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The "Builder" trade journal has stumbled upon an interesting anomaly in the Houston real estate market – rather than downsizing, an increasingly popular trend that has been increasingly covered by numerous outlets since the housing downturn commenced, builders in the Bayou City are taking advantage of the inexpensive land costs and building bigger.
I lived in a 513 sq ft house with my two kids for 11 years. Two bedrooms, one literally the size of a walk-in closet and the other not much bigger. A bathroom too small for a bathtub (shower only). It had an open kitchen-living room so the living area wasn't too bad.
That said... we have moved on, and I wouldn't do that again.
DH and I have several nice parcels of land I inherited from my family (all rural but beautiful). There is a shortage of rental properties in our region so I've been investigating the most economical option for adding small housing units on the land for rental income. I just don't see these super-small houses as viable options. It appears that used mobile homes will be the best option. They are mass produced and seem to be very efficiently laid out and insulated. I understand that they depreciate in value but if properly maintained, they should prove sturdy and satisfactory for good rentals.
Couldn't live in something smaller than 500 sq ft. Did that for 5 years and eventually the walls seemed to close in on me.
I currently live in a 1500+ sq ft home. Hate the layout. Don't need as much space as I have but would like a different floor plan. I would love to have a newer 2 bedroom 2 bath home without an HOA. Haven't found one in my area. Need to be a reasonable distance from work.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by Tinabean
... the most economical option for adding small housing units on the land for rental income. ... used mobile homes will be the best option. ...
Yes, Used Mobile Homes are the least expensive (and quickest) way to establish housing. They can be had for free from folks who can't move them. Also manufacturers have NEW homes that were bought but never delivered (usually sold for cost + 10%). I have found many newer modular homes for $30,000. You often need a 'placement' permit rather than a full blown (and expensive) building permit.
FHA does not insure mortgages on manufactured homes built prior to June 15, 1976. Most other mortgage insurance firms follow FHA's policy. (there was a code change disallowing aluminum wiring)http://portal.hud.gov/hudportal/HUD?...g/ramh/mhs/faq
I have found the versions with metal siding far superior in longevity / maintenance to the 'current / 90's style T-111 / composite wood' siding and conventional asphalt roof.
Financing these can be an issue. You will want one on a foundation (or better yet a basement). If you have sloped lots, you can make a daylight basement, add a single wide mobile and a large covered deck on top, and you will have some inexpensively taxed improvements with good rental return.
I have been able to get a license to install my own septic systems. That saves about $5000 / lot. You can rent the equipment to run power and water and do that in a weekend. Be sure to tie them down (steel straps and auger stakes). My neighbor's brand new modular was blown flat, back when I was about 12 yrs old.
I lived in a 450 sq foot granny's quarters for a while and boy do I wish I could go back to that. I had more than enough room for all my stuff and I could fit my cal king bed in the bedroom. I prefer small houses, the one I'm in right now is hovering around 1700 and it's a 4 bedroom with 3 other people living there and it still seems too big.
its time for americans who cant afford bigger houses to downsize. its time for americans who can afford more, to get what they want.
americans dont want to be like europeans living in small "flats." we want big houses with lots of space and lots of land.
The REAL determining factor is how close you want to be to your spouse .. all day long.
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