The two main things you need are a reliable income and a deposit! Yes, a deposit! The major problem for most non home owners. It seems to be a vicious circle doesn’t it.
The only hope is to live as cheaply as possible and make as save as possible. With rental prices on the up again being able to save money can be very tough, there always seems to be so much month left at the end of the money!
Tiny Houses are a huge hit in the United States, Canada and Australia and is gradually catching on here in the UK. People are looking at small living for a couple of reasons. a) to be able to live a greener life and help the environment and b) Live cheaply which gives them more income to save for a deposit on a property bricks and mortar property.
Tiny Houses are very cheap to run. They are fully insulated, can have everything you would expect in a small property and use very little energy to heat them. The compact design creates an ideal mix of space and functionality giving you everything you need to live economically.
As an example, Depending what area you live in, a bedsit or a room to let could cost you in region of £350-£550 per month. In most cases you would have to share the rest of the property ie kitchen, lounge, bathroom and toilet which can become quite hectic in most households. If you were to rent for a 4 year period, you would have spent on average over £20,000 on rent alone with nothing to show for it at the end of the term.
By having your very own Custom Built Tiny House, the money you spend to pay for it would be considered an investment. Even if you were to get finance or a personal loan from your bank with similar monthly repayments you would still own your Tiny House which could be sold if and when it is no longer needed. They are built robustly like a house not a shed with long life and resale value in mind. After a lick of paint and fresh décor, the resale value could be not much less than what it cost a couple of years before.
The other problem is where to put it. The garden of the family home is the obvious choice but you would need planning permission if you were to use it as a dwelling. A better idea would be a small bit of land but again planning permission would be an issue and the cost of the said plot of land in the first place.
This is why a Tiny House Village is a great idea. For the hundreds of people who ask me the same questions (a/ Would I need planning permission to live in a Tiny House? and b/ Where can I live in one?) Help is on the way.. I'm working on it :-)