Yesterday,The Globe and Mail published an article in the business section on the container home movement and the complexity of finding a mortgage for a tiny home.
Christoph Kesting was interviewed and was given the opportunity to ask a team of experts their opinion on the mortgage conundrum. While the FoxBox do-it-yourself container home kit is affordable at $40 000, making that lump sum payment can be prohibitive. How ironic that the financing for this low-cost housing option may pose a barrier to those who would most benefit from living in them!
The experts weighed in on the issue and shared their opinions, each presenting a different option, from accessing the financial support of venture capitalists to seeking financing from non-traditional lenders like credit unions.
Because the FoxBox is not a home until it is assembled on your plot of land, securing a conventional mortgage may not be possible. Instead, do-it-yourself container home buyers may need to look at more creative financing options.
The FoxBox is like a box of Lego. It will of course be assembled, but does not come that way. Because of this, it is not considered a modular home in the conventional sense, and so has to be financed differently.
We want very much to come up with creative financing options for those who are seeking to enter the housing market by purchasing a container house. A tiny home is a great way to get started — and money should not get in the way!
We are open to suggestions and are actively seeking ways to help future FoxBox owners. We believe in flexible repayment plans, are open to rent-to-own arrangements if they suit. We are exploring Canadian peer-to-peer lending institutions who specialize in supporting small businesses like ours and expect to find a solution soon!
Please don’t hesitate to contact us to discuss options. We are here to help.