The Tricky Thing About Buying a Tiny Home

Buying a tiny house is a huge 1458593290-timbercraft-tiny-home-2undertaking—particularly from a financing perspective.

Tiny house hunters are typically looking for homes that range from 100 to 500 square feet. Many of these home buyers are millennials, who don’t want the hassle of maintaining a large house, says Matt Parker, a real estate agent in Seattle and author of “Real Estate Smart: The New Home Buying Guide.” “Owning a large home on a large plot of land is a relic of the American dream,” Parker says.

TV shows like FYI’s “Tiny House Nation” and HGTV’s “Tiny House Hunters” have helped the movement gain traction. However, these programs don’t delve into the process of procuring a loan for a tiny home, says Todd Nelson, business development officer at LightStream, a lending division of SunTrust Bank that offers loans for tiny-home buyers. “Many tiny homes are uniquely built and don’t conform to the mortgage requirements for a traditional house,” says Nelson.

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6 Critical Questions to Ask When Buying New Construction

If you’re in the market for a new-home-constructionbrand-new home, you’ve got a ton of options. Sales of new homes surged to an eight-year high in 2015, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, and single-family production is estimated to reach 840,000 units in 2016, an 18 percent increase over 2015, according to the National Association of Home Builders (NAHB).

Unfortunately for home buyers, new residential construction is coming at a steeper price: Last year the average price of a new home jumped to $351,000, up $100,000 from 2009, reports the NAHB.

Nonetheless, there are still ways you can save when buying a new home. It’s like shopping for a new car: You need the right strategy to nab the best deal. Ask prospective builders these six questions in order to find the right home at the right price.

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