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5 HUGE Lies About Tiny Homes - YouTube
Channel: Kristina Smallhorn
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the lifestyle of living in a tiny home
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isn't everything you see on an instagram
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post
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or a 4k video you see on youtube today
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we'll be covering the five hugest lies
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when it comes to tiny homes
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and before anybody starts with me in the
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comments section saying she doesn't know
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anything about tiny home living
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i have somebody in this video that
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actually lives in a tiny home currently
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and they're going to be sharing what
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their experience is so you're not just
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getting it from me you're getting it
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from the horse's mouth that lives in a
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tiny home
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currently the top three states with the
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most tiny homes
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are california florida and colorado
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and not surprisingly 15 of them happen
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to be in california
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so recently i had a subscriber reach out
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to me because they were trying to get
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some kind of financing for
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their tiny home that they were planning
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on purchasing the thing about tiny homes
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is that you're most likely not going to
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be able to get a traditional
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mortgage for it so originally we did
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finance it we went through
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a company called light stream and it's
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basically like a personal loan
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except it's ultra low interest so it's
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like interest rates like a traditional
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home but the way the
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loan is funded is more like a personal
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loan government-backed loans must be 65
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000
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or more most tiny homes aren't going to
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qualify for that so some people
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will try to qualify for something called
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a chat a loan or a personal loan
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and those interest rates can be very
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high the best case scenario when
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purchasing a tiny home
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is to pretty much buy cash and in most
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cases i think that's what most people do
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because they're trying to
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basically have a debt-free lifestyle and
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we paid our builders 50
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upfront 40 when the bill was halfway
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completed and the final 10 percent upon
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delivery
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you drop the money in your account and
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you go with this so there wasn't like
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all the loops
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with like the mortgage process and
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that's why i compared to a personal loan
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just because of the way it's funded but
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the interest was still low i think our
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interest was like
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which i say low but it was like five
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something yeah which doesn't sound low
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now but
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no that isn't bad honestly because like
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um i've seen people that have bought
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uh like alternative housing and they
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have like seven to ten to
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fourteen percent interest depending of
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course on their credit but
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sometimes personal loans can get pretty
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pretty freaking pricey
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so i always talk about affordable
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housing options on my channel and of
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course people are turning to tiny homes
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but this is one of those big things that
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people don't understand
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even though the home is tiny the price
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per square foot
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is pretty pricey a lot of people think
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that they're like
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a pretty affordable because they're so
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small but people don't realize
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you can't really get a decent size and
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by that i mean like anything above 20
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for less than 50 000 and people are like
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what you pay 50 000
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per but like you're paying for you know
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the space and for its movements for to
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still be like traditional
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home construction people don't realize
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it's a lot more expensive
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um than they might think yeah the build
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quality of tiny homes is is
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typically um a little bit better than
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other structures that people tend to
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like
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liken them to and so i think they can't
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get with the price you can get it as low
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as like a hundred dollars per square
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foot
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but you can get them as high as like 250
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to 500 square feet
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it just depends on what you're going to
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be putting in it i've seen some pretty
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expensive high-end tiny homes
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and as the cost of lumber and all the
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building supplies have increased across
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the united states in 2020
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the price per square foot has gone up
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even more so even though the sticker
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price
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may look pretty small in comparison to a
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regular house
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if you price it out per square foot
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you're gonna be paying a lot a
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subscriber just sent me this super
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expensive tiny home at 2.5 million
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dollars
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it's only a two bedroom one bath at 516
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square feet
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now it has been on the market for 126
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days
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but it does include 121 acre farm on
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high rock lake
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it also includes 5 700 feet of water
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frontage so would you pay 2.5 million
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for this tiny home generally when i'm
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speaking about tiny homes i'm talking
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about the tiny homes that you would put
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on a foundation
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and in my comment section people have
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these grand ideas of where they're
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planning on putting their tiny home
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but what they don't understand is the
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biggest problem with that is
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many areas do not allow structures that
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are less than 600 square feet now you
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may be able to put your tiny home in the
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manufactured home park where you pay
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rent for the
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lot itself but in many cases you're not
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going to be allowed to do that
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unless you plan on taking off the wheels
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they also have rv
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parks but if you have an rv park and you
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plan on parking it there where it stays
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on the wheels
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they usually have a limited amount of
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time that you can keep it there
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so what is your park rent the park right
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here is 370.
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so three cents yeah 370 a month plus
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electric
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is all we pay for here and another thing
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if you plan on buying a pmrv you tiny
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home
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they're actually not considered for
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long-term use when they are designed
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they're designed for like vacation homes
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like a little cabin just
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live in for a short period of time not
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for long-term living use
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so when you go shopping for a tiny home
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that's already pre-built
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find out what specific building
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standards that they're built to
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so you can have them built to
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manufactured home standards which would
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be under hud
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you can have them built to pmrv
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standards like i just mentioned which
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would be
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to rv standards and they're intended to
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be traveled down the road
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and for short term living use and you
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also have tiny homes that are built to
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modular specifications
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which would be the same specifications
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as a traditional built home
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now if you're asking for my opinion if i
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was to buy a tiny home
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i pick ones that are built to modular
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specifications but that's just me you
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just go ahead and pick out the one that
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is best for your living situation
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mostly depending on where you live a pm
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rv can cost as little as 39 000
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but that price can go up exponentially
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depending on the type of upgrades you
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receive in your pm rv
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now that we've touched a little bit on
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the financing the other thing that most
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people do not consider or think about
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is the insurance now a lot of people
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have told me they ended up getting
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rv insurance which is fine because if
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you're having a pmrv
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yes it will be insured but if it's
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attached to a foundation then it's
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considered a home
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but then this is where you have the
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problem because of the square footage
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and what kind of loan you have on it and
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if you bought it cash so you're really
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going to have to work really closely
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with your insurance provider to see what
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kind of insurance you can have
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on the structure itself we had to make a
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lot of calls call a lot of different
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places and then we ended up finding um
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a specialty insurance company things
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called lloyds of london
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they uh they basically do all types of
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like weird insurance so this is like the
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most
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normal type they do even as weird as
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tiny house insurance is and so
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our policy is up there though i mean we
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just uh closed on a traditional home
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and the interest the insurance on that
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is the same as what we've been paying on
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this
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200 square foot home so you can expect
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like 800 to a thousand dollars
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for you know the the premium for the
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year and always make sure that you have
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the contents inside
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covered as well and even though it's
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tiny if you live in a low-lying area
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always make sure that you have flood
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insurance living in the state louisiana
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nothing has taught me more than the
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power of having flood insurance
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that has the contents covered in as well
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i saw so many people
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get flooded and yes they had flood
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insurance but it didn't cover the
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contents inside and they lost everything
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so think about that when you're doing a
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tiny home in a low-lying area
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it's not that expensive to get flood
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insurance if you're having trouble
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finding insurance for your tiny home
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you may want to check out this website
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insurify
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you can put in your zip code and it will
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let you know what insurance companies
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are available for your area
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you may also want to check out
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progressive and lloyd's of london
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that was mentioned earlier in the video
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another huge expense that most people do
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not think about when they live in a tiny
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home
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is the maintenance because they think
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well it's tiny how expensive could some
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of this stuff cost but when you have
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certain items that are specially sized
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for your specific tiny home when it goes
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out it can be very difficult to find
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something to replace it
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and if you do those items could cost you
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a lot more than you were anticipating
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and we did it ourselves we did end up
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blowing tires left and right
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and we got taken to the cleaners on
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replacement tires while we're out there
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stranded
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but so all in i think it ended up
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costing us about a thousand dollars to
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do it ourselves
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and if you're traveling with your tiny
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home down the road you never know when
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you're going to be losing shingles
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and siding and other little things that
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might be popping up and hitting
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your pmrv tiny home now a lot of these
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things are gonna be covered under
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insurance
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if you have insurance for your pmrv
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which you should you always should if
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you're gonna be traveling down the road
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with it
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they do have like a trip endorsement so
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every time before we remove the home we
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pay like a one-time fee of like 70 80
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bucks and it protects us for
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seven days so that if anything wants to
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happen in transit while we're moving the
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home we'd be covered
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but it's just like a little addition
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that you add on each time you're gonna
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move it
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now if you have a tiny home that's on a
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piece of land that's on a slab
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that has insurance but you're also
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getting equipment like
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solar panels make sure that is insured
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as well
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in any of the equipments and battery
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packs that come with the
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solar power you want to make sure all
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that's covered because you never know
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what's going to happen
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but just like any kind of insurance
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whether it's typical home insurance
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or rv insurance you don't want to make
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too many claims on it
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because then it goes up who wants to pay
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more premiums not me and i'm sure not
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you either
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so if you were to give anybody any
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advice about
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uh buying a tiny home what would it be
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because i know that everybody thinks
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like it's the instagram lifestyle what
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is it truly
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i think for me i would say make sure you
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plan out how many years you want to live
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in it and then
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what that lifestyle is going to look
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like so originally for us we built it to
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how we were when we first moved in it so
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you know we work different
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um opposite schedules and so the loft
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was important for us to have
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um and downstairs space was important as
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well because i was up early and he was
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up late um and so it was good to have
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that separate space but now once we have
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a baby it's
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a little bit more difficult to have a
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loft and so that would have changed
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had we had thought about being in the
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tiny house with the baby
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um i absolutely think you can do the
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tiny house with the baby just not this
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tiny house for us with this baby
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yeah to be clear though we don't have
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any regrets
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like even from the beginning before we
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ever bought the house
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we said this would probably be like
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something we'd rent out on airbnb
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or resell in the future once we have
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kids um
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and so now we have a kid so that's kind
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of our thing but it has served us very
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well we've been in it for about four
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years now
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we're able to pay off all of our debt
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including the house itself over that
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time
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um bill built um up some money to
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start moving into other ventures and
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other projects and so
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i'm happy with it for sure now if you do
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plan on building your own tiny home
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yourself
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i know that there's all sorts of kid
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homes that you can buy on the internet
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and you may want to really investigate
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those companies even though they have
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lots of pictures
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make sure they're actual pictures of
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tiny homes that people have built in the
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past
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and research the company thoroughly and
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if you want to learn a little bit more
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about tiny homes you may want to check
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out this video right here
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my name is christina smallhorn your real
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estate whisperer
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and i tell you all this because good
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real estate information
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matters
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