So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
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27-year-old pays $0 to live in a ‘luxury tiny home’—how she built it for $35,000: 'I forget I'm living in a shed'
Precious Price, Contributor
Published Sat, May 13 2023 10:00 AM EDT
Updated Sat, May 13 2023 10:06 AM EDT
www.cnbc.com
In 2020, I built a tiny home in the backyard of my 1,400-square-foot house in Atlanta, Georgia for about $35,000.
Today, it's my primary residence, and I live in it for $0; my mortgage, property taxes and utility bills are covered by rent I collect from renting out my main home.
The house is only 296 square feet, but it's efficiently designed. A lot of the time, I forget I'm living in a shed.
Tiny homes are just beginning to gain traction in the U.S., but the process isn't as straightforward as it should be. Here's my advice on how to build your own backyard tiny home:
1. Check your local zoning.
Although some major cities are easing regulations on tiny homes to encourage more housing supply, many still restrict what you can and cannot do with your land.
You can typically find the zoning codes for your property address through your city's local zoning map. Do a quick Google search with your city's name and the terms "zoning map" or "zoning office."
If nothing comes up, call your city's building and planning department.
Your zone will determine whether or not tiny homes are permitted, as well as how big your lot needs to be in order to build one, and the maximum size of the structure.
Precious' tiny home sits in the back corner of her 7,280-square-foot backyard.
2. Consider your financing options.
Instead of a bank loan, I cashed out $8,500 in stocks and put about $20,000 on my credit cards to pay for everything. This allowed me to get cash back.
But if you need financial assistance, there are many other options:
• A home equity line of credit (HELOC) lets you borrow against the available equity in your home, and the house is used as collateral for the line of credit.
• A home equity loan gives you a lump sum payment with a fixed (but usually higher) interest rate.
• Cash-out refinancing replaces your existing mortgage with new terms and allows you to cash out the difference.
• A construction loan is short-term financing that can be used to cover the costs associated with building a house, from start to finish.
Precious' dog Sachia also lives in the tiny home with her. She plans to entertain friends in the backyard when the weather gets warmer.
3. Pick your structure.
The most expensive but customizable option is a "stick built" — a home built from scratch. The most cost-efficient is a prefabricated unit.
I used a shed from Liberty Storage Solutions, which eased labor costs because the structure already had windows, a door, and the foundations for lighting and electricity.
Precious used a lofted shed from Liberty Storage Solutions as the base of her tiny home.
4. Determine your design needs.
Once you've picked a structure, you'll need at least a site plan (which outlines your existing lot and proposed improvements) and a floor plan (the layout for the structure) to start construction.
You can find qualified architects, engineers or land surveyors online to help with this. I bought my site plan from 24h Plans for $99.
Since I used a prefabricated shed, I easily designed my own interior online (i.e., wall dimensions, where I wanted to place my work desk).
Nestled under the sleeping loft is a small desk, which Precious uses to check emails and catch up on work.
5. Get multiple construction bids.
A general contractor can oversee pretty much all aspects of a construction project, including drywall installation, plumbing and paint jobs.
Local home improvement stores often have a list of recommended contractors, or you can ask friends, family and neighbors.
Show your plan to multiple contractors and try to get at least five different bids. To get the most accurate estimated cost, make sure to discuss what materials you want to use (i.e., type of wood floors, cabinetry, tiles).
The rustic barn sliding doors provide easy privacy.
6. Secure your return on investment.
Before moving in, I rented out my tiny home for almost two years — and grossed almost $32,000, nearly covering the cost of what I spent to build the home.
But your ROI doesn't have to be money-related. It could be that you have have more flexibility in the form of a home office, or even a separate living space for aging parents or guests.
The goal is to have fun with designing the perfect space for your ideal lifestyle.
Precious Price, Contributor
Published Sat, May 13 2023 10:00 AM EDT
Updated Sat, May 13 2023 10:06 AM EDT
27-year-old pays $0 to live in a ‘luxury tiny home’—how she built it for $35,000: 'I forget I'm living in a shed'
In 2020, 27-year-old Precious Price built a tiny home in her backyard for $35,000. The income she earns from renting out her main house covers all her living expenses, including mortgage fees and property taxes. Here's exactly how she built it — from start to finish.
In 2020, I built a tiny home in the backyard of my 1,400-square-foot house in Atlanta, Georgia for about $35,000.
Today, it's my primary residence, and I live in it for $0; my mortgage, property taxes and utility bills are covered by rent I collect from renting out my main home.
The house is only 296 square feet, but it's efficiently designed. A lot of the time, I forget I'm living in a shed.
Tiny homes are just beginning to gain traction in the U.S., but the process isn't as straightforward as it should be. Here's my advice on how to build your own backyard tiny home:
1. Check your local zoning.
Although some major cities are easing regulations on tiny homes to encourage more housing supply, many still restrict what you can and cannot do with your land.
You can typically find the zoning codes for your property address through your city's local zoning map. Do a quick Google search with your city's name and the terms "zoning map" or "zoning office."
If nothing comes up, call your city's building and planning department.
Your zone will determine whether or not tiny homes are permitted, as well as how big your lot needs to be in order to build one, and the maximum size of the structure.
Precious' tiny home sits in the back corner of her 7,280-square-foot backyard.
2. Consider your financing options.
Instead of a bank loan, I cashed out $8,500 in stocks and put about $20,000 on my credit cards to pay for everything. This allowed me to get cash back.
But if you need financial assistance, there are many other options:
• A home equity line of credit (HELOC) lets you borrow against the available equity in your home, and the house is used as collateral for the line of credit.
• A home equity loan gives you a lump sum payment with a fixed (but usually higher) interest rate.
• Cash-out refinancing replaces your existing mortgage with new terms and allows you to cash out the difference.
• A construction loan is short-term financing that can be used to cover the costs associated with building a house, from start to finish.
Precious' dog Sachia also lives in the tiny home with her. She plans to entertain friends in the backyard when the weather gets warmer.
3. Pick your structure.
The most expensive but customizable option is a "stick built" — a home built from scratch. The most cost-efficient is a prefabricated unit.
I used a shed from Liberty Storage Solutions, which eased labor costs because the structure already had windows, a door, and the foundations for lighting and electricity.
Precious used a lofted shed from Liberty Storage Solutions as the base of her tiny home.
4. Determine your design needs.
Once you've picked a structure, you'll need at least a site plan (which outlines your existing lot and proposed improvements) and a floor plan (the layout for the structure) to start construction.
You can find qualified architects, engineers or land surveyors online to help with this. I bought my site plan from 24h Plans for $99.
Since I used a prefabricated shed, I easily designed my own interior online (i.e., wall dimensions, where I wanted to place my work desk).
Nestled under the sleeping loft is a small desk, which Precious uses to check emails and catch up on work.
5. Get multiple construction bids.
A general contractor can oversee pretty much all aspects of a construction project, including drywall installation, plumbing and paint jobs.
Local home improvement stores often have a list of recommended contractors, or you can ask friends, family and neighbors.
Show your plan to multiple contractors and try to get at least five different bids. To get the most accurate estimated cost, make sure to discuss what materials you want to use (i.e., type of wood floors, cabinetry, tiles).
The rustic barn sliding doors provide easy privacy.
6. Secure your return on investment.
Before moving in, I rented out my tiny home for almost two years — and grossed almost $32,000, nearly covering the cost of what I spent to build the home.
But your ROI doesn't have to be money-related. It could be that you have have more flexibility in the form of a home office, or even a separate living space for aging parents or guests.
The goal is to have fun with designing the perfect space for your ideal lifestyle.
Nuveen Acquires 12K-Unit Affordable Housing Portfolio, Mostly in NYC
By Mark Hallum May 9, 2023 5:11 pm
Nuveen Real Estate has closed a deal to acquire more than 12,000 units of affordable housing, mostly situated in New York City, in what is one of the largest multifamily sales this year
Nuveen, the asset management arm of the Teachers Insurance and Annuity Association of America, picked up the portfolio of large buildings mainly spread across the Bronx, Brooklyn and Queens from affordable housing owner Omni New York, the Wall Street Journal first reported.
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Nuveen, which has up to $1.1 trillion assets under management, declined to provide the sale price but said it was part of up to $3 billion in new acquisitions in its pipeline. That contributes to a goal of raising the value of Nuveen’s affordable housing assets under management to $6.4 billion.
“The acquisition strongly advances our ability to promote greater financial inclusivity, and health and wellness in communities that have lacked meaningful and lasting investment,” Nadir Settles, global head of impact investing at Nuveen, said in a statement. “Our strong commitment to affordable housing — and the communities where we are operating — is also a strong commitment to our clients, who are long-term supporters of this strategy.”
The portfolio — which has properties in Maryland, Massachusetts and Texas — also includes existing land and rundown buildings that could yield an additional 8,000 units after development, according to the WSJ.
But Nuveen has a loftier goal in the acquisition than just growth, according to the company,
The acquisition was also done in the interest of preserving affordable housing and keeping those units that could possibly turn into market-rate available to residents earning less than 60 percent of area median income, according to Nuveen.
Omni — co-founded by former baseball star Maurice “Mo” Vaughn — compiled the portfolio as part of the 94 projects the New York-based owner acquired, renovated or built in 2004. Those projects involved more than 19,000 units.
Omni did not immediately respond to a request for comment.
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