In 2019, Arizona?s influx of new residents put competitive pressure on some of its housing and rental markets. In some communities, rental and home prices climbed to unprecedented heights, making affordable housing increasingly scarce. As more and more people relocate into the state each day, Arizona’s real estate continues to be in short supply. As prices rise, homeownership is becoming less and less realistic for many buyers. For some, purchasing a tiny home, instead of a traditional piece of property, may offer a less expensive solution. However, are tiny homes worth the investment?
The Tiny House Movement
The tiny house movement is an architectural and social movement that is premised upon the idea of living with less in a smaller space. In recent years, these dwellings, which average between 150 to 300 square feet, have evolved from offering owners the most basic designs, to including high-end features and amenities. These properties are mobile and energy-efficient and can cover entire communities.
Arizona?s Tiny Home Communities
Tiny Camp Sedona is a sustainable living, tiny house community. This health and wellness retreat offers guests tiny home spaces to rest, recharge, and recover with views of Sedona?s Red Rock and Mount Wilson. Some of Tiny Camp Sedona?s homes are available to rent, while others are part of the Sedona Charter School’s project to offer affordable housing for teachers.
The Village on 13 by Build Us Hope is Phoenix?s first tiny house community for homeless and disabled Veterans. This non-profit supported community has homes to rent and buy, community gardens and plans for expansion in the near future.
The LuxTiny Community is located in Lakeview, Arizona’s White Mountains. Owners have the freedom to customize their tiny homes with luxury amenities, with prices starting at around $60,000. The LuxTiny community promotes sustainable living and encourages owners to install solar panels and other environmentally friendly features.
Arizona Tiny Home Investment
For someone just starting out or looking to downsize, a tiny home offers an affordable option for property ownership. Today’s tiny home properties boast luxury features and energy-efficient heating and cooling that costs much less than that of a traditional home. These types of properties may appeal to college students, young adults, and retirees looking to keep their housing costs to a minimum. For those looking to buy in competitive Maricopa county, temporarily living in a tiny home while waiting for the right property to become available may be a viable solution.
Tiny homes may not be the best investment for someone looking for an appreciable asset however, as they don’t tend to increase in value over time as much as a traditional property. Additionally, even if residing in a small space with few possessions sounds appealing, if you have not done it before, living in these conditions isn?t suitable for everyone. Further, if you plan on financing your purchasing, it may be more challenging to get a loan for this type of property.
Consult with Experienced Arizona Real Estate Professionals
Determining whether or not a real estate investment is right for your circumstances requires careful consideration. Before moving forward, it’s crucial that you: (1) consult with an experienced real estate agent who can help you understand the market; and (2) an Arizona real estate attorney who can help you evaluate your options.
Laura B. Bramnick is an Arizona real estate attorney who has experience assisting sellers and buyers during all phases of their real estate purchase.? She has the skills and expertise to advise you during all aspects of your transaction.? If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.