With the increase in the cost of traditional houses, many folks are considering mini homes or tiny houses as they are also called. These smaller dwelling units are becoming more popular as the days goes by due to their lower prices when compared to traditional residential buildings.
But how much do they cost that makes them a better alternative? In this article, we will reveal the cost of these dwelling spaces and why they are in high demand.
Cost of a Mini Home
Although tiny houses are cheaper, there isn’t a fixed price tag for these buildings. This is to be expected considering they come in different shapes and sizes. Apart from size, the quality, as well as details of each building, contributes to the final price.
If you opt for a simple cabin kit, you might just spend 7,800 to 10,500 dollars. On the other end of the spectrum, a fully customized mini home could cost as much as 130,000 dollars.
While the above prices are the extremes, an average mini home will cost about 60,000 dollars in Ottawa and most parts of Canada. This might seem on the high side until you compare it to the average value of a traditional house which was around 651,200 as of November 2021. The difference is quite clear and glaring to see.
Switching to a mini house might not be as easy as many people think given the size of these structures. Most of them are just 400 square ft. and some are even less. Therefore, if you choose to go for a tiny house, you need to prepare to make a massive adjustment. Visit https://www.aarp.org/home-family/your-home/info-2018/adjusting-to-tiny-home-living.html to learn how to adjust to living in a tiny house.
The worth of a mini home is determined by an important factor: Are you buying a premade/prefabricated house kit or you are hiring a builder to design a house according to your preference? You should know without being told that the later will cost more. Hence, this needs to be put into consideration as you make your decision.
Things you should consider before getting a Mini Home
Apart from the cost which is primarily on the mind of most folks, you should pay attention to the following things before getting a mini home:
1. Building Permits & Taxes
This is something you need not neglect especially if you embark on the project yourself without hiring a professional. You need to make sure that all the permits that are required are acquired. You should reach out to officials in your municipality if you are unsure of the permits you need to get.
If you hire a professional to get the job done, you might not bother about obtaining the required permits. Most builders take care of this but you’ll pay a fee for it. The cost of permits could end up being a few thousands of dollars.
2. Land
Land price varies from the location which is why you need to put this into consideration. If you are thinking of settling in Ottawa, then the price within the municipal will averagely be the same. The only difference will be if you are buying a lot or renting a space from an already existing owner.
3. Square Footage
This also affects the price a great deal. A square foot could cost around 200 dollars for just the structure. This estimated price doesn’t include the land or other extras.
With that estimate, if you were to go for a tiny house of 200 square feet, you could end up paying 40,000 dollars for just the structure of the mini home.
4. Foundation
One major determinant of what a Mini home cost in Ottawa will be is the foundation. If you build on a foundation, the price is around 67,000 dollars. If you are looking at the price per square foot, you will be paying 6 dollars. This doesn’t even account for an additional 6,000 dollars thereabout that you will need to pay.
Since the foundation will be on land, the earlier factor which we discussed will come into play once again. However, you won’t be spending much given the size of the home.
Conclusion
In the article above, we have looked at how much a mini home will cost in Ottawa.
