8 Reasons Why You Should Retire In A Tiny House
Often upon retirement seniors look to downsize to smaller homes. However, some of today’s seniors are taking this trend to the next level by jumping in on the tiny house movement. In fact, more than 40 percent of current tiny house owners are 50 or older, according to recent surveys.
Downsizing to a tiny house can offer seniors numerous economic benefits. According to the Integrating Transportation and Community Planning program (iTRaC), 89 percent of tiny house owners have less credit card debt than the average American, and 68 percent have none at all. Additionally, tiny home owners have about 55 percent more savings in the bank. If you want to live a simpler life while protecting yourself from economic uncertainty, downsizing to a tiny house might make a lot of sense.
Here are 8 reasons that you should consider joining the tiny house movement when you retire.
1. Eliminate Your Mortgage
If you haven’t paid off your house, and retirement is looming, downsizing to a tiny home might be a great way to escape your heavy financial burden. If you downsize to a tiny house, you can reduce your mortgage or pay it off entirely.
2. Enjoy The Freedom Of Travel — From the Comfort of Home
Tiny house living means your home can travel with you. Moreover, tiny houses are much better suited for long-term living when compared to an RV as they are well insulated making them much more comfortable in hot and cold climates.
Tiny homes are also a great option for snowbirds as they can simply relocate their home twice a year rather than owning a home that is left empty for months as well as a second property or RV that is also only used part time.
3. Smaller Spaces Mean Smaller To-Do Lists
When you reduce your living space you reduce the amount of work it takes to maintain it. Living in a smaller space means that you’ll never have to spend another whole weekend cleaning out the garage or scrubbing floors.
Regular chores get faster and easier. Doing a top to bottom clean in less than 400 sq. ft. may take less than an hour compared to a full day or weekend in a larger home. So, instead of spending your spare time dealing with all the responsibilities that come with traditional housing, you’ll be able to spend more time doing what you love.
4. Be Closer to Family
Tiny homes are a great option for those that are wanting to live closer to family and for those that need to live close to family for support or assistance. They also make a great alternative to mother-in-law suites or adult-living. On a rural property a tiny home can be placed near the family home for those that require assistance while still offering you a private space to call your own.
Cities and towns have their own bylaws and zoning that can be a bit more challenging so ensure that you have done your homework prior to purchasing a tiny home.
5. Lower Monthly Bills
Depending on the location, size, and age of your current home, utilities can take up a significant portion of your monthly budget. Going tiny requires less energy to heat, cool, and power your home based on size alone. Combine that with the fact that man tiny homes are built to the highest standards for energy efficiency and you may see your monthly bills reduced to a fraction of what you are paying currently.
6. Take A Job You Want, Not The Job You Need
Up to 61 percent of employed people plan on working at least part time during retirement. The most popular reasons for working later in life include staying mentally active and earning extra money. Because retirees need less money to live when they downsize to tiny homes, they can often afford to take the jobs they want, as opposed to the ones that they have to take to pay the bills. Living in a tiny house can open up a world of new career options.
7. Less Maintenance - Lower Maintenance Costs
Another way that living tiny saves money is that they typically require fewer repairs and the cost to do repairs is generally much less compared to a traditional house. Since there are fewer appliances, simple mechanical systems, and less square footage that requires maintenance, tiny house owners tend to spend less time and money making improvements.
8. Income Generator
If you aren’t sure if the tiny life is for you, consider buying a tiny house as a second home or income property. Many tiny house owners rent out their homes on sites like Airbnb for extra cash and with the right location a tiny home can generate solid income due to their popularity. They can also serve as an extra sleeping space when families come to visit when they are not rented out.
These points may benefit anyone looking to make the move to living tiny not just retirees. Upon retirement however, you will likely be faced with a limited fixed income and freeing up some debt and reducing your workload can make your retirement MUCH more enjoyable!