Why do so many retirees downsize to a mini home?
1. Pay off your mortgage.
There’s a reason why “mortgage” means “death promise” in old French. If you haven’t paid off your mortgage and are approaching retirement, moving to a modest house might be a great way to alleviate your financial load. According to Senior Planet, 68 percent of tiny house owners do not have mortgages. You can downsize or pay off your mortgage if you move to a tiny house.
2. Travel the country from the comfort of your own home.
If you retire to a tiny house, you will be able to relocate if necessary. Furthermore, small homes are preferred over RVs for long-term living since they are better adapted to the cold and withstand more wear and tear. Although moving a tiny house is doable, it necessitates using a large truck and a considerable amount of gas. Furthermore, these houses’ designs are not suitable to withstand frequent moving. To keep your tiny house in proper condition, move it just once in a while.
3. Live closer to family.
You gain a lot of flexibility when you retire to a tiny house. If a family member has a newborn and you want to help out, or if you get sick and need help moving around, you can relocate closer to loved ones without agreeing to a lease or house loan. However, just because you can park your house anywhere does not guarantee that you can do so lawfully in every case. Some localities have restrictions regarding necessary utilities, while others prohibit the parking of tiny houses in backyards.
4. Reduced utility bills
Utilities might take a sizable percentage of your monthly budget, depending on your location. “At its most fundamental, going tiny saves you time and money; a smaller home costs less to heat, cool, and decorate.”