If you are planning on buying a tiny house, the first step is to understand the process. You will want to see floor plans, including measurements as well as electrical and plumbing layouts. This will help you narrow down your choices and determine what you want from your home. You will also be better able to communicate with the builder.
The cost of a tiny house can vary greatly, depending on the location, size, and materials used. Also, consider how far you want to live from town supplied utilities and amenities. Since buying a tiny house is an investment, it is important to know exactly how much you are spending before you buy.
Another option for financing a tiny house is to take out a home equity loan. A home equity loan is tax deductible and can help you achieve your tiny house dream. However, if you do not have enough equity in your primary home, you might have to use a second loan to finance the tiny house.
Since tiny homes are not main stream, keep in mind that regular banks and other financial institutions may not want to finance it. In that case, you will have to either finance the tiny home from your savings or take a line of credit loan... either against your prime home or via another route.
While tiny homes are affordable, they are not for everyone. If you are thinking about buying a tiny house, it is worth renting a studio apartment first so you can decide if the lifestyle is right for you.
Also, mortgage rates are at an all-time high and are expected to continue to rise. Compare mortgage rates before you decide on a tiny house, and you could save hundreds of dollars on monthly payments. Sometimes, tiny home selling companies offer financing, though their interest rates as well as payment schedules could be quite stringent. If you are looking for more flexible payment schedule, you can use a personal loan or peer-to-peer lending.