Costs To Consider When Building A Tiny Home
Building a tiny house is an ambitious endeavor, so there's a lot to consider before you start your project. How big will your tiny home be? Is it going to be mobile or fixed to a foundation? What kind of amenities do you need for it to be livable?
These questions will impact the overall design of your home as well as the budget you'll need to bring it to life, so let's take a look at each factor in more detail.
The Land
In order to build a home, you'll need the land to build it on. Depending on where you live, local zoning laws may dictate how and where your house can be built. For example, it's illegal in many areas of the U.S. to place your tiny house on a friend's or family member's property for free.
If you choose to forgo a permanent foundation and instead build your tiny house on wheels, you can save yourself from having to purchase land; however, you'll still have to pay a decent amount in rent or campground fees to park for an extended period of time and connect your home to utilities.
If you want to build a permanent residence, you can consider getting a land loan to lighten the financial burden. But keep in mind that land loans typically come with larger down payments and higher interest rates than typical home loans due to increased risk for the lender.
To help mitigate this risk and increase your chances of loan approval, you'll want to create a detailed building plan for the lender demonstrating how you intend to develop the land should you be granted financing.
Square Footage Of The Home
Square footage can drastically change the price of any house, and with tiny houses ranging between 100 and 400 square feet, the cost of your tiny home can depend on its size.
The nationwide average price per square foot of a tiny home is about $150. However, you could end up paying upward of $400 per square foot depending on the floor plan, materials and amenities you choose.
Building Permits
Building permits are another key component of the costs of building a home. Permits average around $1,350 nationally, although you may end up paying more for larger floor plans and custom designs.
Amenities And Design Upgrades
Some of the biggest contributing factors to the cost of your home build are the design and amenities you choose. In general, the more you want to customize your tiny home design, the more it will cost.
While tiny home kits are relatively affordable, custom designs will require specialized designers, architects and contractors who will add to the overall project cost. Opting to incorporate design upgrades like custom cabinetry in the kitchen will also drive up the price.
Furniture And Appliances
Tiny homes aren't just small homes – they're tiny. With limited square footage, finding furniture and appliances that suit your space is of the utmost importance. To save money on amenities and maximize on this limited space, many tiny homeowners end up targeting furniture that can serve multiple purposes, such as a sofa with hidden storage beneath.
Be sure to consider your lifestyle when selecting your appliances. While you can certainly save money and space by choosing compact appliances, like a mini-fridge over a full-size refrigerator, the financial savings may not be worth it if you enjoy cooking
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