First, I will explain my situation. I am 27 years old and my relationship of the last 5 years has ended. I left her the apartment and am currently staying with my mother temporarily. It is a large home that had an unused room in the basement, so I have been welcome to stay as long as I need to.
I do not wish to rent again. Rent in my area ranges $550 to $1200 (before utilities) a month due to being close to a college town. I also do not wish to go into a ton of debt. I have a job with comfortable pay, but want to stay in the $80,000 range at the most. I have been watching the local housing market for the last few months for fix-er-uppers and foreclosures with no real luck. Even small 800sqft A-Frame cabins have shot up $10-20,000 in value in the last couple of years.
I do, though, have access to a farm that we used to raise tobacco on that is currently only used for hay and logs. I have looked into several different options, including building and finishing out an amish built cabin on site. Double wides are also out. When the time comes to sell, single wides are much cheaper to move and easier to sell.
At this point in my life, the 2 options I am leaning towards and will list the pros and cons of each. I have chosen these options because I do not want a forever home at this point. Im looking for something for the next 5-10 years before I commit to building or buying anything else.
Option 1:
Single Wide Trailer $67,000
Pros:
-1200 sqft
-This price is turn key. They get the land prepared, runs water lines, and install septic.
-I may be able to get a better price because I have a family member that installs septic and we have the equipment to prepare the land and run water lines.
-This single wide has upgraded options. Tilled shower, vinyl throughout the entire place, upgraded cabinets and appliances.
-16x74 with 3 bedrooms and 2 baths. So there is room to grow if I remain in the home for longer than expected.
Cons
-Maybe too much space for just me and my cat.
-If I sell it, I would be better off moving it to another lot just to sell with the land. Possibly rent it out.
Option 2
Tiny home.
Pros:
-Less than $50,000
-Amazing build quality inside, solid wood cabinet doors, and fully furnished
-Super mobile
-Could possibly use later on in life as a weekend/Lake home or rent out weekly at a local hiking destination
-Easily ran on Solar and cheaper utilities if I dont.
-The model I am interested in has a second bedroom that can be converted into a full size laundry room.
Cons:
-387 sqft (no room to grow)
-May have to use RV financing for this particular model
-Would have to figure out a septic or holding tank.
-Would probably add a storage building later on for a workshop and storage.
Both will depreciate, but I don't know what the smaller risk is. Both seem like very good options for me at this point.
Should I focus more on the now or the possibilities for the future? I do want to settle down and have kids at some point, but right now that seems years down the road.
This is only temporary because I dont want to set in stone that I will live on this property forever. Its a family farm so if I leave, I would need to move and/or sell whatever I put there.
Example of the tiny home (not exact due to customizations):
https://www.fairmonthomes.com/park-m.../#.X2FsFWhKjD4
Example of the single wide (not exact due to customizations):
https://www.claytonhomes.com/homes/46SHR16763BH/
Thanks for any input or advice you may have! I trust that there will be several people with experiences similar to mine on here.
Modern Single Wide Vs. Tiny Home For Temporary (5-9 years) Homestead
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