Living in a Tiny Home: Benefits & Drawbacks

2.Declutter. Limiting the possessions you own is a key element to living successfully in a tiny home. Fivecoat-Campbell has a strict rule: Everything in her home has to be loved and also serve at least one purpose. "Every piece of furniture in our home, every lamp, makes me happy, and they all serve at least one purpose," she says. You can also make a "one in, one out" rule. That is, if you bring anything new into the house, something of equal size has to go.

3.Maximize Space. Maximize storage by looking at spaces that often go to waste. You could store clothing in bins under the bed, or choose a bed frame that includes several drawers beneath. Built-in benches for a kitchen or deck table could also double as storage space.

Final Thoughts It's hard for many people to envision living in a tiny home. But for some, the benefits far outweigh the inconvenience. Having more free time, less worries, no clutter and more money to spend often equals a higher quality of life.

However, as more Baby Boomers start to experience "empty nest" syndrome, and more young families find it difficult to get approved for a home mortgage loan, chances are that the Small Home Movement will continue to grow in popularity. Fivecoat-Campbell is extremely happy in her tiny home, and she's not planning on going larger anytime soon.

Do you live in a small home? If not, would you ever consider making the move? See the Moneycrashers.com site for more on homes, real estate, banking and credit.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

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