How Opting for a Tiny House Can Help You Save Money
The American Dream has primarily been about hankering after anything bigger and better. If you take a cursory look at the statistics from the last year, you will find a normal American home has gone up from 2400 square feet to almost 2600 square feet. This change took place especially when the housing industry experienced a huge boom. However, although average American nests are increasing in size, experts have noticed a small yet significant trend that’s indicating a movement in the opposite direction. A tiny American home typically covers an area of not more than 500 square feet. How is that beneficial for your pocket? Find it out here.
No More Debt Headaches
If you look at the statistics you can easily make out that around 60 to 65% of tiny house owners don’t possess a credit card debt, and that’s, indeed, one of the most interesting aspects about the entire thing. In addition to that, 68% of these people don’t need to worry about a mortgage payment as well. Tiny homes that are self-built and constructed on an average budget of something close to $23,000 are cheaper. They look more fabulous than traditional dwellings that are supposed to be built on an identical budget. Since these tiny ones are much smaller in area, you wouldn’t be compelled to stuff it with clutter which otherwise, eventually pushes you into debt. When you are a tiny house dweller, you can choose a lifestyle that leads to lower expenditures and consequently, lower debt.
Lesser Overhead Expenses
If you live in a space that covers not more than 500 square feet, you have a lesser amount of area to cool or heat. This implies that the amount you need to expand on your utility bills revolves around more or less $20. Additionally, there is an impressive reduction in your budget as property taxes and other expenses regarding home repair and purchase of large appliances as well as other equipment automatically come down. With less storage space, you will also be discouraged from piling on excess food and consumer items, as discussed before. As a result, your grocery bill comes down and your overhead expenses decrease. Did we mention that you can reduce your carbon footprints by dwelling in a tiny house?
Ample Opportunity To Diversify Your Spending
Although restricted space in tiny houses don’t allow you to splurge on consumable goods and thus help you to save quite a handsome amount of money, you also get an opportunity to simultaneously spend on stuff that you always had an eye for. The freedom of spending whenever you wish to can give you the ultimate satisfaction. This also becomes handy in times when you are in your retirement period and have to afford ever-increasing healthcare expenses. Also, you can have a greater sum in your kitty if you want to make investments into your IRA. The youth who have an affinity to travel and explore new places will have a greater financial backup without having to worry about financial hassles like bankruptcy or debt.
Effects On The Economy
After Hurricane Katrina wreaked havoc, tiny homes proved to be a brilliant option for relief organizations as these dwellings proved to be more long-lasting than trailers. If the last ten years are brought into consideration, a number of non-profit organizations have utilized tiny dwellings as a trustworthy housing option to curb homelessness. Although plenty of homeowners are really worried about the effect that tiny houses can have on the values of their properties, these dwellings might have a positive impact on the economy as well as the environment in the coming days as they might lead to massive land development and accentuated property values.
There are several advantages of living in a tiny house. Irrespective of what you prefer personally or your space requirements, the other benefits that tiny dwellings come along can’t be denied. It doesn’t come as a surprise that more and more people are not inclined to The American Dream anymore. Their moving away from the concept has redefined the idea of affordable housing in the American context. Many Americans have already chosen to switch to smaller and greener homes. Are you next in line?
More in Saving & Refinance
Here’s What it is Like to Live in a Celebrity Home and Feel Like a Star!
If you have ever been entertaining dreams of living the lifestyle of your favorite actress/actor, well then you can certainly try...September 8, 2021
A-list Celebrities and Their Incredible Net Worth! See How They Spend Their Fortune
Kylie Jenner – $550 Million Kylie Jenner became the talk of Tinseltown when she gave birth to a baby girl just...September 8, 2021
Money-Saving Crops You Can Grow In Your Backyard Garden
Are you running tight on cash and contemplating whether you should grow money-saving crops in your backyard garden to save a...September 6, 2021
Top Five Apps For Your Investment Needs!
Investing online has become simple nowadays — all you need is an investment app. Last year, the number of apps downloaded...September 3, 2021
How To Find The Best Prefab Kitchen?
The kitchen is that part of your home where timeless memories are brewed and cooked. Whether you are just making coffee...September 1, 2021
Here’s How You Can Overcome Self-Doubt As An Entrepreneur
Being an entrepreneur is not an easy job. However, if you have a healthy mindset, you can overcome the hurdles. Entrepreneurs...August 30, 2021
The Most Famous and Richest Celebrity Kids
These kids are living the lavish lifestyle that regular kids could only envy. From wearing high-end clothing, having the trendiest and...August 27, 2021
Here’s How You Can Increase The Resale Value Of Your Old Car
Your car will get old with time, irrespective of how much care you take of it. One of the major factors...August 25, 2021
This Is Why 2021 Is The Best Year To Choose An Eco-Friendly Lifestyle
A sustainable lifestyle is a concept that has been gaining popularity these days. Numerous benefits of adopting a sustainable lifestyle have...August 23, 2021