Are You Looking For Tiny Home Financing Options ?
When you think of a tiny home, among the many benefits and the huge appeal of this simple way of living, what is it that draws you the most?
To be honest i think a huge crowd pleaser is the fact that you can own your own home sooner, without spending your whole life paying of a huge mortgage.
So then realistically your next question should be…
Can i finance a tiny home?
Well, yes of course you can.
While building your own or even buying a tiny home does cost significantly less that a regular house, it can still range in price from anywhere between $10,000 – $50,000. Carefully selecting your chosen materials and building your own home is a couple of ways to cut the cost, but that said it is still not as cheap as chips and this means you may need some help with financing your tiny house.
So what are your Tiny Home Financing Options?
Your Own Money: Clearly the best option is going to be your own money here, whether that be for buying the building plans and doing a bit of DIY, or purchasing a tiny home outright. This means you won’t have the burden of a loan and the rising interest rates that come with the territory.
But come on, not everyone has that kind of money just lying around, as much as we would wish we did.
So what’s the next step…
Family and Close Friends: Maybe some family members or even close friends could help with lending you a bit of moolah towards your dreams.
Just keep in mind, that if you do choose to go down this road, then sit down and make things legit.
Draw up a contract together with all the necessary information that both parties agree too. From dates, interest rates, rules etc and sign.
Tiny House Company’s: Yes many tiny home builders offer financing options.
Whether you are going to be purchasing your tiny home outright or a buying your tiny house building plans. Tiny house company’s usually are already teamed up with a lender or are classified as RV manufacturers. I have even seen some that will offer to come to the bank with you to set you up on your way to financing, like Texas Tiny Homes now that’s going the extra mile.
OK you knew it was coming eventually…
Bank loans: So you have crossed out the above options and are going with a bank loan.
Construction loans or mortgages are available to people who would like their tiny home to be set on a foundation rather than a trailer. Although with this option you will need to comply with building codes and other qualifications before proceeding and don’t forget to look around for stable and low interest rates.
With these options available, and i am sure there are more than i have touched on, you should be able to get closer to your dreams of becoming a homeowner sooner rather than later.