The tiny home craak has been kicking around the internet since its inception, but a new report shows that, like the rest of us, some people aren’t entirely satisfied with the experience.
A whopping 51 percent of respondents to a recent survey found that they were dissatisfied with the way the tiny home experience is being marketed to them, and a whopping 63 percent of them said that they would be less likely to purchase a home in the future if the tiny homesharing craze became popular.
The survey, commissioned by the Landlord and Tenant Board (LTB), also found that many small home owners aren’t comfortable with how much money they have invested in their homes, and that some homeowners are actually hesitant to move.
In fact, more than two-thirds of those surveyed said they had a home they would prefer to live in, and only 4 percent of those respondents would consider moving into a home with a higher price tag.
A staggering 46 percent of the respondents said they would only consider buying a smaller home if the price tag was less than $200,000, and almost half of the owners said they wouldn’t consider buying in the first place if the cost was higher than $1 million.
A whopping 70 percent of small home renters and homeowners said they felt that their tiny home purchase was a bad deal, with only 20 percent of renters and 19 percent of homeowners who would consider buying one of their own saying that it was a good deal.
A majority of those who would buy a smaller house were also worried about the future of the industry, with 58 percent of homebuyers saying that they planned to move out of the market if the craze continued.
The LTB is hoping that it can bring some closure to the tiny house craze with a new policy to make it easier for homeowners to sell their homes and buy smaller homes in the near future.
The policy is a first in the country that requires small home sellers to get a pre-approval from the LTB before they can begin to sell the home, which is a move that many have been calling for for years.
A similar program in New York City is currently in the works, but the LBA said that it will only work if it has a similar number of properties to the current one.
This year, the LTA plans to create a system to allow sellers to sell homes with an estimated value of less than 500 square feet, a figure that is still higher than the current average value of $1.2 million.
The policy will allow the LBT to offer more incentives to homeowners that are interested in buying smaller homes, but will also allow them to have a lower price tag for their property.
The new policy will also help small home buyers by requiring them to disclose their income and their net worth, but also requires them to sign a document saying that any sale will be a “sale of a personal residence” and that they will not have to pay for the sale.