Options for when buying out a tiny house is just too expensive Tiny houses can be extremely satisfying to look at, but when you?re ready to move from pinning images of them on Pinterest to actually owning one, a number of tricky real world challenges arise. There?s the matter of where you can build and park them legally for full-time use?which we have addressed in a previous installment?and then there?s the money stuff, like financing the purchase of a tiny house. Indeed, as the tiny house industry matures, options for financing these alternative dwellings are also slowly emerging.
While tiny houses are billed as a more affordable alternative to the traditional house or apartment commanding a hefty down payment and mortgage, the latest turnkey models often ask for anything between $50,000 and $100,000?an intimidating sum, though still less than what you need for a traditional home loan. For those unable to pony up the cash themselves or secure funds through family and friends (buying out the tiny house from the get-go is still the best case scenario), there are a few other options.
Finance directly through RV-certified tiny house builders
Just as is the case for navigating building and zoning codes, financing is more straightforward with RVIA-certified tiny houses since lenders consider them similar to RVs. Major tiny house RV builders like Colorado?s Tumbleweed and Wisconsin?s Escape work with lenders to offer financing for customers who qualify, and typically re...