Purchasing a house in the current market conditions may not be beneficial for many Americans. The elevated home prices and mortgage rates are pushing many buyers out of the market.
To put things into perspective, the median sale price of homes in the US was $434,720 as of October, per data from Redfin. In the week ending Dec. 12, the contract rate for the 30-year mortgage term was 6.6%, according to Freddie Mac.
Fortunately, hopeful homeowners have other, more affordable options on the market, including a prefabricated tiny home available on Amazon for just $50,000.
One-Bedroom Home For $50,000
The LC Lenercom Prefabricated Modern Tiny House on Amazon is a modern tiny home that comes with one bedroom, large windows, and a luxurious designer kitchen.
The tiny home uses an all-aluminum structure that offers waterproofing capabilities as well as safety and durability. It also comes with multi-layer panel walls offering insulation and soundproofing capabilities. That said, the prefab home is lightweight and can be easily transported and installed.
What makes the tiny home stand out is its smart home and energy system. The tiny home comes with a 4.68KW solar system and a 10.24KWH battery. There are also electronic door locks, curtains, lighting, and security devices.
The home can be customized further by homeowners. For instance, the energy storage and smart home features can be upgraded to include climate control systems, plumbing and sewage systems, and more. It can also be expanded to include up to 400 square feet of living space.
Common Pitfalls When Purchasing Tiny Homes
While tiny homes certainly provide hopeful buyers with an affordable option, there are several things to consider. Some areas may have legal and zoning regulations that limit where tiny homes can be placed, especially if they are on wheels. Building codes may also dictate minimum room sizes and utility requirements.
Furthermore, traditional lenders may be more hesitant to offer mortgages for tiny homes, which means buyers would have to explore other options, such as RV loans or personal loans.
Read more: 5 Tiny Homes You Can Buy Under $200,000
