The Price is right for this homeowner.
Atlanta resident Precious Price, 26, built a tiny house in the backyard of her three-bedroom, 1,400-square-foot home for Airbnb renters.
According to her Instagram, Price’s original property that she purchased in 2019 had too much space, so she built the tiny house and set up the larger home for renters to have the complete three-bedroom house.
Price built the tiny home and added $35,000 worth of luxurious renovations. The process of building her tiny house included obtaining building, plumbing, and electrical permits, purchasing a shed, and recruiting a local contracting team to do her concrete slab foundation, which was completed in October 2020.
“Instead of taking out a bank loan, I cashed out $8,500 in stocks and put about $20,000 on my credit cards to pay for everything,” Price said, according to CNBC. “I was able to pay off this debt last year.”
Price completed her 296-square-foot home in March 2021, recovering the costs by renting in out on Airbnb.
“By charging between $89 and $129 per night and $1,300 for monthly leases, I was able to bring in almost $32,000 in gross rental income,” Price said. “And this January, I moved into the tiny home to save on living expenses.”
Price’s modern and rustic tiny house includes a queen-sized bed, located above the front door, a small desk, daybed as her a couch, and a spacious kitchen with a wooden sliding door dividing it from the bathroom which features glass shower doors.
“Having this home has given me a ton of real estate options, including rental income and backup housing for myself or aging family members,” she added.
“This year, I’m excited to fully experience the tiny home lifestyle for myself. It’s amazing what you can do with a bit of backyard space,” she said.
For both houses, Price pays $1,580 a month. That includes electricity, water, internet, and mortgage and property taxes.