TINY HOMES – How Good of an Opportunity Are They? As an Investment – Yes! Living in one though?
Let’s Explore Tiny Home Living in Ontario – Is It Right For You?
Microliving – The downsizing and Tiny House Movement has been trending and becoming very popular. Whether it’s being used for oneself, family member or as an opportunity for additional income and investment – however, legislations in municipalities are trying to keep up with the demand of these applications. Many things to be considered like zoning – or rezoning, lot size, trees, etc. Also, there’s a lot of “NIMBY-isms” because some neighbours complain and think they’re an eyesore (though quite frankly, some of them look way better than the original home if an additional dwelling on the lot).
With the affordable housing challenges we feel Canada-wide, adding a tiny home, in my opinion, is a great opportunity for anyone. On the investment side, it’s a great opportunity as a wealth strategy – provided the lot size can accommodate it and in some municipalities and Cities (like Barrie, ON), be mindful of tree placement because if you need the neighbours permission – even if the tree on the lot line appears to be dying, be prepared for a no and non-compliance.
For the purposes of this post, let’s review tiny home living. What are the pros and cons?
- going from a 1500+ square foot home to open, 300 sqft footprint. Go into a 300 sqft condo and check out the space. Everything is open, everything is there – can you live with that?
- stuff accumulation. You’ll be mindful of not having stuff and de-clutter your mind and life!
- can be extremely environmentally friendly
- energy efficiency
- spend less money on decorations, even if you love to change things up
- less time* and money cleaning – spend more time doing things you love
- perhaps stay tidier easier as everything should “have its place”, and as you have less stuff, more openness, want it out of sight and tidy
- significantly less than building a new, bigger home if you buy land. In some cases, can buy a shipping container and have them done (considered “pre-fab)
- may find higher purchasing costs for your needed items
- legality in the area
- cleaning more often* – above we mentioned this as a “pro tip” but because less space and visual items – you may find yourself cleaning more daily if the items are not routinely put away. So though this could be less time given the smaller footprint (as opposed to spending your whole Sunday cleaning a 1,500+ sqft home), will find doing more often – but less time, does that make sense?
- minimal storage space – will you have a garage? where will you keep seasonal things? you’ll be living as a minimalist so forget about those extra trips to “Marshall’s”, “Homesense” or “Winners for those trinkets, you really won’t need nor have time for
- Accessibility can be an issue in a tiny home – since storage in a tiny home is limited, there will be many built-in spaces and features for storage – not easy to reach
- Privacy – bedroom – if your room is a loft, well, you know; limited space for guests (though maybe that could be a good thing)
- Entertaining, paring down those big dinner parties (again, maybe a pro)
Whatever you decide, this most definitely is a lifestyle change. There are definitely a more range of pros can cons to consider when it comes to making something of this choice. Are they here to stay or is this a fad? Only you can decide what works for you and conducive to your lifestyle.
Don’t forget, our team has experience with these and they vary in terms of the requirements between each town and city within the County of Simcoe. It’s important to work with those locally who have the connection and do this often. Connect with a member of the MovingSimcoe.com team today if even considering this type of option for yourself or as an investment.
Happy buying and happy investing!