6 Questions Before Buying or Selling a Tiny Home
Buying or selling a tiny home can be an exciting process, but it requires some careful planning to ensure that both you and the potential buyer or seller walk away satisfied with the outcome. There are so many things to consider that it can be challenging to know where to start.
Here are six questions you should answer before finalizing your decision to buy or sell a tiny house. These are meant to be thought-starters to point you in the right direction for your planning and researching.
1) Is Your Tiny House Ready to Sell?
Before you consider putting your tiny house up for sale, you should make sure your home is in show-ready condition. We share more specific tips for selling a tiny house here.
2) Are You Ready to Buy and Own a Tiny House?
It's easy to be excited about a tiny house, but are you ready for such a significant lifestyle change? Determine if it's the right time to own a tiny abode, how much money you can spend, the type of property you're going to plant your little home and if you're prepared for a life with less space and more responsibility.
Take the in-depth questionnaire in our book, The Beginner's Guide to Tiny Houses, to help you determine if the lifestyle is right for you right now.
3) Do I Need a Realtor?
It's essential to understand how you're going to find or list your tiny house for sale. Some people prefer online listings and search engines like Trulia, Zillow, or Craigslist. Others find it easier to use realtors when buying or selling their tiny homes.
Whether you plan on selling a rental house, using a realtor is almost always helpful. Realtors know what tiny houses sell for in your area and can help you price yours accordingly.
4) Does the Tiny House Sale Include the Land As Well?
Many people purchase tiny houses for vacation homes, so buying a combination package of land and home makes sense, but that's not always how it works. It all comes down to what kind of tiny home is for sale, foundation-based or movable.
In some cases, for a house on wheels, you may have the option to lease the property where it's parked. However, a few select movable tiny homeowners do also own land. Is it appropriately zoned for a tiny house, or is it an under-the-radar situation? But, if you're the seller, decide if you want to include that little piece of tiny house land in the sale.
For any movable home, make sure you know what terms you agree to when it comes time to sell. Are there restrictions on your ability to move, and if relocation expenses fees are included in the sales price?
5) What Do You Hope to Gain Financially?
Buying or selling your home is often an emotional process. Being clear about your motivations and expectations can save you some heartache. If you're a buyer, determine if you want to move up in size, downsize, or buy a tiny house to save on your monthly expense. If you're a seller, determine how much money you hope to earn from the sale.
6) Is this the Right Time to Sell or Buy?
Buying and selling any type of home is one of the most significant financial transactions you'll experience in your lifetime. Before you decide, you should consider whether it's a good time for you to be making that transaction.
When deciding whether you should buy or sell your tiny home, there are some essential factors you should consider, including:
- Demand for what you are selling or buying that affects the sales price
- How long it will take to complete the transaction
- Financing access and taxes that might impact the process
Buying or Selling a Tiny Home
Tiny houses are popular right now, and they can be quite affordable compared to traditional size homes. However, like any other type of home purchase, tiny houses come with their own sets of contemplations you need to consider before making the huge decision to buy or sell a tiny home.
Digital Magazine Dedicated to Tiny Home Living
Do you have more time at home? Enjoy some inspirational reading from Tiny House Magazine!
- Discover different types of tiny homes from liveaboard boats to Alaskan yurts, converted school buses, and more.
- Try recipes from a tiny house kitchen. Each month we feature a recipe from the Tiny House Foodie. Learn to make it work and still cook like a pro.
- Read excerpts from books on tiny houses, downsizing, and a host of other related topics.
- Each month brings new topics and new, exciting articles!