Woman living rent-free and makes £26K a year residing in a ‘tiny home’
A 26-year-old woman is bringing in a $32,000 yearly income by living in a tiny home. What’s more, she pays nothing on her own rent. So how has Precious Price pulled this off?
Precious bought a three-bedroom home in Atlanta, Georgia, in 2019, renting out her two spare rooms to pay the mortgage. However, during the COVID-19 pandemic, the homeowner’s income from these rentals dried up.
The young woman then had a clever idea to pay off her mortgage. She decided to build a tiny home in her back garden.
Precious told CNBC: “I stared out the kitchen window into my huge backyard, and something clicked: I could use that space to build a tiny home to live in, and fully rent out the main house.”
Precious applied for her planning permission, before starting on the home. The little shack, though tiny, has two “floors”, a full bathroom and kitchen, and a breakfast nook. A queen-sized mattress in the loft is a cosy place to sleep, and the sofa of the bottle floor doubles as a day bed for guests.
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But, Precious isn’t renting her tiny home out. Instead, she is living in it, enabling her to rent out her whole property for more income. Precious rents out her main house on Airbnb to make money, and she lives permanently in the tiny home.
While she did have to pay out to build the tiny home, including creating a concrete foundation for it in the garden, she has been able to pay it off already.
Precious paid for the whole tiny home by putting $20,000 on her credit cards and cashing out $8,500 in stocks, with the whole project costing $35,000 – she estimates.
However, these expenses have already been paid off with Precious’s rental income from her home. The entrepreneurial woman brings in around $32,000 in gross rental income, charging between $89 and $129 per night and $1,300 for monthly leases.
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Her expenses such as mortgage and property taxes, bills, and WiFi are covered by the rental too.
Precious told CNBC: “All of this is covered by the $2,725 I make from renting out the main house, which means I’m able to live in my tiny home for free.”
The young woman has not even had to sacrifice her wardrobe to live in the smaller abode.
She said: “I’ve had to downsize my wardrobe and shoe collection. But rather than getting rid of clothes I still want to keep, I store some at a friend’s house. Every few weeks, we do a wardrobe swap.”
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