Should you finance an RV or a cottage?

Should you finance an RV or a cottage?

RV makers have been busy. With many companies sending employees to work from home during the pandemic, more Americans are leaving crowded cities, abandoning cramped offices and apartments for the big skies, open prairies and more affordable real estate.

The housing market will be changed, potentially for years to come. But while a New Yorker might be able to buy a single-family home, say in eastern Tennessee, for less than what he spends on a studio in Manhattan, many of these big-city dropouts don’t do not opt ​​for larger homes. .

According to a January 2021 report, the RV industry saw a 39% increase in shipments, indicating that many are hitting the road in a house on wheels comparable in size to a (very) small studio. Another popular trend is small homes, whether as an affordable guesthouse for quarantining relatives or as a primary residence, on land zoned for residential living.

Prices for RVs and tiny homes vary widely: “DIY” tiny homes can cost well under $ 10,000, but deluxe versions with stone countertops and high-end finishes can go up to $ 150,000. with custom add-ons. The average price of a small home, according to Rocket Homes, is between $ 30,000 and $ 60,000. Meanwhile, RV price tags range from $ 35,000 to $ 300,000.

So should you fund these alternative houses like you would with a mortgage? Upstream, we spoke with two financial planners who share their advice for anyone considering a change of scenery.

Andrew Westlin,…

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