10 reasons you should retire to a tiny house

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1. ELIMINATE YOUR MORTGAGE

1. Eliminate Your MortgageThere’s a reason that the word “mortgage” means “death pledge” in Old French. 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. In fact, 68 percent of tiny house owners have no mortgages, reports Senior Planet. If you move to a tiny house, you can downsize your mortgage or pay it off entirely.

Although tiny houses have been advertised for as low as $10,000, it’s important to note that the average cost of a mid-range tiny home is between $20,000 and $40,000. As a retiree, you might want to budget more money to pay for necessary upgrades, such as a wall bed instead of a loft bed.

John Weisbarth, host of Tiny House Nation, said, “Most tiny houses are built with a sleeping loft to maximize the square footage within a small footprint, but not all tiny houses have a loft. A Murphy bed on the ground floor that folds up out of the way is a great way to maximize space. If you really want a sleeping loft, build stairs with a sturdy hand rail and be sure not to waste the space under the stairs…that’s valuable storage space.”

He went on to recommend that seniors budget $40,000 to $70,000 to build a tiny home on a trailer and at least $80,000 for a home with a foundation.

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