I am 26-years-old and live totally rent free in the tiny home I built in my back garden
I am 26 and live totally rent free in the tiny property I built in my back garden – plus I’m making money by putting my home on Airbnb
A woman has revealed how she built a tiny home in her back garden and is now living rent-free and making money.
Precious Prince, 26, in 2019 bought a three-bedroom in Georgia for $196,000, where she rented the other two bedrooms out to guests on Airbnb.
Yet, the Atlanta-based TEDx speaker, marketing strategist and social entrepreneur saw a decline in her bookings during Covid-19 so was forced to come up with a new idea.
The savvy 26-year-old looked into her back garden and had an idea to transform the space out there.
Precious Prince, 26, lives completely rent free in tiny 296-square foot home she built in her back garden
She told CNBC: ‘I stared out the kitchen window into my huge backyard, something clicked: I could use that space to build a tiny home to live in, and fully rent out the main house.’
Precious grabbed onto this idea with both hands and quickly set about obtaining building, electrical and plumbing permits.
She was given the green light in October 2020 and bought a shed and employed a contracting team to lay a concrete foundation.
Documenting the transformation on her YouTube channel, Precious set about painting the interior walls blue and adding in the essentials.
Precious explained that she spent a total of $35,000 to build the tiny home, which includes the prefabricated shed structure, labor and material costs.
She said: ‘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. I was able to pay off this debt last year.
‘While the house was being built, I rented out my primary home and rented a room from my neighbor for $300 a month.’
The project was completed by March 2021 and the shed includes a loft bedroom with a queen size mattress, bathroom, fully-fitted kitchen and living room area.
Precious (pictured) has managed to transform a shed she bought for her garden into a complete home and now rents out her three-bedroom house, covering her costs and making money
To help her pay off the costs, Precious initially rented out the tiny shed on Airbnb, bringing in almost $32,000 in gross rental income.
In January this year she moved into the 296-foot square tiny home to save on her living costs, renting out the big house once again.
Now the savvy 26-year-old uses the income from her main house were she charges between $89 and $129 per night and $1,300 for monthly leases to pay off her remaining bills.
The TEDx speaking then detailed a breakdown of combined costs for both homes, which total $1,580, with $1,200 on mortgage and property taxes, $190 on electricity, $110 on water, and $80 on internet.
Precious’ costs are covered by the $2,725 she makes from renting out the main house, enabling her to live the tiny home for free.