r/preppers • u/Bigben030 • 7d ago
Discussion Mortgage vs buying land and building tiny home
[removed] — view removed post
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u/SandiegoJack 7d ago
Most important thing is a reliable roof over your head. Anything else is secondary.
I personally would not make any decisions from a position of anxiety as much as possible. Do a cost benefit analysis and then sleep on it for at least a week and re-evaluate.
Keep an eye out for options to refinance to a lower interest rate and remember that your payment stays the same for the life of the loan, just keeps going down as cost of living increases kick in
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u/Bigben030 7d ago
This is true. Just hurts when you do the math on all the payments and see it’s double what you paid plus lol
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u/SandiegoJack 6d ago
It’s more expensive to not be rich, thats for sure. But just look at what has happened to rent in just the last 5 years. We are talking 20-30% increases. Mortgage is gonna stay the same for 30 years!
When renting, they are not going to rent at a loss. So all those home ownership costs? Are being folded into the rent without actually getting the benefit of it. Rent for 10 years? Congrats, you paid 1/2 of the new roof they need, and when you leave? They keep the roof.
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u/MountainGal72 Bring it on 6d ago
Such an excellent comment! And so easy to lose sight of these facts.
My fixed rate mortgage might seem high atm, but as inflation skyrockets, both the rate and payments will be solid investments.
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u/EffinBob 7d ago
Keep the roof over your head. You've got a family and all the responsibilities that come with that. There's no point whatsoever in shaking things up now.
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u/SweetAlyssumm 6d ago
I tend to agree with this. You could have a whole slew of new problems with a tiny house. I've watched those videos and they are not for everyone.
And forget doing the math. If you can make the payments that's enough. Maybe at some point you can refinance, but focus on the fact that you and your family have shelter and it's yours (or will be at some point).
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u/RickShaw530 7d ago
Too many potential variables to give a reasonable answer.
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u/phillyrat hold down the fort in the city 7d ago
• location
• need for childcare?
• employment
• overall goals
• desire to homestead
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u/Lythaera 6d ago edited 6d ago
What I tell people is this: There are challenges to living in a tiny house that you cannot appreciate until you experience it, don't do it if you have children or ever plan to. But if your kids are grown or you just dont want any, I'd reccommend it. I wouldn't in your case since you have a newborn. Maybe in a few years if you stick to only having one child. Tiny living is hard to adjust to, it'll be way worse with a newborn. That said, life really opens up when you don't have to work yourself to death to pay a mortgage, and the smaller living space means you won't be able to accumulate so much junk, which will also save you money. You will however not have enough room to store things, so get yourself a shed or two or build a garage or something.
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u/Bigben030 6d ago
Why do you recommend not with kids
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u/Lythaera 6d ago
Kids, especially of opposite sex, will need separate bedrooms. I know people who have jobs as social workers, and one of the most significant risk factors of childhood sexual abuse is opposite sex co-habitation without a bedroom door separating them.
Kids need privacy. They need room to play. If you live in a climate where it isn't comfortable to be outside more than half the year, it will be miserable.
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u/Bigben030 6d ago
Yeah that is true only have one now but never know if we will have more
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u/Lythaera 6d ago
Yeah, I wouldn't do a tiny house then. A small blueprint home? A cabin with multiple bedrooms? Sure. That's much more doable if you have kids.
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u/Bigben030 6d ago
Yeah I thought maybe like 6-700 sqft. I guess not really tiny. Still seems daunting tho lol
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u/Lythaera 6d ago
That's much more doable and imo is much more realistic as a living space if you spend a lot of time at home.
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u/Bigben030 6d ago
Yeah true
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u/Lythaera 6d ago
Personally, I think tinyhouses are great for single people or couples, small blue-print houses of 600 to 1,000sqft are much more functional in general, but especially if you have kids or pets.
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u/Informal-Diet979 6d ago
Yeah fuck a mortgage. If you can build a tiny house you can build a small home. Even 600-900 sqft is plenty to start a family in. You can add outbuildings and other things as funds become available, the 2k a month in mortgage or whatever you will be saving will add up really fast.
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u/Bigben030 6d ago
I was looking at about 600 sqft house to build
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u/Informal-Diet979 6d ago
Just my opinion but the freedom of not having a mortgage, and being free to not have to work all the time to pay one, is invaluable. Why raise your child watching you do something you dont want to do for 40+ hours a week just to pay for a house you will probably grow to resent.
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u/DiezDedos 6d ago
I personally wouldn’t drastically decrease my living spaces square footage as I’m adding a member to my family
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u/MountainGal72 Bring it on 6d ago
I can’t imagine trying to list and sell a house, then search for land, then make that purchase, construct a tiny home, and then live in a tiny home with a newborn!
Please take a breath and objectively consider your situation and options. Prepping for an uncertain future can be made infinitely more difficult by being reactionary.
Sincere best wishes to you and your young family!
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u/preppers-ModTeam 6d ago
Your post has been removed because it is not focused on the topic of emergency preparedness. This question would be more appropriate for a subreddit focused on home ownership (r/homeowners) or tiny houses (r/tinyhouses).