It was comfortable living if you asked me.
As time went on, my parents’ finances improved and we were able to move into the typical 3 bed 2 bath “Arawak Homes looking” Bahamian styled home with about 1,200 or more square feet of living space.
For most people, the cost of living is very high and making ends meet while trying to achieve their dreams of home ownership seems virtually impossible. The average home costs about $120 per square foot to build in 2019.
Quick “Maffs” (Math) (see Big Shaq)
1,200 sq. ft X $120 per sq. ft. = $144,000.00
Using the above figures it costs about $144,000 just to build an average 3 bed 2 bath home and that doesn’t include the cost of the lot nor does it account for closing costs (VAT, Stamp Tax, insurance, lawyer and mortgage fees). All of which can run you into an extra $100,000.00 – $180,000.00.
Then after you’ve purchased the home, there are fixed expenses such as; utility payments, living expenses, car maintenance, school fees and the list goes on.
The dream of home ownership is EXPENSIVE, but there is an alternative, a much more affordable one. Tiny homes!
What Is A Tiny Home?
A tiny home is just what the name says, a tiny home. A home that is typically 700 sq ft or less in size and has about 1 -2 bedrooms. In some cases there are homes that are as small as 300 sq ft, like the ones in the photo above.
There are different variations of tiny homes. Some are built on trailers, while others can be built on concrete foundations.
In most cases, these homes are modular or prefabricated, which means they are built and then broken down and sold as pieces that you put together like a Lego set.
Most of us are accustomed to seeing a contractor build a home piece by piece. Building a home the traditional way takes longer and is much more expensive when you factor in labor and material costs.
The Price of A Tiny Home:
$120 Sq Ft x 300 Sq Ft = $36,000.00
For as little as $36,000.00 you can build a home that is within your price range and can still be designed modern enough to provide comfort, like the interiors of these tiny homes I came across.
A Tiny Home Isn’t For Everyone
This type of living would require an adjustment in lifestyle. We won’t be able to buy the whole furniture set from Furniture Plus any more, we’d have to settle for just a “love” seat.
That dining table you may have had your eyes on, that can seat six people, has to get scratched off the list. But this isn’t something we should be fearful or embarrassed about.
We really buy and hoard a lot of things we don’t need. Tiny home living helps us to live like minimalists, which means to live off of the bare minimum. Ultimately helping a small family to cut back on expenses and spend on the things that truly matter.
We Already Have Tiny Homes In The Bahamas
In the sense of small living spaces, we already have tiny homes in The Bahamas. If you consider the clapboard styled homes in the inner city communities, or the homes on the out islands and in some cases even the government housing communities in Nassau, you’ll see examples of tiny homes.
I think its time for developers to start developing tiny home communities. It will be important that they make sure the building plans are up to code and can be constructed at an affordable cost. We may even have to consider selling smaller sized lots to accommodate this transition in living instead of the usual 5,000 or more sq ft lot.
Rent To Own Bahamas intends on being an advocate for affordable living and possibly a major developer of tiny home communities in the Bahamas and the Caribbean region.
If you liked this blog post or have any thoughts about tiny home living, leave us a comment below. I’m looking forward to hearing your thoughts.
P.S. Are you interested in learning about “Three Ways To Buy A Home Without A Mortgage” click the image below to download your free guide.