How to Prepare for Your Tiny FutureAug 03, 2022
How to Prepare for Your Tiny Future
Are you SO excited to go tiny but not quite ready yet? Excellent. Then this blog post was written especially for you!
If that's you, just know this: your tiny journey can still start today. In fact, the sooner you start, the better! Our team is very inspired by your motivation to take action, and we want to help! So that's why we've compiled a list of ways you can prepare for your tiny future.
And when you're ready, your Teacup will be waiting!
Define what you value.
Maybe you thought going tiny started with a house. And fair enough! But while we are just as excited as you to hand over the keys, you'll have to define what you value before you downsize.
Not everything will fit in your tiny cottage, so it's important to have priorities! And if you're not ready to go tiny yet, this is the perfect time to take inventory of the things you have. What do you need? What do you love? And what is just gathering dust? Believe it or not, most people begin this process and realize they have never taken the time to think critically about these things.
Your Teacup will remind you to reevaluate often, but in the meantime, you can start this process today!
Improve your credit.
Do you know what your credit score is? Many people don't, so don't feel bad if you are unaware! Your credit score will play into your ability to qualify for a loan, though, and so you'll want to get a handle on your credit before you go tiny. Luckily for you, there's time!
Did you know there are free sites you can use to check your credit without lowering your score? There are! And these sites will send you regular email updates about changes to your credit so that you can be a well-informed credit-human forevermore!
And if your credit is not where you want it to be, rest assured that there are many easy tips and tricks to get yourself in a better place. We'll let someone in finance explain the specifics to you, but just know that improving your credit is probably easier than you think. And your future tiny-self will thank you for coming to the table as a strong borrower!
If it helps, here is a link to our Financing Assessment to see where you stand today!
Gather your down payment.
Why did we say 'gather' instead of 'save?' Well, because we want to encourage future Teacup owners to think outside the box when it comes to down payments. Sure, saving is one way to obtain a down payment, but there are other ways too!
For instance, some people choose to take up a side hustle! Maybe you start walking dogs a few days a week and put all the extra money into your tiny fund. It might not sound like a lot, but if it's going to be a few years before you go tiny, that part-time dog walking gig could make all the difference!
Alternatively, you could change your lifestyle in some way. For example, suppose saving feels impossible based on your current spending habits. In that case, you could evaluate how you're spending money and ask yourself if there is a way to reallocate funds from something you value less (like buying lunch at work) to something you value more (like a Teacup tiny cottage!).
To put this strategy in perspective, if you spend $65 less per week, you will have a down payment of more than 10k three years from now. Yup! Packing your lunch or doing your own manicures could make all the difference!
One last point and a great way to save is to start to sell all of those extra things laying around the house. You will be getting rid of them anyway right? So why not start now and put those dollar bills towards your tiny?
Design your Teacup!
OK, now for the fun part! We suggest you begin by carefully browsing our gallery to get inspiration. And once you've fallen in love with a floorplan (have you seen The Ellie?!), it will be time to choose your customizations.
There are a ton of ways to personalize your Teacup, so we recommend taking your time with this step. If you want to know what all of your options are (and how much they cost!), you can play around with our online Estimate Builder.
There's a lot to do before you go tiny, but if you're a few years out, there are also things you don't need to do at this stage. Like, for instance...
Research Local Laws.
This might seem counterintuitive; after all, you'll need to do that before you go tiny, right? Well, you will, but if you're a few years out, it's best to put this task on the back burner for now.
This is because tiny cottages are still new, and the laws surrounding them are constantly being updated. So whatever is true today may not be the case by the time your Teacup arrives. However, the good news is that laws are changing in favor of legalization, so going tiny is likely to get even easier as time goes on!
Many future tiny cottage owners get anxious about finding parking, so they try to secure it as a first step. But if you were to find parking now, you'd likely have to start paying for your spot immediately. Buying land would require you to pay taxes, and if you found rented land, well, most landowners probably won't want to miss out on a few years of rent to save your parking spot in advance! But remember what we said above! Laws are changing all the time, and this will mean that more parking is likely to be available by the time you go tiny!
The picture below compliments of The Big Calm: A tiny homestead.
Alright, well, that's all for today! Thank you for joining us here on the Teacup blog, and if you haven't had a chance, we'd love for you to subscribe. That way, you can continue your tiny education! Hey, that's another thing you can do in the meantime!
We know you have a journey ahead, but we are here to support you the whole way! And when you're ready, we'll be here to build you the Teacup of your dreams.
So carry on, and repeat after us: I know my Teacup is on its way because I am taking action.
It's a matter of time, and you can do it!