(MoneyHippo.com) – One of the biggest expenses for many Americans is their mortgage, so downsizing can become an attractive possibility for saving money. Folks who want to take this move to the extreme might consider tiny homes an option — especially for empty nesters, retirees, singles, or small families. While not for everyone, these small dwellings can save you big bucks. Here’s how.
- Mortgage: Tiny homes can cost a fraction of the price of traditional houses, allowing many homeowners to ditch their mortgages altogether. The monthly obligation will likely be minimal if you need to borrow money from the bank to purchase your tiny home.
- Energy: The more space you have to heat and cool, the more expensive it is. Because a tiny home is so small, typically 300 to 500 feet, it doesn’t take much energy to maintain the temperature inside the space. The savings can really cut down on your monthly bills.
- Furnishings: Tiny homes neither require nor allow for much furniture, minimizing the amount you’ll spend decorating. Small couches, chairs, and tables cost less. They might even be unnecessary depending on the structure of your new small space.
- Shopping: Impulse shopping can drain a budget. With a tiny house, you won’t have the option of buying extraneous stuff because there won’t be room for it. Space constraints can save you from frivolous spending.
Is minimizing your lifestyle something you would consider?
Copyright 2022, MoneyHippo.com