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5 Reasons NOT To Buy a Tiny Manufactured Home - YouTube
Channel: Kristina Smallhorn
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a couple weeks ago I featured this tiny
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home and I was going to purchase it for
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myself because it's absolutely adorable
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I won't be able to purchase this house
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after I filmed it I was like really
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investigating how I could purchase this
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tiny home for my daughter and I found
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out there's five really good reasons why
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I can't and I'm going to share those
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with you today so let's take a look
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inside what a big reason why I couldn't
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buy this tiny home is I wasn't allowed
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to get a regular loan for it so
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typically when you get a house you have
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a mortgage with either FHA a
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conventional loan or even on a rural
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development loan which is pretty common
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here in our area but here with a tiny
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house you would have to get a personal
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loan which is the interest rate on those
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is pretty high even if your credits
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really good it's still going to be above
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10 percent if your credit is terrible
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it's gonna be like 13 14 sometimes even
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20% to get a loan for something like
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this now of course if you have cash and
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you can just shell out thirty nine
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thousand dollars you're gonna be in like
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Flynn but there's other factors that
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come into play when you go to purchase
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these tiny homes that I was completely
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unaware of until I try to investigate it
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myself
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[Music]
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so as many of you know locations are
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probably the one of the most difficult
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parts of having a tiny manufacturing
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home a lot of times people will build
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them themselves they put them all up and
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then the county or the parish or even
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the state will tell them they have to
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take them down because they don't meet
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some kind of city ordinance before you
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put in any manufactured home tiny home
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or shed or any building make sure you
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get it permanent first you must check
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with your local area to see if it's
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allowed and sometimes they'll allow it
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but they'll take out certain things like
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in some areas they say you can have a
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tiny manufactured home but you can't
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have a stove in there or you can have a
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tiny manufactured home but it can't have
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plumbing so definitely check before you
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put down any building or structure on a
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piece of property not just tiny homes I
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know that because of the popularity of
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tiny homes some of the thought process
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has changed in many areas like these
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areas that I'm about to show you right
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now I like to welcome you to spur Texas
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the first town in the United States to
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welcome tiny houses and it invites you
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to settle down while employment
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opportunities are sparse local officials
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say self-sufficient individuals looking
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to set up businesses will appreciate the
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cheap real estate likewise the cost of
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living in spur is about 30 percent less
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than the national average if you're
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interested in living in spur Texas and
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want to know more about the neighbors
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they have a blog on spur freedom org in
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Portland Oregon
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you can visit ruse garden cottages green
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homebuilder orange spot constructed the
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- 526 square foot ad use shared here in
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a client's back yard each one has a full
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porch bathroom in a sleeping loft the
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inhabiters share a kitchen in the
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primary dwelling now we head over to
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Arizona to the Lux tiny community
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they're in the midst of creating the
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first tiny house community in the White
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Mountains of Arizona consisting of 45
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spaces on six acres lease rates for the
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plots are around 360 or less homes to
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buy are starting at sixty four thousand
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nine hundred dollars or you can rent
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start
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at $800 a month all residents will have
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access to 19,000 square feet of green
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walking space to tiny homes and even
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some people have been doing really great
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things with the idea of tiny homes and
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they've been putting them down and
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helping the homeless there's a real
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estate agent that has been helping
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veterans get back on their feet after
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they've been homeless and they have
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these tiny homes as temporary housing to
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get them on their feet so that way in
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the future they can buy their own house
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I think this is a fantastic idea and
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it's something I'm putting out in the
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universe there's about 40,000 homeless
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veterans in the United States right now
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that's according to a census poll in
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2017 and my big goal my big 3-year goal
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is to help the homeless problem with the
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veterans here in the United States and I
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think we can do it with either
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manufactured homes or tiny homes my
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brain has been on fire ever since I've
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like adopted this idea in these videos
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for tiny homes and manufactured homes
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have taken off I think we can work
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together and do this I'm not sure how
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we're gonna do it and I intend to make
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it happen so if you guys know anybody
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please contact me all my contact
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information is in the description
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[Music]
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so okay let's just say you found the
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perfect spot for your tiny home you've
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already checked with your county and
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everything's perfect they say you are
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allowed to do it and then you already
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have the cash to purchase it you don't
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even need financing so you go and have
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your tiny home put down the next problem
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that a lot of people run into is the
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insurance for them anytime you have
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something this expensive of course
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you're going to want to insure it the
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contents inside the structure itself and
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this is where the problem comes in
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because it's such a small structure
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insurance companies have a hard time
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calling it a home or dwelling and then
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they treat it almost like an RV
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especially if it has wheels other times
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that some insurance companies are like
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they're not touching it with a 10-foot
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Pole so always check with your insurance
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companies prior to purchasing any kind
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of tiny home so that way you can make
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sure that you're covered everybody has
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issues that happen over time anything
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can happen to always have insurance on
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any where you live
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[Music]
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I'm trying to show you this bathroom you
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only have a little tiny shower it's a
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really cute little place that I mean
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it's it's not too bad the shower is like
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typical of an RV shower I guess you'd
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say oh yeah see and I'm about 5-1 and I
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can put my hands all the way top okay so
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my other problem with tiny manufactured
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homes with me being a real estate agent
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I have a problem with the fact of resale
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there isn't enough information or data
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out there that tells you how well they
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resale and I have a feeling a gut
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feeling I'm just going by gut that it
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probably don't resale very well as cute
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as they are if once they've been lived
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in and since they're so new expensive to
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make yourself a lot of people are not
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purchasing an older one they're just
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going ahead and deciding to make their
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own but this is where my brain really
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started clicking the reason I want to
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purchase it for my daughter is even if
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she moved out in like three years it
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didn't want it anymore it would make a
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fantastic rental property what a
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fantastic way to build up rent
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especially like in this area rent is
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super expensive if you're thinking about
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purchasing a tiny home don't think about
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selling it think about renting it out
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because that would be income that's
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coming in all the time and the
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investment would be very small
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especially for a small tiny home
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[Music]
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this is like my favorite room it has it
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actually even has built-ins so you don't
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have to bring your furniture so it's
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already saving your room in this tiny
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little house and it has has a little
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cathedral ceilings too that makes you
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feel like you're really like in a bigger
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space so another issue that a lot of
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people are gonna have and now that being
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tax season if it is your permanent
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dwelling in your residence guess what
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this isn't a tax deduction because you
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know normally when you have a typical
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mortgage you're gonna have a tax
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deduction on your house but on a tiny
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home there is no tax deduction so that
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is one thing you're gonna have to
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consider in the long run if you really
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want to do a tiny home that you're not
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going to get that tax break that you
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normally would with a typical mortgage
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[Music]
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this is my favorite part of this time
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you know is this luck
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it doesn't have a lot of headroom as you
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know I'm only I'm only 5 1 and I'm on my
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knees but this I love this time you know
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it is available here in Ascension Parish
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so they're asking 39 thousand dollars
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for it but if you want to make one
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yourself they have these kits that you
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can make by Amazon just know that there
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is no insulation there's no roofing
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materials no there's no plumbing
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materials my name is Cristina small horn
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your real estate whisperer and I tell
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you all this because you matter
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