Economical

There are many costs to living in any type of a home and they include:

  • Taxes:
    Taxes are charged directly to the homeowner and make up part of the rent component for renters.
  • Property:
    Maintenance of a property is the responsibility of the homeowner. Renters typically only have access to shared space, and this is maintained by the landlord.
  • Maintenance:
    A homeowner is responsible for the maintenance of their property while the landlord maintains the rental property.
  • Utilities:
    All utility costs are the responsibility of the homeowner, and depending on the rental agreement, renters may pay all, some or none of the utility costs.

Tiny Homes

Pros

  • Many tiny homes use solar power to operate their household lighting systems, reducing their cost of hydro to little or none.
  • The compact nature of tiny homes results in very little unused, open space that needs to be heated and cooled to maintain a comfortable living temperature. (no hallways, empty rooms, etc.)
  • Tiny houses are typically well sealed and insulated to traditional house standards. This means they are very economical to heat and cool because of their compact nature.
  • Most tiny homes are built using the latest building materials and methods. This makes them very easy to heat and cool.
  • Many tiny houses use alternative heat sources, which are affordable and environmentally responsible.
  • Many tiny homes use a composting toilet system lessening the strain on sewage treatment and disposal.
  • Many tiny homes use 12 volt lighting systems to efficiently light the home.
  • Tiny homes are typically on shared land, reducing any property maintenance costs.
  • Tiny homes cost less than traditional homes, so mortgage costs are significantly less. In owner built homes, this is more so.
  • Realtor and lawyer fees are eliminated when a tiny homeowner moves, as they typically take their home with them.

Cons

  • There are no areas of the Tiny Home ownership where costs will exceed that of owning a traditional home.
  • While Tiny Homes cost more to acquire then a rented accommodation, they are an asset which can be paid off, eliminating the payment to own.