Although there are a lot of benefits of tiny house living, like a tiny house payment, mobility, simplicity, and a smaller environmental footprint, tiny house living is certainly not for everyone. Tiny house living also has some drawbacks which may make it unattractive for some people, like the inability to entertain friends and family in your home and the difficult decision of what to keep with you in your tiny home. This is why one alternative, buying a condo, may be a viable alternative to tiny house living.
Here’s what you need to know about buying a condo as an alternative to tiny house living.
A Condo May Be a Great Investment
Unlike a tiny home, which will only be an attractive investment or viable living option for a smaller percentage of the population, a condo is a property that will let you put a stake in the ground with homeownership that will be easier to market if you decide to sell in the future.
Less Maintenance and Upkeep
Living in a condo means you have little worry about when it comes to maintenance. There’s no lawn to mow and no weeds to pull. All lawn maintenance is included in the home owner’s association fees, as is pest control. With tiny house living you may still be responsible for a maintaining a large home lot depending on where you live.
Condos offer a larger living space than most tiny houses, but they still aren’t oversized like most single-family homes in the U.S.
Condominium living can be glamorous, especially when you buy a condo in a building that has been designed with flair. Some of the top amenities offered in condos are things like great views, abundant natural lighting, floor-to-ceiling windows, top-of-the-line appliances, hardwood and tile flooring, and more.
Some condo communities also offer heightened security. Many condo communities are gated with cameras and a 24 hour monitored lobby.
A Built-In Community
Having common areas help to create a sense of community. Green spaces, business centers, dog parks, sport courts, and outdoor seating are commonly included in condominium communities and this is something that may be missing if you opt to live in a tiny home on wheels.
Condominiums and tiny houses also have some benefits in common, like requiring a smaller down payment, a smaller mortgage with a (likely) shorter amortization schedule, and allowing people to become homeowners with smaller capital investment. It’s also important to note that while a tiny home will likely have less square feet of living space one benefit over a condominium is that you will have more than just one wall between you and your nearest neighbors.
However, owning a condominium is likely a better investment if you don’t plan to live in the same residence forever as it is likely easier to market and sell a condominium rather than a tiny house despite the movement’s popularity at this point in time.
What do you think? Is it better to own a tiny home or a condominium?