If you spend any time watching home channels on TV, you probably think the tiny house movement is the rage. On one level, it makes a lot of sense. Tiny houses are cute as all get out and with the cost of housing in the Bay Area, going small could mean the difference between having a place to live and not.
Tiny home owners typically go in with a budget ranging from $20,000 to $60,000, but for that, people don’t get much and they don’t get the land. According to Forbes, the average per square foot cost ranges from $200 to $400, which is a bargain when you consider that Bay Area home prices can go for upwards of $1,000 a square foot. The only problem is that the tiny houses rarely come with land.
Still, if you are looking to minimize your environmental footprint or if you want portability, a tiny home might be perfect for you — as long as you go into it with your eyes wide open.
There is no track record on tiny homes, so don’t look at a tiny home as an investment. The resale value might hold, but it might not.
Every tiny home buyer knows that they have to downsize to fit into a tiny home, but they may not know to what degree. For many tiny homes, there is no closet space for even dresses (they are often too long for the miniature closets). Big shoe collections have to go and while many who are drawn to tiny homes are outdoorsy, there’s very little room for skis, rock climbing equipment, surf boards and other outdoor gear. Storage units across the country are filled with not-quite-ready-to-be-thrown-away belongings of tiny house owners.
That’s not to say going tiny is a bad thing. If I were single, I would consider it. I love cozy surroundings and I love the idea of being able to afford a home that’s completely renovated and made to look exactly the way I want. With a husband, two dogs, a cat and a lifetime of belongings though, it would be a big mistake.