Buying A Tiny Home On Wheels

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Are you interested in buying a tiny home on wheels? This has become such a popular concept in recent years, yet it can be difficult to do for those who lack experience. While you may have previously purchased a standard home, there are many things that make this process a bit different.

Before you head out and start looking for a place, it would be wise to read and consider all of the following advice.

Forget Everything You Know About Real Estate

This may seem counterproductive, but it is one of the keys to having the best possible experience when buying a tiny home on wheels. If you head into this arena thinking that you are an expert because you have bought homes in the past, you are in for a huge awakening.

Factors that are very different include the fact that you will not have to worry about bidding, title searches, appraisals and things of that nature.

In addition, you will not have to concern yourself with finding a land surveyor, a mortgage broker or a real estate agent. In many cases, it is as simple as finding the place you like, handing over some cash and going on your merry way.

Research The Registration And Title

While this is a place that you plan to call home, a tiny home on wheels is very similar to buying other types of motor vehicles. It is important that you do your due diligence to ensure that it has a clean title and there are no liens or anything which would prevent this from being a legally authorized sale.

Speak to any potential sellers and let them know that this is pertinent information you need access to. If there is any hesitation, you should see it as a red flag and look for another home.

Check Local Regulations

Each area has regulations on tiny home purchases, and it is important that you are aware of what they are. You do not want to invest your money into a home only to find out there is something that prohibits you from moving forward as you wish. For instance, some places allow tiny homes on wheels since they are considered recreational vehicles, yet this changes drastically if the wheels are removed.

It may seem like a real pain to go through all of this to buy a home, but you want to make sure that this sale does not land you in any legal hot water.

Insist On A Formal Purchase Agreement

Even though you have been told that this is not the same as purchasing a traditional home, there is one factor that is exactly the same. Before you hand over your money and drive away in your new house, it is integral that some type of written agreement should be put in place. Items that should be added to the document include:

The agreed-upon price

Warranties from the seller in the event something is not working properly after purchase

Any promises made by the seller over the course of the transaction.

The damages you will be owed if the seller reneges on the deal in some way

It is not a typical home sale, but this does not mean that you should not make it a point to get paperwork. This will protect you if something goes wrong. Agreements are also handy if you have to take legal action. As with all other paperwork that is a part of this transaction, if a buyer is hesitant, you should be wary.

Keep The Seller's Contact Information

Many people think once they have a tiny home in their possession, there is no need to get in touch with the seller. This is not always the case. If there is an issue that comes up, you may need to get in contact to see if there can be some type of remediation. It can be really helpful to have their information handy if you have questions that are specific to this home.

This does not mean that you should randomly get in touch to chat; be professional. You should also ask if this is okay before you sign on the dotted line.

Hire An Escrow Agent

Once you buy the home, there is a chance that something can happen before it gets to your location. For instance, the seller may have removed something, made modifications or continued using the vehicle after you became the rightful owner. The best way to handle this would be to handle an escrow agent.

They will hold on to the funds you paid for this purchase and release them once the home is delivered to you. Keep in mind that many escrow companies only deal with particularly large amounts of money, so you may need to do some digging to find the right one.

Carefully Consider Your Income

Buying a tiny home on wheels is very tempting for some buyers because it is far cheaper than buying a traditional home. With that being said, this is not something that you should take lightly. There is always a chance that something may go wrong after the sale, and you end up having to invest money you did not plan on. If that is the case, it can put you in a serious financial tailspin.

Unless you are stable and able to handle emergencies, you should think about making the purchase when you have a better financial standing.

Buy Custom If You Are Picky

The last thing you want to do is drop tens of thousands of dollars and end up with buyer's remorse. Those who are very particular about what they like and dislike should consider buying a tiny home that allows customizations. This will give you the opportunity to make changes that will turn the house into something from your dreams.

Remember that more customizations mean the home will cost more than you may have anticipated. If you are working with a limited budget, then you should probably be particularly careful about this.

Take Your Time

It is sometimes very tempting to purchase the first option that catches your eye, but slow down a bit. Exploring several options means that you will make an informed decision instead of working on impulse. As with any other large purchase, you should not try rushing through the process. Doing so will increase the chances that you will make a misstep and things do not turn out as expected.

Have The Home Inspected

Whether you decide to buy a tiny home that has been previously lived in or you want to buy something brand new, you should have someone inspect it before a purchase is made. You would not call a typical home inspector since they may not have experience checking out the motor vehicle side of things. The best route to take would be hiring someone who has dealt with recreational vehicles before.

If there are any significant issues spotted, you can use this to request repairs before the sale, request a discount on the price or scrap the entire deal. How you proceed should depend on how serious the issues are and how much you are willing to deal with.

Calculate The Appropriate Space

There are people who believe that they are ready for tiny home living, then they realize that the space is far more limited than expected. The best way to avoid this issue would be to calculate how much space is reasonable for your needs. For instance, if you work from home, you may need a designated area for that, so a bigger house should be on your list.

It can be helpful to read blogs and other publications about maximizing space before purchasing this type of home. That way you can make an appropriate estimate of how much space is needed and learn to maximize it to get the greatest benefit.

Consider A Rental

Before making this purchase, you may want to live in one for a while to see if it is actually as awesome as you want it to be. It may be difficult to find, but seek out someone who is willing to rent one to you on a short-term basis. This will help immensely since you will be able to determine whether this is a purchase that suits your needs. Depending on what area you live in, there may be a few options for you to try out. There is a popular site many use for rentals, AirBnB. Try searching there and seeing what you can find before you start searching for something you do not like as much as you thought you would.

As you can tell, buying a tiny home on wheels is a huge undertaking. Carefully consider all of the points here before moving forward. This will increase your chances of finding the right place for you, having a smooth buying process, and ending up with a house that is not a source of stress or headaches.