New Property Market Trend- Tiny Homes
With house prices still on the rise, many Victorians are seeing their dream of owning their own home slipping away. Aside from the purchase price of the property, other costings such as the ever present up keep, deterioration costs (such as cracking) and regular bills that accumulate- it makes it seem like an impossible goal to financially fund. If only there was an option that was cost effective, involved little to no mortgage, supports the environment by being efficiently green and very flexible as to where you can live.
Our prayers have been answered! A very creative option has emerged and is exciting investors around Victoria. It involves a small-living space but can be individually designed to cater for every client’s needs- welcome to Victoria Tiny houses!
What is a Tiny Home?
It’s a compact and creatively planned out home with just enough space to live comfortably. One way to visualise a tiny home is to think about granny flats.
The average tiny home costs from around $40,000. Depending on where you would like to place the home on, you can have a home for well under $100,000 (estimation based on outer suburbs).
Who wants to buy them and why???
- No (or a very small) mortgage
- Saving on bills such as water usage, electricity and gas. Many tiny homes use solar power and don’t pay anything for electricity. Solar panels are designed for the electricity needed. Since a tiny home is small, fewer solar panels are needed. Add a storage battery and you can have electricity day and night.
- Saving on purchase price (considerably)
- It’s portable- you can have a flexible living style and be able to ‘sleep in your own bed’ whilst travelling
- Cleaning and maintenance costs will be significantly lower (which is always a bonus)
- You’ll be eco-friendly! The tiny home is more energy efficient, so you’re doing your part in helping the environment.
Australia’s first tiny home has sold in Ringwood (Victoria) last month for a tidy $56,000 at a buzzing auction. With a massive 2,000 people turning up to take a look at the new living style, we see this very quickly becoming a strong trend following into 2018. To track the emerging trend, click here.