Who Are Tiny Homes For?
There are literally countless scenarios of people who might benefit from owning a tiny home. Here are just a few examples of real life situations that warranted owning a tiny home.
Homeowner 1:
Young Couple starting out
​Home ownership is almost impossible for a young person or couple, starting out today. With the average home in Canada costing over $500,000, there is no way for the average young person to own a home.
With the purchase of a tiny home, home ownership is now possible. With the purchase of a building lot, you can buy a tiny home for much less than a conventional home. You can put your new tiny home on your lot, install regular well and septic or hookup to city services and start building home equity. 5-10 years down the road and your family is growing to the point where you need to move into a larger space, you can sell your tiny home, which has now appreciated in value. The well and septic and any out buildings and lot improvements are already done. The tiny home gets sold and moved off the property and a new larger more conventional home is built to accommodate your growing family.
With some credit history now under their belt, along with some equity in your already developed property, you will qualify more easily for a conventional mortgage.
Homeowner 2:
Aging In Place
(Single or Couple)
You have done your time and work in a large home. You are on your own now and have grandchildren that you love. You don't want to live in your Children's basement and like the idea of ownership still, just a more affordable and manageable setup. Recent changes in Ontario's laws regarding secondary units, will now allow you to place a tiny home structure on a lot where a conventional home is already located. Hooking up to the existing septic and well, or city services is done with your tiny home and you have independent living, proximity to your family and social support system, and an affordable alternative to rent that will increase in value each year. When the time comes where you no longer need your tiny home, it can be sold, moved off the property and a profit realized
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An extra advantage of a tiny home compared to enlarging an existing home for an aging parent, is that when the living space is no longer needed, the tiny home can be sold and removed from their property without having a large addition on the home that now sits empty and cost money in taxes and upkeep with no further financial gain.
Homeowner 3:
Home Owner Desiring A Rental Income
Homeowner that has established and existing home with large enough lot to accommodate a tiny home.
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With the Province of Ontario, mandating the permission of up to two (2) secondary units on a lot (one attached and one detached), you are looking to build some wealth for your retirement.
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A tiny home on the property of your existing home, gives you the opportunity to provide housing for an aging parent, a rental income, or adult child that wants independence but proximity.
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Using your existing home equity, you can finance the purchase of a tiny home , have it installed and hooked up to services, and continue to build equity in a safe investment that will appreciate in value over time. Security of being close to your home, allows you to protect your investment in real estate, safe and near you.
Homeowner 4:
Snowbirds
Perhaps you (and your spouse) like to head south for the winter, but don’t want the hassle of finding care for a large house while you’re away, and having someone constantly checking in on it. With a tiny home, you could live in an awesome home for the 6 months of the year spent in Canada, and then could rent it out for the 6 months you are away. This would not only fill your home so it’s not sitting empty, but would also provide you with income during your vacation season.
We Want to hear your story!
We would love to hear about your personal story and why a tiny home works for you. We are as much about advocating for housing solutions in Canada as building them. Sharing your personal example may help someone else envision a tiny home solution for themselves.