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A WOMAN has revealed how installing a tiny home in her yard has helped her pay off her mortgage and live a better life.
The woman is based in New York and has had an accessory dwelling unit (ADU) in her yard for the past two decades.
Tiny homes have become increasingly popular in recent yearsCredit: Getty
Helen Boxwill is a 77-year-old retired woman who’s used her ADU to supplement her income, reported Business Insider.
The rental income has helped her nearly pay off her 30-year mortgage.
The extra income also helps her cover property taxes and escrow.
She charges $1,100 to tenants, a sum that she considers low for the New York real estate market.
Boxwill increased the tiny dwelling’s rent by only $100.
“Even though rent does not increase like inflation, it has been very helpful in alleviating worries about paying bills, and has given me extra income,” explained Boxwill.
Boxwill shared that when she first installed her ADU, she had to remortgage her house and take out some extra money to build it.
She’d purchased her home in 1989 for $145,000.
But then she spent around $25,000 on construction for the tiny home.
Boxwill has only had three tenants during the past 20 years and has only one rule: No smoking in the house.
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Boxwill shared that when she first built her ADU, there were no assistance programs for people like herself who decided to build the tiny home on her property.
Nowadays, it’s a different scenario, with there being new laws that promote these types of homes.
Some programs even reward homeowners with ADUs.
“I’m jealous,” said Boxwill.
Homeowners and renters have relied on tiny homes over the past years.
While homeowners can supplement their income, renters have found ways to lead happy lives while paying less for their homes.
In February, The US Sun reported on a family of four that has managed to cut costs by living in a $20,000 tiny home.
The home is located on a micro-farm in central Pennsylvania, measuring over 200 square feet.
“Raising kids in a tiny house, it’s a challenge for sure,” said the mom, whose name is Stephanie.
“We wanted our own space and we wanted to not have a mortgage,” explained Drew, the family’s dad.
“We didn’t want to have to put out all that money every month.”
“We own the land, we own the house, and that was really important to me.”
The family purchased the lot for $18,000 and paid $20,000 for the home itself.
Where to buy a tiny home
THE tiny home phenomenon found new heights as an alternative living solution for consumers concerned with ballooning homebuying costs and sustainability concerns.
*If you click on a link in this boxout, we may earn affiliate revenue.
You can buy ‘tiny homes’ online in a few places, including:
You can also check out our full tiny home guides here:
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This article was originally published by a www.the-sun.com . Read the Original article here. .