Personal loan amounts range from $2,000 to $100,000, which may not be enough to buy a regular home but could work if you need a small mortgage for a tiny or mobile home.
Personal loan interest isn’t tax deductible like a mortgage.
You can typically receive faster funding with a personal loan than a mortgage.
With median home sale prices approaching $400,000 at the end of 2023, a personal loan typically won’t give you the borrowing power you need to buy a home compared to a regular mortgage, However, if you’re in the market for a tiny home or a manufactured home, a personal loan may be a great financing choice. If not, a personal loan can help you tidy up your finances so you can qualify for a mortgage to buy your dream home.
Can you use a personal loan to buy a house?
Yes, if you can find a home at a price within standard personal loan amount limits (typically between $2,000 and $100,000) and can afford the payment timeline. That’s probably not enough to buy a regular home, but it may be perfect if you need a small mortgage for a tiny home or a mobile home.
Using a personal loan to buy a tiny home
Personal loans may be the right financing fit to buy tiny homes with prices averaging between $30,000 and $70,000. Mortgage lenders often shy away from loans below $100,000 because they aren’t profitable. In other cases, tiny homes don’t fit minimum property requirements. For example, tiny homes are typically less than 400 square feet, which is less than the Federal Housing Administration’s minimum.
Personal loans are typically unsecured, which means you won’t risk losing your home if you can’t make the payments. One disadvantage of a loan versus a mortgage is you can’t write off personal loan interest because it’s not tax-deductible like mortgage interest.
Using a personal loan to finance a manufactured home
On average, you’ll pay between $86,100 and $158,633 to buy a manufactured home, which means you could use a personal loan to buy one on the lower end of the price range. If you don’t plan to attach your home to land that you own, you may not be able to get mortgage financing, which makes personal loans a good option.
A personal loan may also be cheaper than a chattel loan, an expensive type of financing used to buy mobile homes that aren’t considered real estate.
6 ways you can use a personal loan to buy a house
If you’re buying a standard family home, you can use a personal loan to spruce up your finances to help you qualify for a home loan.
If you’re saddled with multiple credit card payments at high interest rates, you can use a personal loan for debt consolidation to combine them all into one monthly payment. Rates are typically lower than credit cards, and you’ll reduce your credit utilization ratio, which has a major impact on your credit score.
If your scores improve, lower monthly payments could help you qualify for a higher sales price or a better interest rate. Having fewer monthly payments reduces the chances of a late payment, which can really damage your credit score.
You’ll need a credit score of 780 or higher to get the best mortgage interest rates with the lowest closing costs. You could see a big boost to your credit score if you pay off maxed-out credit cards with a debt consolidation loan.
Besides allowing you to qualify for a higher-priced house, a lower interest rate can save you thousands of dollars in interest charges over the life of a 30-year mortgage.
If you took out an auto loan with a short term (12 to 36 months) to buy a new car, the payment will affect your debt-to-income (DTI) ratio, which measures how much total debt you have compared to your income. The higher your DTI ratio, the lower the mortgage amount you can qualify for.
If you’ve found your forever home but have been told your mortgage DTI ratio is too high, consider replacing your short-term auto loan with a longer-term personal loan. Keep in mind that you’ll end up paying more in interest if you choose a longer loan term than the loan you’re paying off.
If you don’t have enough saved up for a down payment for a house, consider putting the savings from steps one and two above into a down payment savings account. The more you put down, the lower your monthly mortgage payment will be. If you can swing a 20% down payment, you’ll avoid monthly mortgage insurance on a conventional mortgage.
Mortgage underwriting guidelines don’t allow you to use money from an unsecured loan like a credit card or personal loan toward your down payment or closing cost requirement to buy a home. However, there is an exception if your loan is secured to an asset like a car.
Mortgage lenders will allow you to use funds from a secured personal loan to qualify if you meet the DTI ratio requirements with the new payment. You’ll also need to provide paperwork to prove you own the asset and document the value of the asset with some third-party service (like Kelly Blue Book for a car loan).
If you’re trying to buy a home in a competitive market, your agent may recommend an all-cash offer, which may involve bidding more than the asking price on the home. If you’re short of funds to make an offer and need a quick path to extra cash, a personal loan may be worth a look.
Many personal loan lenders can get you cash within a day or two, which keeps you in the running against other cash buyers. If you want to pay the personal loan off once you’ve purchased the home, you borrow the funds against your home’s equity with a home equity loan, HELOC or a cash-out refinance.
Pros and cons of using a personal loan to buy a house
Pros
Replace multiple debts with one easy-to-remember monthly payment.
Improve your credit scores by paying off revolving credit card debt.
No assets are required for collateral.
Faster funding times than most mortgage products.
Can use debt consolidation savings to build a down payment fund.
Cons
Payment may affect your DTI ratio.
Rates are often higher than home equity loan and HELOC rates.
Shorter terms mean higher monthly payments than home equity products.
Potential prepayment penalties and high origination fees.
Personal loan interest isn’t tax-deductible for a home purchase.
Can you use a personal loan for a down payment?
The answer is a definite no if it’s an unsecured personal loan. However, as mentioned above, if the personal loan is secured by an asset like a car, collectible, artwork or other asset, then lenders will usually allow the borrowed funds to count toward your down payment. You’ll need to qualify with the extra payment and prove you own the secured asset.
Many Americans are finding tiny houses, or those that measure several hundred square feet in size, are a welcome way to live. They can be both economical and eco-friendly, and some people say they simplify life, which can bring many benefits.
If you’re curious about tiny houses or are currently contemplating one, it’s important to know that financing these dwellings may be different than securing a traditional mortgage. Here’s a guide to tiny houses and how to secure funds to buy or build one.
What Is a Tiny House?
A tiny house is often defined as a home that is between 100 and 400 square feet. In contrast, the median size of a single-family American home is currently 2,014 square feet. That’s five times bigger than the biggest tiny home. Here are some other facts to know about this kind of dwelling.
• Owners live in their tiny homes themselves, rent them out, use them as a small vacation home or even build them as an accessory dwelling unit (ADU) on the same lot as their primary residence. Tiny homes may be on wheels, or they may sit on a fixed foundation.
• Prefab homes can be delivered complete to the site, or there are modular homes that require some assembly on site. Those who would rather build their own house can hire an architect or draw up plans to their own specifications. There are small homes in all kinds of styles, from a classic Colonial or Victorian to a ranch style or A-frame or ultra-modern design.
• Local zoning rules will determine whether or not a person can build or move into a tiny home. And building codes will determine things like ceiling height.
• Tiny houses may not have good resale value since they are such a specific type of home and are often highly customized. Before buying a tiny house as an investment property, it might be wise to consult a real estate investment professional.
💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.
Tiny House Pricing
In 2023, the average sales price for a single-family home was about $430,300. Tiny homes cost quite a bit less, with an average of $45,000. That price can vary up and down depending on the size of the home, materials used, and amenities (yes, some tiny homes have luxe, spa-style bathrooms, for example). The price of the building is not the only thing to consider.
Buyers of tiny homes must factor in the price of buying or leasing land on which to place the home if they don’t already own it, as well as the cost of hooking it up to utilities.
If the tiny home is on a foundation, there may be state and local property taxes to pay. If the tiny house is on wheels, though, there likely won’t be property tax assessed.
Recommended: Is Buying a House a Good Investment?
Financing the Land
If property needs to be purchased to have a place to put a tiny home, an option for financing is a land loan. There are three types of land loans: raw land loans, unimproved land loans, and improved loans.
• Raw land loans are for land that’s completely undeveloped with no electricity, roads, or sewer access.
• Unimproved land loans are for properties that have more access to amenities like utilities, but lack utility meters.
• Improved land loans are for land with access to roads, water, and electricity.
The size of the down payment and the interest rate of the loan will depend on what type of loan is needed. For example, lenders may consider raw land to be a riskier option than improved land and require a bigger down payment and higher interest rates.
Mortgages for Tiny Homes
Qualifying for a home loan for a tiny home may be tricky. Some lenders may not be willing to offer first or second mortgages for tiny home financing. However, if a tiny home has a foundation and complies with local building codes, it may qualify for certain mortgages.
Tiny homes may also qualify for what is known as a “chattel mortgage,” a mortgage for moveable personal property. The tiny home acts as security for the loan, and the lender effectively becomes the owner of the tiny home until the loan is paid off and ownership is transferred back to the borrower.
This differs from traditional mortgages that are secured by a lien on the property. Because the size of the loans are typically small, chattel mortgages may have relatively short terms, though interest rates may be relatively high.
Personal Loans
A personal loan can allow individuals access to money that they can use for any personal, family, or household purpose, from paying off credit cards to an effective tiny house loan. Depending on the lender, loan amounts can range from a few thousand dollars to $100,000. When the applicant is approved for a personal loan, they’ll receive the loan amount in a lump sum and pay it back in installments with interest.
Personal loans may be secured or unsecured. Unsecured loans are not backed with any collateral, and the interest rates currently range from about 6% to 36%, depending largely on the borrower’s credit score.
Secured loans are backed by collateral, such as personal savings, a car, or another home owned by the same borrower. They typically come with a lower interest rate than their unsecured counterparts. However, it’s important to note that if a personal loan is defaulted on, the borrower’s assets could be seized by the lender to repay the debt.
Home Equity Loans
The equity someone may have built up in a home they already own can be tapped to finance a tiny home for use as a vacation home, rental property, or ADU. A home equity loan is a fixed amount of money secured by a borrower’s home.
Usually, up to 85% of the equity accumulated in a home can be borrowed, though actual loan amounts will also depend on the applicant’s income and credit history. The home equity loan is repaid with monthly payments over a fixed term. And if the borrower fails to repay, the lender can foreclose on the house.
A home equity line of credit (HELOC) may be another option to finance a tiny home. HELOCs differ from home equity loans in that the borrower doesn’t receive a single lump-sum payment from the lender.
Rather, a HELOC gives the borrower access to a line of credit that can be drawn down, paid back, and drawn down again, if need be, within a certain time period. The HELOC is secured by the borrower’s home, so as with a home equity loan if the debt is not paid, the lender can use the home as collateral.
Loans From Tiny House Builders
A tiny house builder or contractor may be able to help secure financing through unsecured loans based on an applicant’s credit score, or secured loans backed by the value of the tiny home. These tiny-house loans may have longer terms and lower starting interest rates than personal loans, but they may require a downpayment.
RV Loans
If the tiny house has wheels and is certified as an RV by the Recreational Vehicle Industry Association, an RV loan may be another option for financing. Online lenders, banks, and credit unions may all offer RV loans. In many cases, the tiny house will serve as collateral for the loan, the same way a car would serve as collateral in an automobile loan.
Recommended: Guide to Buying, Selling, and Updating Your Home
The Takeaway
If you’re in the market for a tiny house, you may need to think beyond traditional mortgages. Home equity, HELOC, and personal loans, among other options, may be available forms of financing that can set you on your way to owning the tiny house of your dreams.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
When shopping for apartments, listings feature numerous dimensions stating how small or large the space is. Obviously, a 1,000-square-foot apartment will be larger than an 800-square-foot apartment. But if both apartments have two bedrooms, it’s hard to distinguish how much larger the 1,000-square-foot apartment is.
So, how big is 1,000 square feet? Learning how to measure for yourself and looking at some comparisons can go a long way in putting 1,000 square feet into perspective.
How to measure 1,000 square feet
To provide guidelines on standardized measurements, the American National Standards Institute oversees standards and conformity assessment activities to keep everyone on the same page. However, not everyone adheres to these standards, so it’s imperative to take your own measurements to confirm an apartment is an advertised size.
To adequately measure an apartment, condo, townhome, rental house, tiny home or other property, start by listing all the different rooms in the unit on a piece of paper. This includes all closets, hallways, utility spaces and so on.
Next, measure each room with a tape measure. Measure both the length and width of the room and then, multiply those two numbers. That’s the square footage of the room, which is noted by the correct space on the list.
If you have a room with an offset that’s not flush with the rest of the room, measure that section separately. For instance, if the kitchen has an eating nook, measure the straight lines of the kitchen, and then measure the straight lines of the eating nook to get each section’s square area.
To keep the math simple, round all measurements to the nearest half foot. For example, if the master bedroom is 12 feet by 8 feet, 7 inches, multiply 12 by 8.5 to get the square footage: 102 square feet.
After measuring all spaces in the unit, add them together for the unit’s total square footage.
Source: Rent. / Buckhead Town Homes and Gardens
What does 1,000 square feet look like?
It’s not easy to picture how much space 1,000 square feet actually is, so consider some comparisons. One example is a regulation tennis court for singles matches. This court measures 2,106 square feet, so a 1,000-square-foot apartment would sit on about one-half of the tennis court. Here are some other comparisons:
The average two-car garage is 400 square feet, so imagine two and a half two-car garages sitting side by side
On an NBA basketball court, the foul line is 19 feet from the baseline behind the basket. The court is 50 feet wide. If you measure the court size from the baseline to the foul line, it is 950 square feet.
The average size of a rectangular in-ground swimming pool is 200 square feet, so imagine five swimming pools side by side
How much can I fit into a 1,000-square-foot apartment?
Although actual layouts may vary, many 1,000-square-foot apartments often have two bedrooms, two bathrooms, a living area, a dining area and a kitchen. Within those layouts, the rooms may vary, such as a larger living and dining area and smaller bedrooms.
In some cases, the living and dining rooms could be about the same size as the bedrooms. Or, the bedrooms could be larger, with small main living spaces.
It’s likely a king bed will fit comfortably in at least one of the bedrooms. The living area likely will accommodate a sofa, a couple of chairs and two or three side tables. The dining area usually is large enough for a kitchen table and four chairs.
Given these are basic items, a 1,000-square-foot apartment also usually will accommodate accessories, such as bookshelves, TV consoles, dressers and other furnishings.
A 1,000-square-foot apartment generally accommodates a family of four or less.
The benefits of living in 1,000 square feet
When considering a 1,000-square-foot apartment, there are many benefits to choosing an apartment of this size.
You’ll have extra space for storage
In a 1,000-square-foot apartment, you could find yourself with plenty of storage space. For instance, if you plan to use the second bedroom as an office or guest room, you can use that bedroom’s closet for storage.
Plus, you can put furniture in there to use as storage, such as bookcases, chest of drawers and armoires.
You could save on utility costs
Choosing a 1,000-square-foot apartment could help keep utility costs in check. Having a smaller floor area means less work keeping it warm or cool enough, which reduces the cost of your electric bill. Fewer windows could help, as well, since you can keep curtains closed in the winter to keep warm air in and help prevent cold air from escaping during summer.
Use effective interior design to maximize space
Once you start moving into a 1,000-square-foot apartment, the rooms may start to feel smaller. But you can take steps to prevent that from happening with the right home designs.
For instance, decorating with lighter colors can reflect light and make the rooms feel bigger. If the walls are already white or a light color, just add pops of color through accessories like area rugs, throw pillows and artwork.
While you want to maximize the storage space in your apartment, don’t try to cram too many furnishings into the rooms. For example, choose a large sofa, chair and coffee table instead of several chairs, a loveseat and side tables.
Adding baskets also can help keep your apartment decluttered, so you don’t feel like your stuff is overtaking the place. Baskets are great catch-alls for books, magazines, papers and other items in the living room.
They also serve as a good storage spot for towels if you don’t have a lot of cabinets in the bathroom. Throwing toys in your child’s bedroom also can make clean-up quick and easy.
Turn 1,000 square feet into your perfect living space
For many people, 1,000 square feet may seem like a small apartment while, for others, it may seem like more than enough square footage. Regardless of your circumstances, you can make 1,000 square feet your perfect-sized property with the right furnishings and home designs in each of the rooms.
When shopping for apartments, listings feature numerous dimensions stating how small or large the space is. Obviously, a 1,000-square-foot apartment will be larger than an 800-square-foot apartment. But if both apartments have two bedrooms, it’s hard to distinguish how much larger the 1,000-square-foot apartment is.
So, how big is 1,000 square feet? Learning how to measure for yourself and looking at some comparisons can go a long way in putting 1,000 square feet into perspective.
How to measure 1,000 square feet
To provide guidelines on standardized measurements, the American National Standards Institute oversees standards and conformity assessment activities to keep everyone on the same page. However, not everyone adheres to these standards, so it’s imperative to take your own measurements to confirm an apartment is an advertised size.
To adequately measure an apartment, condo, townhome, rental house, tiny home or other property, start by listing all the different rooms in the unit on a piece of paper. This includes all closets, hallways, utility spaces and so on.
Next, measure each room with a tape measure. Measure both the length and width of the room and then, multiply those two numbers. That’s the square footage of the room, which is noted by the correct space on the list.
If you have a room with an offset that’s not flush with the rest of the room, measure that section separately. For instance, if the kitchen has an eating nook, measure the straight lines of the kitchen, and then measure the straight lines of the eating nook to get each section’s square area.
To keep the math simple, round all measurements to the nearest half foot. For example, if the master bedroom is 12 feet by 8 feet, 7 inches, multiply 12 by 8.5 to get the square footage: 102 square feet.
After measuring all spaces in the unit, add them together for the unit’s total square footage.
Source: Rent. / Buckhead Town Homes and Gardens
What does 1,000 square feet look like?
It’s not easy to picture how much space 1,000 square feet actually is, so consider some comparisons. One example is a regulation tennis court for singles matches. This court measures 2,106 square feet, so a 1,000-square-foot apartment would sit on about one-half of the tennis court. Here are some other comparisons:
The average two-car garage is 400 square feet, so imagine two and a half two-car garages sitting side by side
On an NBA basketball court, the foul line is 19 feet from the baseline behind the basket. The court is 50 feet wide. If you measure the court size from the baseline to the foul line, it is 950 square feet.
The average size of a rectangular in-ground swimming pool is 200 square feet, so imagine five swimming pools side by side
How much can I fit into a 1,000-square-foot apartment?
Although actual layouts may vary, many 1,000-square-foot apartments often have two bedrooms, two bathrooms, a living area, a dining area and a kitchen. Within those layouts, the rooms may vary, such as a larger living and dining area and smaller bedrooms.
In some cases, the living and dining rooms could be about the same size as the bedrooms. Or, the bedrooms could be larger, with small main living spaces.
It’s likely a king bed will fit comfortably in at least one of the bedrooms. The living area likely will accommodate a sofa, a couple of chairs and two or three side tables. The dining area usually is large enough for a kitchen table and four chairs.
Given these are basic items, a 1,000-square-foot apartment also usually will accommodate accessories, such as bookshelves, TV consoles, dressers and other furnishings.
A 1,000-square-foot apartment generally accommodates a family of four or less.
The benefits of living in 1,000 square feet
When considering a 1,000-square-foot apartment, there are many benefits to choosing an apartment of this size.
You’ll have extra space for storage
In a 1,000-square-foot apartment, you could find yourself with plenty of storage space. For instance, if you plan to use the second bedroom as an office or guest room, you can use that bedroom’s closet for storage.
Plus, you can put furniture in there to use as storage, such as bookcases, chest of drawers and armoires.
You could save on utility costs
Choosing a 1,000-square-foot apartment could help keep utility costs in check. Having a smaller floor area means less work keeping it warm or cool enough, which reduces the cost of your electric bill. Fewer windows could help, as well, since you can keep curtains closed in the winter to keep warm air in and help prevent cold air from escaping during summer.
Use effective interior design to maximize space
Once you start moving into a 1,000-square-foot apartment, the rooms may start to feel smaller. But you can take steps to prevent that from happening with the right home designs.
For instance, decorating with lighter colors can reflect light and make the rooms feel bigger. If the walls are already white or a light color, just add pops of color through accessories like area rugs, throw pillows and artwork.
While you want to maximize the storage space in your apartment, don’t try to cram too many furnishings into the rooms. For example, choose a large sofa, chair and coffee table instead of several chairs, a loveseat and side tables.
Adding baskets also can help keep your apartment decluttered, so you don’t feel like your stuff is overtaking the place. Baskets are great catch-alls for books, magazines, papers and other items in the living room.
They also serve as a good storage spot for towels if you don’t have a lot of cabinets in the bathroom. Throwing toys in your child’s bedroom also can make clean-up quick and easy.
Turn 1,000 square feet into your perfect living space
For many people, 1,000 square feet may seem like a small apartment while, for others, it may seem like more than enough square footage. Regardless of your circumstances, you can make 1,000 square feet your perfect-sized property with the right furnishings and home designs in each of the rooms.
When bills begin to hide your kitchen table, your mind may scramble for a quick fix.
Can I make money fast on eBay or Craigslist? Should I apply for a personal loan?Maybe I could sell plasma? You could also pull a classic Michael Scott move and declare, “BANKRUPTCY!”… But, I wouldn’t recommend it.
While flipping thrifted goods or selling fluids can certainly help you make more money, another alternative is to make better useof your current income.
If you’re stuck in a cycle of overspending and mounting debt, it may be time to completely rethink your spending habits. Extreme budget methods — like biking to work, moving in with your parents, or even dumpster diving for dinner — can help you free up spare change in your paycheck and make the most of your hard-earned income!
What’s Ahead:
What is extreme budgeting?
If you’ve ever worried about a surprise medical bill, said “no” to a trip due to lack of cash, or purchased a case of ramen to make sure you had enough food till your next paycheck, you’re not alone.
While there is a myriad of ways to achieve temporary peace of mind, extreme budgeting is for the folks who want to stop the I-never-have-enough-money cycle dead in its tracks.
Instead of just eating out only once a week or canceling their monthly manicure, extreme budgeters reevaluate the simplest of routines.
Do I shop at the grocery store or dig through the trash for dinner?
Do I buy a cheaper vehicle at the dealer or consider rideshare instead?
They cut costs down to the bare essentials, adopt habits that protect their savings, and create a lifestyle that anticipates and eliminates stressful financial circumstances.
10 extreme budget methods to consider
Start your extreme budgeting by scanning your most recent bank statements for nonessential purchases: your subscription to Netflix, afternoon Starbucks run, gym membership, weekend vacations, drinks with friends, and so on. Ask yourself whether or not the transaction qualifies as a basic need for everyday life. If the answer is “no,” then next time say “no.”
You can also use a service like Money Patrol to set spending limits for yourself and begin developing new, healthy habits. However, the true extreme budgeter will take penny-pinching to new heights.
Listed below are ten extreme ways to save money on everything from transportation to toilet paper!
1. Become a “Freegan”
Freegans are known for rejecting consumerism and reducing waste by making use of discarded foods and goods.
You might gag at the thought of rummaging through garbage for your dinner, but freeganism has certainly proved to be an effective means of cutting costs. In fact, by dumpster diving instead of grocery shopping, Freddy Freegan has saved more than $2,000 a year on food.
2. Try vegetarianism or veganism
Did you know one pound of chicken breast and one pound of black beans have approximately the same grams of protein per serving? The difference is the chicken costs five times as much as the beans!
Next time you’re at the grocery store, avoid expensive items like meat and buy cheap, whole foods instead — beans, rice, potatoes, eggs, etc. Test out this tip for a month and see how you and your budget fare!
3. Stop driving and start riding
For individuals who truly want to adopt an extreme budgeting mentality, trim transportation costs down to the bone and ditch the car! Consider ridesharing, take the bus, or ride a bike. Not only will you save tons of money, but it’ll also be better for the environment too!
Check out PocketSmith’s budget projection tool to see just how much money you can save without your current auto expenses.
4. Practice military showers
Instead of swapping your shower head for a low-flow alternative — or, inaddition to swapping out your shower head — save big bucks on your water bill by practicing military showers, or navy showers.
Once you’re wet all over, turn off the water to lather up with soap, then turn it back on once more to rinse. You could save as much as 15,000 gallons of water a year!
5. Downsize your home
Downsizing to an apartment, tiny home, or even a van, may seem intense, but this tip has the potential to increase your savings more than any other. In fact, according to data from ValuePenguin, the average American household spends more than a quarter of their budget on housing alone (including mortgage/rent, property insurance, utilities, and more).
6. Move in with your parents
Living with mom and dad is not a glamorous solution; however, it’s more common than you might think.
Instead of spending thousands of dollars on rent or mortgage payments, redirect those funds to pay down debts, start investing, and even pursue the career path you really want, versus a job that merely pays the bills.
7. Water it down
You heard me. Add a little water to your shampoo, dish soap, orange juice, and even milk to save on grocery costs and make products last a little longer.
8. Use a bidet
If you stood in line for toilet paper in 2020 (right there with ya), this tip may not seem as drastic as it once did. Bidets can cost upwards of $250, or you can pick up a water-spraying attachment for $30. Either way, research suggests you could save $182 a year with this tip.
9. Cut your own hair
Depending on your hairstyle, this may be a no-go; however, this tip could save you hundreds of dollars a year in salon costs. If you’re not ready to attempt a trim yourself, consider volunteering to have your hair cut by a stylist-in-training for cheaper or free.
10. Practice “no spend” weekends
No spend weekends — which are exactly what they sound like — can help you steer clear of impulsive habits like eating out and shopping with friends. Instead, this trick motivates you to plan ahead.
Pack your coffee in a travel mug, invite your friends on a walk or a picnic, host a game night, etc. You could also set aside any cash you would have spent during the weekend and save up for a larger goal instead, like a down payment on a home or a summer vacation.
How does extreme budgeting help your finances?
“Couple Pays off $100,000 in Loans in One Year!” “Man Retires at 35: Here’s How he Did it!” The dramatic nature of extreme budget methods certainly grabs our attention, but the real draw is that they offer us a means of accomplishing significant personal goals quickly.
As referenced above, money is one of the biggest stressors for modern Americans, occupying our thoughts and impacting the lifestyle we’re able to pursue. In the midst of this chaos, extreme budgets offer an attractive alternative. They can help you cut down debt, save up for a house, retire early, set aside money for your kid’s college expenses, and more. You reclaim the reins of your financial circumstances and, in the process, set yourself and your family on track towards independence.
How does extreme budgeting hurt your finances?
While extreme budgeting may effectively address your current needs or help you pursue an ambitious goal, sometimes they neglect the big picture.
You may have plenty of money to put food on the table, but you ignore saving for retirement. As you divert spare change towards student loan payments, you forget to build an emergency fund and aren’t prepared for a surprise dental bill.
An extreme budget puts an immediate need or single goal in the spotlight, but a balanced budget accounts for a variety of costs today and tomorrow. Before you adopt any extreme budget methods, make sure you’re prepared for unexpected expenses and future needs.
Who should (and shouldn’t) practice extreme budgeting?
As mentioned previously, extreme budget methods can sometimes distract us from managing a variety of financial needs well.
If you have an “all-or-nothing” personality, for example, extreme budgeting may make you laser-focused on one goal, like stretching your paycheck to cover food, housing, and transportation. In the process, you might struggle to prioritize your student loan debt.
In the same way, extreme budgeting habits may help you make ends meet but also prevent you from addressing a larger problem — like excessive credit card usage. No matter how much you penny-pinch, that hefty bill will continue to find its way into your inbox every month.
With this in mind, extreme budget methods can be particularly beneficial for individuals who want to accomplish a specific goal in a specific amount of time. Biking to work or only buying discount foods, for example, can help a college graduate save money for a down payment on a house. An engaged couple may temporarily forgo dining out to collect cash for upcoming wedding expenses. Or, a young family could put every $5 bill earned into a jar to save up for a Disney vacation.
Remember: the primary goal of extreme budget methods is to help you regain control of your finances. So if your intense financial regime becomes oppressive or distracts you from future needs, those habits may not be a helpful means of achieving financial freedom.
How to start extreme budgeting
The best place to begin your extreme budgeting journey is by developing a clear understanding of your current financial situation.
How much income are you bringing in?
How much are you spending and on what?
What areas of your budget have been neglected?
As you dive into your bank statements, it’s easy to feel overwhelmed. However, there are a variety of personal finance and budgeting apps available to help you get organized.
One option to consider is PocketSmith, which connects with more than 12,000 financial institutions worldwide. Once PocketSmith has imported your personal information, the app presents you with several tools to categorize and organize your finances. You can break your current budget down into more manageable chunks, such as weekly or even daily budgets, and even forecast your spending and saving habits up to 30 years in the future.
Test out PocketSmith’s free Basic Plan today or sign up for the Premium Plan for $9.95 a month to receive automatic bank feeds, transaction importing, and more.
If you want a tool to help you monitor and manage your investment portfolio, consider Empower. Empower provides a “skimmable” version of your investments with a color-coded, visual representation of your asset allocation. Empower also has resources to help you budget, prepare for retirement, develop an estate plan, refinance your mortgage, and more — so you can keep all your finances in one location!
(Personal Capital is now Empower) Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
Summary
Extreme budget methods are not for the faint of heart.
You may bike to work in the rain to avoid spending money on gas. Or, perhaps you’ll miss trying that new local bistro with your partner and opt for a dumpster dive out back instead. However, the discomfort you feel forgoing creature comforts and adjusting ordinary routines is a small price to pay for financial independence.
Next time you pull your credit card from your pocket, first ask yourself, “Is there a cheaper way?” Sign up for a budgeting app like Empower or PocketSmith and start reevaluating your spending habits today!
As you’ve probably noticed, many people are traveling this summer. If that includes you, there are ways to save a bunch of money (and maybe a little sanity) while traveling this summer.
How can you navigate this high-demand travel environment while controlling costs and minimizing headaches?
Here are our top tips for travel this summer and how to overcome problems you might run into along the way.
Fly without breaking the bank
You’re not wrong if you think flights are more expensive.
Fares for summer travel have risen, sometimes dramatically, compared to both 2022 and 2019, according to data provided by the Airlines Reporting Corporation, a travel intelligence firm and ticket processor. The company says average fares were 9%-37% higher for the top 10 summer destinations, which include Yellowstone National Park and Hawaii. Flights are exorbitant to Europe this summer, too.
Fortunately, there are several strategies to reduce the cost of your flights.
Let the prices and availability decide your destination
If you want deals, this summer may be the one to let special offers inspire your next trip. Keep an eye on our flight deals, and book something that sounds interesting — either because of a good price or solid points and miles availability. The flexibility to go wherever the price is reasonable can lead to big savings.
Consider alternative airports
With prices on the rise, now is the time to be flexible and check all nearby airports.
For example, Houston and Chicago have two airports. The New York City area has three. It may even make sense to get to one city by flying to another before taking a short train ride for the rest of the journey, like flying into Philadelphia and catching a train up to New York. Strategies like this can help you get to your destination on a flight with better pricing or award availability.
Sign up for our daily newsletter
Expand your search for awards when your first attempt strikes out if you want to avoid the highest prices this summer.
Use positioning flights
Positioning flights are not realistic for every situation or trip, but they can often offer better award availability or pricing than those from your home airport.
Can you get to your destination for a lot less by starting in Seattle or Chicago, for example? Would adding another flight to a different airport ultimately save you money or miles?
Just make sure you leave enough time between flights to avoid any unnecessary travel headaches.
Book a backup plan
If you can’t get the flight you really want, book an alternative trip with that same airline. Then, get on the standby list for the flight you really want.
Plan your itinerary so you’re at the airport in time to get on that other flight. You can also monitor other flights and take advantage of same-day change policies.
Use up your points and miles
Summertime is a great time to use up points and miles you were hoarding. One of our big pieces of advice at TPG is to earn and burn those airline and credit card points and miles. You’ll maximize the redemption value if you can use them when cash prices are high, especially if you can find a mileage deal.
Fly on a holiday
Have you noticed that flights the day before Thanksgiving are extremely expensive, but flights on Thanksgiving morning are often cheaper? That’s because everyone wants to get to their final destination before the holiday.
This phenomenon plays out during some summer holidays, too, so look to fly the morning of the holiday to see if that lowers the price. Flying on July 4 is cheaper, generally, than flying on July 3 or July 6.
Get a hotel at the right price — and place
The good thing about hotels is that there are usually a lot of options. The bad thing about hotels is that there are usually a lot of options.
Having multiple properties to choose from can sometimes make the process of picking one feel overwhelming. However, if you have a stash of points, you can use those to narrow the field.
Here are our tips for locking in the right hotel for your trip.
Instead of burning cash, consider using your points
Just like with flights, points redemptions can make a lot of sense when hotel rates are high. Do you have Chase or American Express points you can transfer to a hotel program? Or are you sitting on a bunch of Marriott Bonvoy points? Several of us at TPG like to transfer our bank points, like Chase Ultimate Rewards points, to World of Hyatt for otherwise-expensive hotels (like the Park Hyatt Paris Vendome).
Book early and use a flexible cancellation policy
Booking a refundable hotel that seems right while you finalize everything else may be the way to go, even if you’re not 100% certain you’ll stay at that hotel. Avoid “pay now” rates in favor of a room that you can change or cancel without fees. Many award bookings allow you to cancel up to a couple of days before check-in, but always double-check the terms.
Use your elite status
Some hotel programs set aside rooms for elite members or will bump non-elite guests in favor of those with status if all the rooms are booked. Taking this a step further, travelers with top-tier Globalist status in the World of Hyatt program have a concierge who can help reserve properties. Take advantage of these perks if space is limited.
Additionally, your elite status may be the key to money-saving perks such as waived resort or parking fees, free breakfast and complimentary lounge access.
Discover similar locations
If you don’t need to be in a specific location, this may be the time to change things up a bit.
For example, if you’re seeking time on the beach, consider the panhandle of Florida or even the coast of Alabama instead of Miami and other popular parts of South Florida. Think of places that seem similar but may have better pricing if you’re running into sky-high rates.
Book directly
Instead of booking a room through a portal or online travel agency, reserve one directly with the hotel. By booking directly, you’ll likely have access to more flexible terms, as hotel cancellation policies are typically more forgiving. Additionally, if something goes wrong, you’ll have an easier time changing your itinerary since you’ll be dealing with the hotel directly instead of a third party.
Consider alternative accommodations
If you can’t find hotels that work for you, consider vacation rental platforms like Vrbo and Airbnb, as well as hotel-branded vacation rentals like Homes & Villas by Marriott Bonvoy, Mandarin Oriental Exclusive Homes and Accor-affiliated Onefinestay.
You can also go camping, glamping, stay in a “tiny home,” or rent a recreational vehicle for a few nights. There are even ways to use points to book vacation home rentals.
Score an affordable rental car
While not quite the same level of “car rental apocalypse” we saw in 2021, there are still some shortages of rental cars. There are already summertime sellouts happening in select leisure destinations. Hertz, as an example, is limiting one-way car rentals in Europe this summer due to supply constraints.
Even when vehicles are not sold out, demand (and prices) are still quite high, in part because car rental companies haven’t been able to completely replenish their fleets.
Planning ahead and leveraging your elite status can be the difference between getting a rental car and not getting one at all, according to Jonathan Weinberg, founder of AutoSlash.
Book first, plan later
Prices rise, and availability shrinks as you get closer to your travel dates. Take advantage of flexible car rental rules that usually provide a “pay later” option and book now, even if your plans aren’t finalized. Since car rental prices are up compared to pre-pandemic numbers, according to Weinberg, car rental prices may make or break some summer travel plans.
Use coupons or discount codes to save
If you’re a member of AAA or AARP, have a Costco membership, are a veteran or work for a large company with a car rental discount code, pull all of these levers. You might be eligible for discount codes you didn’t even know about.
Don’t despair if none of those reduced rates applies to you. AutoSlash can track prices and look for eligible coupon codes, too.
Leverage elite status
Having elite status with a car rental company can be the difference between getting a car and not — even if you have a reservation. That’s because cars are sometimes set aside exclusively for elite members.
Additionally, car rental program members can often skip the line at the counter and go straight to the lot, which can be what it takes to get one of the last vehicles. Luckily, you may already have a credit card that offers car rental elite status, which you could use to status match with other car rental loyalty programs.
Look beyond traditional companies and locations
Most people search for rentals at the airport with the standard companies. If you’re not finding good results, consider off-airport locations or try alternatives like Kyte, Turo and Silvercar.
Consider a longer rental
If you have trouble finding an available or affordable rental car, try adjusting the rental period. Here’s an example of how adding one day to trigger a monthlong rental cut the price by about $3,000:
Just know you should plan to keep the car for the full rental period, as returning the car early has an inherent risk of the car rental company charging a fee or adjusting pricing back to the daily rate. However, this avenue can unveil better prices and expanded inventory.
Visit national parks for less and without the crowds
The busiest national park in 2021 (Great Smoky Mountains National Park) saw 14.1 million visitors, according to statistics from the National Park Service. At the opposite end of the spectrum, Aniakchak National Monument and Preserve in Alaska saw just 145 visitors in 2021.
While the major parks are undoubtedly busy, there are still parklands that are less frequented than others, though you’ll still want to plan ahead.
Here’s everything to keep in mind for a national park adventure this summer.
Book in advance
Many parks require advance reservations for campsites and lodging inside the park’s boundaries.
How far in advance you can book varies, but these limited reservations fill up quickly at the more popular parks. Find out when reservations open for the date you want, and plan to book as soon as possible.
Stay outside the park
You might be dreaming of a night in a rustic cabin inside a national park, but getting that reservation could be challenging or costly, especially if you’re unable to pay for it with points.
However, just beyond the park, there’s probably a hotel where you can pay with points. For example, the SpringHill Suites just outside of Zion National Park is a great property if you have Marriott points to spend.
Make reservations
Some parks limit how many people can visit on any given day. Others place limits on how many people can go on a particular hiking trail. Some locations even require you to enter a lottery to get a chance to visit.
Apply for these permits and lotteries as early as possible for a better chance of securing access.
Avoid ‘free days’
It may sound counterintuitive, but “free days” at national parks may not be the best time to visit, as they tend to be particularly busy.
Instead of visiting on a weekend, holiday or day with free admission, aim for an early morning in the middle of the week for more elbow room on hiking trails and at can’t-miss natural wonders.
Visit alternative parks
Given the sheer number of national parks, national monuments, state parks and protected areas in the U.S., there’s likely a parkland near you that isn’t regularly packed with people. In fact, there may even be a park that offers similar geography to the one you’re considering but with a slightly more remote location and, consequently, thinner crowds.
For example, the second-largest canyon in the U.S., Palo Duro Canyon in the Texas Panhandle, sees 4 million fewer visitors per year than the Grand Canyon.
Plan for maximum enjoyment with minimum stress
You may have all types of activities in mind for this summer: theme parks, a road trip to visit grandparents or even an isolated beach getaway.
To cut down on travel headaches and bank account woes for the many trips you hope to take, consider these helpful tips.
Visit amusement parks on weekdays
While summer is a peak travel season since kids are out of school, many parents are still working Monday through Friday, meaning weekdays are generally less crowded. As a result, visiting a theme park in the middle of the week and arriving early in the morning typically leads to shorter lines for rides and shorter waits at in-park dining venues. It may even help you score cheaper tickets and lodging.
Ditch major theme parks
Growing up in Ohio, I had easy access to Kings Island and Cedar Point — two great theme parks that didn’t require flying to Florida or California.
Do as my parents did when I was a kid and look for regional parks that provide a lot of fun without the hefty price tag. Getting tickets will probably be easier, plus you may not need to add flights or hotels to the list of expenses.
Book Disney reservations early
You still need actual reservations (not just tickets) for Disneyland and Disney World.
To avoid any unexpected surprises, lock in your reservation as soon as possible to guarantee access to your preferred park, as they can sell out.
Reserve airport parking in advance
If flights and airports are packed, you can expect full parking lots, too.
Reserving airport parking ahead of time can be the difference between having a spot and not — or paying extra for the premium or far-away lot. If you aren’t having any luck finding a space at the airport, try snagging one at an off-airport parking location that offers shuttle service to the terminals.
Take a road trip
When you fly, you may have to buy four tickets for your family. When you drive, you don’t have to put gas in four cars.
The price of gas has come down lately, and a road trip may be calling your name this summer. An added bonus: Driving your own car means you won’t need a rental car at your final destination.
Look for coupons and codes
You don’t usually see Marriott or Delta Air Lines on Groupon, but activities are definitely more prolific.
Watch for coupons, group deals or sales for activities you’re planning to do during your trip. From roller coasters to roller derbies, the internet offers all kinds of deals, midweek sales and discount codes for activities that can lead to big savings. AAA, AARP and other advocacy memberships can help here, too.
Buy gift cards on sale
This tip can apply to many areas of life, but it’s especially true for theme parks and other activities.
Your local supermarket, big-box store or office supply store may sell gift cards at a discount. E-commerce sites also sell discounted gift cards.
When buying gift cards, use shopping portals whenever possible and pay with a card that will earn maximum points. Once you have your gift cards in hand (or your email inbox), use them to purchase Disney tickets, a hot air balloon ride or whatever activity you’re hoping to enjoy while on vacation.
Consider a cruise
While we’ve written about sold-out theme parks and hard-to-come-by flight deals, you should know that cruises are not quite as expensive as many other types of summer vacation. You’ll often save money when you account for the costs of flights and hotel rooms for multiple nights. With a cruise, you could simultaneously unlock serious savings and avoid crowds.
Hunt for deals
Cruise deals are not as plentiful as they were at the peak of the coronavirus pandemic. However, you can still find amazing deals on cruises. If you are flexible, sometimes cruise companies offer substantial deals on last-minute cruises if they have excess inventory (unsold cabins).
It’s not uncommon to see deals on cruises pop up, like this one back in March, but you need to act fast when you see them. Virgin Voyages has been offering some incredible deals this year, including a cruise for just 40,000 Virgin Atlantic points.
Look for bundles and packages
You may find that you can also save by bundling items. Search for deals on drink packages or onboard spending credits, or consider “kids sail free” options — even if the first number you see (the price for an adult) doesn’t look like a bargain right away.
Bottom line
Summer is here, and just like last year, prices and demand are through the roof.
It is possible, however, to avoid hordes of tourists if you’re looking for some peace and quiet. You may even be able to visit a popular destination without spending a fortune, having a 16-hour layover or coughing up all of your airline miles to get there.
Regardless of where you plan to go, flexibility is the best thing you can bring to your travel plans. You should book now (if you haven’t already) so you can make the most of your summer without breaking the bank.
One of the “most senior lenders in the industry,” in their own words, is Charlotte, North Carolina-based Cardinal Financial.
The retail mortgage lender has been around since 1987, truly making them one of the veterans in the mortgage space.
After all, a lot of newcomers, while perhaps large and growing, only formed around the time of the mortgage crisis in 2006.
Cardinal Financial, on the other hand, has some 30+ years under their belt, but that hasn’t stopped them from innovating and adopting new technologies.
In fact, they even have an Alexa skill (search for Cardinal Financial) that provides hands-free answers to dozens of everyday mortgage questions. Credit to them for helping their potential customers get smarter.
Cardinal Financial Fast Facts
Direct-to-consumer mortgage lender based in Charlotte, NC
Founded in 1987, 118 branch locations nationwide
Licensed in all 50 states and the District of Columbia
Funded nearly $8 billion in home loans during 2019
On their way to being a top-25 mortgage lender nationally
Also operate a wholesale lending division for mortgage brokers
Cardinal Financial is a direct-to-consumer mortgage lender with 118 branches nationwide.
They are licensed in all 50 states and the District of Columbia, which is a somewhat rare feat unless we’re talking about the largest mortgage lenders in the nation.
As it stands, they’re a top-40 mortgage lender with aspirations to perhaps land in the top-25 at some point.
While they do a lot of business all across the nation, their biggest state based on volume in 2019 was Texas, followed by California, Tennessee, Washington, and Nevada.
About half of their total volume was for home purchase financing, so it’s clear they’ve got a good relationship with real estate agents.
They also operate a wholesale lending division for mortgage brokers, so it’s possible to obtain a mortgage from Cardinal Financial indirectly if your broker works with them.
Lastly, they operate a digital startup division known as Sebonic Financial, which appears to be their online-only mortgage department.
How to Get a Mortgage with Cardinal Financial
You can call them up directly, request a free rate quote, or connect with a loan officer online
They offer a digital mortgage application and loan process known as Octane
Allows you to apply online, e-sign documents, and track loan progress 24/7
Generates a personalized to-do list so you know what needs to be done to get to the finish line
Once you visit the Cardinal Financial website, you can search for a loan officer by name or by location, or simply request a free rate quote.
You can also call them up over the phone if you’d prefer to get things started that way.
If you go the online route, first you select a loan officer, then you can visit their personal website and apply for a home loan.
Cardinal Financial relies upon its proprietary home loan platform known as “Octane,” which as the name implies is built for speed.
Their goal is to make getting a mortgage both faster and easier by eliminating common pain points and leveraging technology.
This means you can apply online, upload files on your to-do list, and securely e-sign documents instead having to rely on email or a fax machine.
You’re also able to compare loan options, mortgage rates, and closing costs in detail, side-by-side, to determine what’s best for your situation.
And it’s possible to monitor loan progress and receive live updates as each loan milestone is completed.
Those who aren’t totally sold on technology always have the option of connecting with their loan officer as well, so there’s still a human touch as well.
Types of Mortgages Offered by Cardinal Financial
Home purchase, refinance, renovation, and construction loans
Conventional loans backed by Fannie Mae and Freddie Mac
Government home loans backed by the FHA, USDA, and VA
Jumbo loans up to $3 million loan amounts
Disaster relief loans
Down payment assistance
Community Lending programs
Manufactured home loans
Container and Tiny Home loans
Fixed-rate mortgages and ARMs with terms from 10 to 30 years
When it comes to financing options, Cardinal Financial has a ton.
You can get a home purchase loan, refinance loan (rate and term or cash out), renovation loan like an FHA 203k, or a construction loan.
They offer conventional home loans backed by Fannie Mae and Freddie Mac, along with government-backed mortgages like FHA loans, USDA loans, and VA loans.
Those purchasing or refinancing a particularly expensive property can take out a jumbo home loan up to $3 million.
And they’ve also got affordable Community Lending loan programs, down payment assistance, and disaster relief loans.
But wait, there’s more. They offer manufactured home loans (single-width, multi-width, and modular homes), and get this, Tiny Home loans for those really small houses that are on-trend. Or perhaps were trendy…
They even provide financing to those who call a shipping container home, because hey, why not?
With regard to specific loan programs, you can get a fixed-rate mortgage or an adjustable-rate mortgage in terms from 10 to 30 years.
So no matter what you’re buying or refinancing, Cardinal Financial should have you pretty well covered.
Cardinal Financial Mortgage Rates
While advertised mortgage rates are just that, advertised rates, it’s still nice to see them. And like many other lenders, Cardinal Financial doesn’t advertise them on their website.
This is always a bit of a letdown, but not necessarily a deal breaker. It just means you’ll need to get their pricing and compare it to other lenders you shop with.
The same goes for lender fees, which don’t seem to appear on their website.
It’s important to know what they charge, such as underwriting fees, processing fees, application fees, loan origination, and so on to get a complete picture.
Only then will you know how competitive they are relative to other mortgage lender out there.
Cardinal Financial Reviews
On Zillow, they have a 4.93 rating out of 5 based on over 3,000 customer reviews. Many of the reviews I scanned said the interest rate as lower than expected, which is a positive.
If you’re looking for information about a specific loan officer, Zillow allows you to filter by that individual’s name.
On LendingTree, they’ve got a 4.7 rating out of 5 on over 1,600 reviews, and on SocialSurvey a 4.89-star rating out of 5 on more than 3,500 reviews.
So it’s pretty clear they come highly-rated across all the major review sites.
They have also been a Better Business Bureau accredited company since 2014, and currently enjoy an A+ rating.
Surprisingly, they also have very good customer reviews on the BBB website, which is somewhat rare of just about any company.
At last glance, they had 4.5 stars based on nearly 200 reviews from their customers. There are complaints too, which is normal, but typically BBB ratings aren’t so high.
Cardinal Financial Pros and Cons
The Good
Can apply for a mortgage online
Proprietary digital mortgage process known as Octane
Plenty of loan programs to choose from including unique offerings
An eye-popping structure in Glastonbury, CT, that appears to be floating among the trees is this week’s most popular home on Realtor.com®.
The Cedar Bridge House was designed by architect Wilfred Armster and appears to hover some 50 feet above the wooded lot, anchored to a steel support structure above the garage.
Other offerings you clicked on this week include an affordable tiny home in Colorado, a retro residence in Vermont, and the former home of the Galveston Wedding Chapel in Texas.
For a full look at this week’s 10 most popular homes, keep on scrolling.
Price: $829,000 Why it’s here: This Normandy-style Tudor features many period details: casement, boxed-out windows; stone parapet walls; exposed-beam ceilings; preserved hardwood flooring; and even a window seat.
Offering five bedrooms, this petite castle was built in the 1930s. The living room comes with a stone fireplace and built-in seating.
On the market for just 11 days, the home is already pending sale.
———
Price: $210,000 Why it’s here: This adorable and affordable tiny home boasts a modern interior.
Built in 2021, this two-bedroom abode is part of a small-home community. Offering just 670 square feet of living space, the home is bright and airy and features many modern amenities. A floor-to-ceiling electric fireplace can be found in the combined living-dining area.
The first-floor primary bedroom has direct access to a patio. A spiral staircase leads to a second bedroom/loft area. The property is pending sale.
———
Price: $149,000 Why it’s here: What a deal! This modestly priced farmhouse needs some TLC, but there’s a lot of charm and character.
The three-bedroom home was built in 1878. Period details include wide-plank floors and arched ceilings. Recent updates include a new metal roof and a modernized kitchen with lots of cabinet space.
The 2.6-acre lot comes with a detached barn with a workshop. The property is pending sale.
———
Price: $499,000 Why it’s here: The bland exterior of this home hides a surprising log cabin interior.
The three-bedroom home was custom-built in 2015 on a 10-acre wooded parcel. The two-story living room features a floor-to-ceiling stone fireplace, and the large windows let in plenty of natural light. Out back, there’s a hot tub.
The home is pending sale.
———
Price: $4,900,000 Why it’s here: This enormous, seven-bedroom estate comes with a brick-walled wine cellar, cozy bar, spa with indoor lap pool, fitness center, and home theater.
The 10,159-square-foot floor plan boasts custom millwork and six fireplaces. The wood-paneled library has a coffered ceiling, built-in bookshelves, and a fireplace with an ornate mantelpiece.
The 16-acre lot also features six garages, a carriage house with two apartments, and a tennis court.
———
Price: $625,000 Why it’s here: Inspired by midcentury modern style, this home was designed by architect Charles Marks.
The home was built in 1974 on a 14-acre parcel in the Green Mountain State. The bright living room is lined with windows and built-ins, and features a fireplace. The 3,000 square feet of living space includes a dining area with a raised ceiling and sliders that open to a bluestone terrace with an in-ground pool.
The primary suite has a fireplace, built-in bed, and bathroom with cedar walls. The property is pending sale.
———
Price: $510,000 Why it’s here: This large, log cabin comes with a matching, four-car garage.
The three-bedroom home features vaulted ceilings and hardwood floors. The great room boasts a floor-to-ceiling stone fireplace, and the spacious kitchen comes with a curved island with seating. Two en suite bedrooms are upstairs, and the third is located on the lower level.
The 1.4-acre lot is private and wooded.
———
Price: $799,900 Why it’s here: This fabulous farmhouse on 6 waterfront acres overlooks the Clinch River. The spot is ideal for launching a boat, kayaking, or fishing.
The three-bedroom, 1,857-square-foot home boasts a two-story family room with a stone fireplace and a kitchen with custom cabinets. Two bedrooms are located on the main level, and the primary suite with a private balcony can be found upstairs.
———
Price: $799,500 Why it’s here: Here comes the chance to live at the former site of the Galveston Wedding Chapel!
While the wedding business itself is not for sale, all of the furnishings of the turnkey place are negotiable, according to the listing.
The waterfront property offers Gulf views from the top floors. The chapel is on the main level, and two bedrooms are upstairs.
The 2,211-square-foot interior also includes a formal parlor for cocktails, an elevated area for ceremonies, and an outdoor gazebo for photos.
There are also multiple terraces and patios to take in the views.
———
Price: $497,000 Why it’s here: The innovative Cedar Bridge House, designed by architect Wilfred Armster, appears to float among the trees.
Built in 1983, the two-bedroom residence has been on and off the market over the past three years, with an original list price of $530,000. As several calls to the listing agent have gone unreturned, we (and social media) are left wondering why this modern marvel hasn’t sold.
The unconventional, bridge-like design features 2,118 square feet of living space filled with skylights and windows. The stylish kitchen has granite counters, a wine cooler, and high-end stainless-steel appliances, according to the listing. The minimalist living room offers a sleek fireplace.
The primary bedroom includes access to one of two decks. A third deck boasts a hot tub and views of the 3-acre lot.
On Google Earth it looks like a stunning opportunity: six acres of vacant land surrounded by single-family homes in a West Valley neighborhood.
After being abandoned to shoulder-high weeds for nearly a decade, the former elementary school site in Woodland Hills is now a target for development.
But it’s not being scoped out for million-dollar homes like those around it. Instead, a group of prominent civic leaders has identified the parcel as a prime location for shelter or housing for homeless people.
It’s on a list commissioned by the Committee for Greater L.A. to prod City Hall to use surplus government land for homeless housing.
“If you talked to people in the city … they will argue that it is a myth, that all the land that is available is really not appropriate for this use,” said Miguel Santana, chairman of the committee, which is made up of leaders in philanthropy, business and government.
In releasing a database of 126 proposed sites online, the committee sought to keep up pressure on Mayor Karen Bass to follow through on her campaign pledge to build 1,000 beds on public land in her first year in office.
The study‘s authors said they identified more than enough usable parcels to support 1,000 beds of shelter and permanent housing, and proposed a timeline to produce the housing within six months.
Bass has acknowledged the committee’s work but said she has her own list of properties and her own timeline. And the timeline is longer.
In an open letter, Bass, whose third executive order required the city administrative officer to compile an inventory of city-owned land suitable for housing, said her staff is poring over a list of more than 3,300 parcels and has had preliminary discussions with City Council members to gauge their reaction to specific sites.
She said they have identified sites to accommodate 500 interim housing beds and have submitted them to the state to be part of Gov. Gavin Newsom’s emergency small-homes program. If approved, she said, they could be built by July 2024.
But Bass said she wants to rethink the city’s approach to permanent housing on its lands to develop a “bigger and bolder” program. She set a goal of January 2025 to come up with standards for identifying suitable land, community engagement strategies, provisions for infrastructure investments, new financing methods and innovative approaches to construction.
Advertisement
“My focus over the remainder of my first term in office will be to make the disposition and development of City owned land faster, cheaper, and more streamlined, and to innovate in the financing and delivery of affordable housing without reliance on traditional subsidy methods,” Bass wrote.
While working primarily from the city’s own list, Bass said, she will use the committee’s study to advance her goal of incorporating surplus land owned by regional and state agencies.
The study, conducted by the nonprofit Center for Pacific Urbanism, analyzed variables including slope, zoning and proximity to utilities to winnow down 65,000 parcels owned by city, county, state, federal and other agencies such as Metro and the Los Angeles Unified School District.
Dario Rodman-Alvarez, an architect whose firm Pacific Urbanism founded the nonprofit, said he and his staff then reviewed each of the nearly 2,900 survivors to verify that it would be suitable for a model development consisting of 36 units interspersed with community gardens.
From those, they hand-picked 121 to give officials “enough options to make decisions but not be overwhelmed by the sheer number of options.”
A Times spot check of sites on that list, however, showed how frequently political impediments can confound even the best analysis.
Advertisement
The former Oso Elementary property in the West Valley, for example, has long been a point of community contention. Residents of the area, called Carlton Terrace, said that they want something done with the eyesore — most suggested a park — but that homeless housing would be unacceptable.
“It’s never going to happen,” said Darryl Lutz, a 20-year resident across from one corner of the vacant land. “The homeowners here are heavily involved in local government.”
Joyce Norman, an emergency room physician, said she would not oppose a shelter except that she doubted it would come with adequate services, especially transportation. The nearest shopping is downhill a half-mile away.
“If I were a homeless person, I would want to live near a street with stores,” she said.
Not to mention, the Los Angeles Unified School District may have its own plans for the property. It was included in a 2020 proposal to evaluate 10 properties for development as housing for district employees.
A district spokesperson would not give an update on that proposal, instead providing a statement that the district “is currently evaluating our underutilized properties to help develop a plan that most effectively addresses the needs of our district and the communities that we serve.”
Advertisement
To sidestep possible roadblocks caused by differing governmental agendas, the committee study identified 46 sites, all owned by the city, as highest priority.
But those were not free of roadblocks either.
One — 2.1 acres of vacant land in Sylmar surrounded by a neighborhood of single-family homes, condos and apartments — is already slated for affordable housing, but the first developer chosen by the city backed out, and the Los Angeles Housing Department is again preparing a request for proposals.
“We have been working urgently to ensure this property is used for housing and are exploring options for the best site use with the least amount of downtime possible,” Councilwoman Monica Rodriguez said.
That’s the bureaucratic maze that Bass must cut through.
Her program will not only identify sites but also hand them to developers ready to go, said Jenna Hornstock, Bass’ housing deputy.
“So rather than put out these sites and say, ‘Now go out and entitle them and compete for money,’ it’s, ‘Here’s the site. We either have entitlement or a path to entitlement and here is a financing plan that we will commit to,’ ” Hornstock said.
The idea of using surplus government land to speed up and lower the cost of homeless housing goes back to 2016 when committee Chairman Santana, who was then the city administrative officer, included it in an ambitious plan to address homelessness.
Santana’s office examined more than 500 city-owned properties that found 129 sites potentially large enough and in suitable zones for homeless housing. All but 10 were city-owned parking lots.
Few of them worked out.
Advertisement
When then-City Controller Ron Galperin reviewed the topic in a 2022 report critical of the city’s “fragmented” management of surplus land, he found that 11 of the city’s bridge home shelters and 16 projects in development under the city’s $1.2-billion HHH housing bond were on city-owned land.
Bass, in her letter, said 14 more are in design or negotiation, but concurred that it was not enough.
Galperin highlighted 26 city-owned properties that he considered suitable for shelter projects, either bridge housing, safe parking, safe sleeping villages or tiny home villages. But like the earlier study, it was heavily weighted with parking lots.
Public parking lots, which also make up slightly more than half of the committee’s priority list, are often problematic because they serve local businesses and generate revenue for the city.
One parking lot on the list is in the business core of Leimert Park. Converting it to housing would only exacerbate a lack of adequate parking in the “Mecca of Black culture in Los Angeles,” a spokesman for Councilwoman Heather Hutt said in an email reply to The Times.
“Councilwoman Hutt cannot support homeless housing on these parking lots because the community will never support it,” the statement said. “The residents have demonstrated a strong commitment to preserving the authenticity and character of Leimert Park, and the parking lots serve that authenticity and character.”
Advertisement
At the other extreme, a city parking lot on 87th Street a block east of Broadway has no current value to the depressed business district where several vacant lots and abandoned buildings are owned by an investor who has held them since the 1990s and rebuffed all suitors.
Councilmember Marqueece Harris-Dawson, who said he rejected all the other sites the mayor suggested, would like to put housing on that lot, and another one west of Broadway, but only if the city would seize the adjacent privately owned properties to provide space for more units.
After years of unsuccessful overtures to the property owners, Harris-Dawson said he is ready to reconsider the city’s long-standing reluctance to use eminent domain.
“You could make a village there,” he said.
With a district dotted with privately owned vacant lots, Harris-Dawson said he thinks there are far more appropriate options than the few government parcels.
The Pacific Urbanism study acknowledged the potential of privately held land and included five examples, including the parking lot at Hebrew Union College and the expanse of parking around Dodger Stadium.
Some organizations, such as churches, may be open to using their land for purposes that align with their mission, it said, but made no mention of eminent domain.
Advertisement
“For every public lot that’s vacant, I can take you to two privately held lots that are as good or better for housing,” Harris-Dawson said. “We literally have people living in the streets. Maybe after 35 years we intervene and help you find a different investment to make.”
By publishing its study, the Committee for Greater L.A. intends to force public officials to be more transparent, said committee member Sarah Dusseault, a former commissioner of the Los Angeles Homeless Services Authority.
“If you want to keep this surface parking lot as a surface parking lot because it earns $20,000 a year, God bless,” Dusseault said.
“But you should be transparent about that as a policy choice instead of the policy choices being in the dark.”
When we first moved out when we were 18, we moved into a very tiny house. Technically, it was not a “tiny home,” but to us it was.
It was extremely small home at around 400 square feet (less than that if you don’t count the basement), but it was cheap, had a backyard and was located very close to the college I was about to start attending.
Also, as a reminder, last year Jordann also posted about how she used to live in a 400 square foot house. I also recently published the interview I Live in a 175 Square Foot Tiny Home – Sailboat Living. I highly recommend you read these two posts!
I recently became interested in tiny homes again when I was watching a documentary on Netflix (we’re starting to find cable less and less worthwhile) called Tiny: A Story About Living Small. This documentary followed a man building his very own tiny home, and the documentary also showed others who lived in their own tiny homes.
I find tiny homes very interesting. They make great use of their space, they are usually very cute, and they are very affordable. Even with the positives below though, I don’t think it’s something I could do.
For me, the negatives greatly outweigh the positives. I think we could do something smaller than what we currently have, but a 200 square feet tiny home is just too extreme for me.
Below are the positives and negatives of living in a tiny house:
Pro: Your housing expenses will be cheaper with a tiny home.
The average tiny home costs less than $30,000 to build. You can also buy a tiny home for very cheap. That price before includes the exterior and interior of the home. That is very cheap! That is much cheaper than the average home.
However, I do think you have to remember about where you are going to place this tiny home. Yes, you can buy land for cheap, but land can also be very expensive in other areas.
Your home will also be cheaper in that your utility bills will be cheaper. It’s much cheaper to heat or cool down a 200 square foot house than a 2,000 square foot house.
Repairs, maintenance and replacements will also most likely be much cheaper in a tiny home.
Con: I think it would be difficult with children and pets.
We don’t have children yet, but we would like to have them in the future. With all of the people I’ve seen and read about who live in tiny homes, I don’t think there’s been a single one who had children or pets.
I think it would just be very difficult with a family. People need their space… Or, maybe that’s just me?
However, I think if it were just one or two people living in a tiny home, then it would probably be much more doable. When we lived in our 400 square foot house (let’s keep in mind that we haven’t lived there in a very long time), it wasn’t completely bad. The size didn’t really bother us at all at the time. I think it really helped that there were multiple small rooms to escape too, and there was also a front and backyard and porch.
Pro: You’ll spend less money on material items.
I am a bit of a hoarder. Just ask Wes and he will probably want to cry just thinking about how much stuff I have.
My closet is jam packed to the ceiling with stuff, and then I also have things in the guest bedroom and in our basement.
Moving into a tiny home would probably be a lifesaver in that I would be forced to think about each purchase I make. Since there’s only so much room in a tiny home, you will buy fewer items.
Con: Having guests over won’t be comfortable.
I remember watching in the documentary when the main person being filmed had guests over.
He invited his family over to see the home he just built and it was extremely cramped. It was almost like everyone had to bend over in order for their to be room for everyone.
Now, I’ll be honest, I don’t throw raging parties or anything, but I would like the option of having people over when I can. This is especially true since we plan on moving to a new state and we would like people to visit us occasionally.
Pro: You may be able to bring the tiny house when traveling.
Okay, this doesn’t apply to every single tiny house, but there are some that are small enough where you can actually travel with it.
You can bring your tiny home to where you want it to be, and you may even be able to do some road trips in it as well.
This makes the list of possible places to live pretty much endless.
Con: Not a lot of personal space.
This is no surprise. They are called tiny homes for a reason. According to the documentary, tiny homes are homes that are 200 square feet or less. That is extremely small.
That’s smaller than my bedroom, and my bedroom is not huge by any means.
Since I work from home 24/7 now, I would like to have more space since I’m at home more. I think I would get a little crazy if I was in the same exact room hour after hour, day after day.
Would you ever live in a tiny home? Why or why not? How small could you go? How big is your home currently?
Also, if you live in a tiny home (less than 250 square feet preferably), I’d love to hear from you and possibly conduct an interview for this blog. Please send me an email if you are interested.