Could your family live in 500 square feet or less? It may sound crazy, but more people are moving into tiny spaces known as micro homes. And they’re not just for young singles either. Large families would have a hard time, but for a family of two or three that values life experiences over material items, it could be worthwhile. Interested? Here are a few pros and cons of micro homes.

PROS

Savings.
You can dramatically cut your mortgage or rent, as well as maintenance costs. You may even be able to buy more land by cutting down the cost of the living structure.

Reduced Carbon Footprint.
A smaller home makes less impact on the environment, and doesn’t require as much energy to power.

Simplify Your Life.
Remove clutter from your house, and focus on the items—and people—that matter most.

DIY.
Many companies, like Amazon, are now selling and shipping micro home kits that you can build yourself. If taking on a once in a lifetime project, that becomes a forever home, is on your bucket list, a micro home kit may be for you.

Freedom.
Some micro homes are easily moved from location to location by towing. If you are someone who values adventure, but likes having your own bed to sleep in every night, a micro home may be right for you.

CONS

Lack of Privacy.
Close quarters can help build better relationships with your family, but they also deprive you of personal space.

Strain on Relationships.
With those close quarters comes the interpersonal dynamics that some families may have difficulty adjusting to when they are with each other everyday in a small space – there is definitely no room for that man cave or she shed.

Little to No Storage.
Although you can get creative with storage in a micro home, you won’t have any extra space. For the stuff you absolutely have to keep, you’ll need an off-site storage room, which adds to the expenses.

No Home Office Space.
Micro houses include only basic rooms, so working from home can be a challenge. Odds are, your office desk may be sharing time as your kitchen table.

Entertaining is Out.
If you are one to host gatherings of any size, micro housing may not be the best option. Since micro homes only contain the basics, small seating, bedding, and cooking areas, there is little room for more than just the occupants.

We encourage you to create a life well-lived. Whether this means freeing yourself of “stuff” that doesn’t spark joy and starting fresh in a tiny home or building your dream home with ample space for the things you love – we’re here for you. You can visit penair.org/Mortgage to see how we can help make any dream home a reality.

Our blog content is provided by BALANCE, a financial guide dedicated to helping you balance life’s important decisions. Explore your free financial resources at balancepro.org.