Tiny house as a first home solution for my son?

[buckeyefarmer]

Interesting discussion. I’m exploring building a a small cabin on land I’m buying. Realtor told me today, they frown upon you building a garage, and try to hook septic to it without a house. They also don’t want you living in camper.
I looked at small shed houses. I figure I’d rather build a small house, designed to be built onto.
So im designing a 2 BR, 1bath, small kitchen and living room cabin. To be used as weekend getaway. When I retire, if we decide to move there, will build on a larger family room and master bedroom with 2nd bath.

Got a quote of $50k for a 30x 40 pole barn. I’d rather put the money towards a cabin shell.

 

[CloverKnollFarms]

Is it less expensive if you cannot eventually sell it?

 

[Alan W.]

We built a detached garage for my son, only child, and his new bride to live in.
He worked his way through college and paid it all himself. The majority of the cost of the garage he funded. They worked constantly on getting it ready by their wedding. I remember him telling me that when they build a house I will have a garage. We placed it where my wife and I had our mobile home until we built the house. There was electric, septic, and water there already.
His wife recently graduated from college and started working. I think they are waiting now to see how the economy goes before building a home on some land I inherited close by.

 

[Sigarms]

I’m exploring building a a small cabin on land I’m buying.

I've got to ask, did you finally buy something in SW Virginia?

 

[tradosaurus]

So glad my 8 brothers and sisters all live far apart. My parents have been dead and gone for over 20 years. With only 2 kids left in the house the other 7 kids don't want to live in the area.
No family nearby within 3 hrs. Only MIL left and she's on her last leg.
Life is good!

 

[WoodChuckDad]

Interesting discussion. I’m exploring building a a small cabin on land I’m buying. Realtor told me today, they frown upon you building a garage, and try to hook septic to it without a house. They also don’t want you living in camper.
I looked at small shed houses. I figure I’d rather build a small house, designed to be built onto.
So im designing a 2 BR, 1bath, small kitchen and living room cabin. To be used as weekend getaway. When I retire, if we decide to move there, will build on a larger family room and master bedroom with 2nd bath.

Got a quote of $50k for a 30x 40 pole barn. I’d rather put the money towards a cabin shell.

Where did you get that quote? That doesn’t sound too bad.

 

[buckeyefarmer]

I've got to ask, did you finally buy something in SW Virginia?

About to, have contract on 7 acres just outside Roanoke.

 

[buckeyefarmer]

Where did you get that quote? That doesn’t sound too bad.

Pioneer pole buildings of VA. They started in PA. I had a quote from them years ago before I built my pole barn myself. If I hadn’t of built myself, I would have used them then. They have expanded to more states.

 

[2manyrocks]

Mortgage News Daily reported the 30 year rate was 6.87% yesterday morning. It rose to 7.08% by the end of the day. Not so very long ago, there were people saying that we wouldn't see 7% or that we wouldn't see 7% until year end. Seeing the decline in home sales already, the realtors and mortgage lenders are already switching their tune to: "7% isn't a bad rate." "6-7% is a normal mortgage rate historically speaking."

The problem is still that home prices are still so very elevated compared to historical norms very far above actual wage growth. People who bought homes before the 2020-2022 price run up started and refi'd at 2-3% interest aren't going to sell when the same home would cost them 2x to rebuy today and their interest rate would be 7%.

Talk about unintended consequences.

Then there are the zoning and building codes that restrict or forbid affordable housing options like tiny homes.

No wonder first time homebuyers are being squeezed.

 

[NoTrespassing]

Mortgage News Daily reported the 30 year rate was 6.87% yesterday morning. It rose to 7.08% by the end of the day. Not so very long ago, there were people saying that we wouldn't see 7% or that we wouldn't see 7% until year end. Seeing the decline in home sales already, the realtors and mortgage lenders are already switching their tune to: "7% isn't a bad rate." "6-7% is a normal mortgage rate historically speaking."

The problem is still that home prices are still so very elevated compared to historical norms very far above actual wage growth. People who bought homes before the 2020-2022 price run up started and refi'd at 2-3% interest aren't going to sell when the same home would cost them 2x to rebuy today and their interest rate would be 7%.

Talk about unintended consequences.

Then there are the zoning and building codes that restrict or forbid affordable housing options like tiny homes.

No wonder first time homebuyers are being squeezed.

I think my first and only mortgage was 10.5%.