begin investing in your dream home. The affordability of a tiny home means you can invest in the ideal location and piece of property, whether that’s close to town or a beautiful place in the wilderness for off-the-grid living. While you’re living comfortably in your tiny home, saving money, you can save to build and design your dream home of the future.

Not only that, but the tiny home itself is a good investment. According to Investopedia, the global tiny home market between 2020 and 2024 is expected to grow by 5.80 billion.

5. Fewer Expenses in Furnishings and Appliances

With less square footage to fill with furnishings and large appliances, it stands to reason that’s an area you’ll save money when designing your tiny home.

However, there are many benefits to less stuff than just saving money, such as less time and money spent on cleaning and cleaning supplies and less maintenance on unnecessary appliances. A tiny home is a streamlined home with less clutter, which helps simplify your life in numerous beneficial ways.

Investing in a tiny home has a great many benefits—saving money being just one of them. In addition, it’s important to think of the future. The cost of living isn’t going to go down any time soon, and tiny homes have excellent resale value.

Contact your local tiny home builders today, and start investing in your future.

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