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Huge Prices or Tiny Houses?House prices! Just when you think that surely they can’t go up anymore, they go up! The Australian housing market remains red hot, and increasingly properties are going for well over asking price, as many first time home buyers get blown out of the water by those with bigger budgets.Australian house prices are rising at the fastest rate in 32 years. Sydney and Melbourne property markets have already bounced back to full recovery from the short-lived COVID downturn. A boost in so-called ‘tree changers’ – lured to regional areas following restrictions – means that regional areas are also experiencing massive price increases.So if you are a hopeful home buyer, and find that with every day that passes, your hard-earned savings and finance approval will buy you fewer bricks, then perhaps it is time to consider the mighty ‘Tiny House’.

Tiny House

Unless you have been living in a cave you will no doubt have heard of Tiny Houses. The Australian Tiny House Association defines a Tiny House as a “Tiny moveable dwelling up to 50m2 that is suitable for residential use”.  Not to be confused with a caravan or RV, the Tiny House resembles a conventional albeit very small house and is built on a wheeled trailer.  

The Costs and Benefits:

The Tiny House Movement encourages people to downsize their living space and by extension their possessions, and enjoy the massively reduced cost of home ownership. More than this, by being efficient and minimalist, many advocates believe it is a recipe for increased happiness!   Whilst this may vary according to each individual, what is not debatable are the benefits of having no or very little mortgage. With prices from 10-100K, many can purchase or build their own Tiny House with their deposit alone!  More time, less work, and the promise of being a little more mobile. Sounds too good to be true!

Parking: Finding Land

Another significant, potentially make-or-break issue is land. You, of course, need to be able to put your tiny home somewhere. Whilst in other countries such as the United States, Tiny Houses are widely accepted and accommodated for, the case is less so in Australia. Council laws regarding what you can and can’t do on land are strict. And in most cases, you can’t simply buy some land and park your downsized home on it.  This is because a Tiny House is classified in Australian law as a caravan.  This matters as then you fall within the rules and regulations that would apply to caravans, which have to be certain heights, widths, and be road worthy.  On the flip side, if you have a residential dwelling where you have access to stay (like your parents) then you can legally park a caravan on that dwelling and reside on it in some states. One way or the other, it is essential to check the specific regulations in your council areaWhilst it’s great that your new home will be considerably cheaper to buy and run, it is unlikely that you will be approved for conventional finance or first home buyers and builders grants.  This means that you will need to be prepared to fund the purchase yourself.Once your offer has been accepted, the contract of sale will depend on several pre-purchase inspections and reportClass. A building inspector will conduct an independent visual assessment of the property and document any defects that he or she might find. These could be both major defects that could influence your decision to proceed with the purchase, or minor defects that can often be remedied before you settle. In this article, we take a closer look at how to go about finding the right building inspector for you and your property.

Do: Ask for and compare Home Inspection Reports

Whist there are minimum standards that inspectors will look for, some builders go into greater depth than others. Ask prospective building inspectors for a sample report detailing exactly what their inspection will and will not cover and what level of detail it goes into. You can compare different inspectors based on the difference and extent their report covers. Remember, the more in-depth and thorough the report, the more informed you are as a buyer.

Do: Consider their training and experience

Whilst the building and construction industry is highly regulated, personal experience and training will vary from one builder to the next. It is therefore important to ask the builder how long they have been working within the industry and how many building inspections they conduct a month. Like any profession, experience is invaluable. The ten-year veteran will likely have inspected hundreds of more properties than a new builder. Experience is particularly important when you are buying older or more complicated properties or builds.

Do: Ask more questions!

To really understand if you are getting good value, it is important to make sure you have the right questions ready when you call up a building inspector. We have covered some of the major ones, but you should feel free to ask what does the total price include? How soon after the inspection will I receive the report? Can I attend the inspection with you?https://www.pestbuildlegals.com.au/insights/buying/huge-prices-or-tiny-houses