There are certainly advantages: Lower expenses, less impact on the environment and not as much cleaning and maintenance. But there are things to consider before taking the tiny home plunge.

What it will take: For starters, you will need to research restrictions on tiny houses and seek out developments specifically made to have smaller-than-normal living spaces. Then, you must get rid of a lot of your personal belongings. The trade-off for a smaller mortgage is typically a lack of storage and — if you aren’t living by yourself — less privacy.

How long you need to prepare: Living in a tiny house often means building one, which could take as little as three months if you’re having it built or several years if you’re building it yourself. If you’re buying a tiny home or apartment, you’ll need at least six months to downsize your possessions.

Do it now: Determine if it’s right for you. The tiny living lifestyle isn’t for everyone. “Before living small, you should understand what is important to you and your lifestyle,” said Mark Burton, who owns Tiny House UK, a company that designs and builds micro homes. If entertaining and spreading out is important, smaller living might not be for you.

“I think it’s ideally suited to Millennials who are just starting a career, who are either single or part of a couple, or retirees,” said Elaine Walker, tiny house enthusiast and founder of TinyHouseCommunity.com. “I know some families do have tiny houses, but to me it seems a little cramped. I feel like a family needs more space than that.”

Do a trial run. Airbnb makes it possible to stay in tiny houses in the US, France, Austria, Italy, South Africa, Sweden and even Thailand. There’s also a tiny house hotel in Oregon in the US. “That’s a great way to make sure you aren’t surprised,” Walker said. “And just the experience of living in a tiny space can help you decide what you do and don’t like. Try it before you fully commit.”

Check with local authorities. If you’re thinking of building a home with a very small footprint, make sure you’re within local zoning and building codes before embarking. In many areas a really tiny house is considered an accessory dwelling unit and can’t be built on its own plot of land or on someone else’s without meeting a boatload of requirements. “Tiny houses do not fall into any one category, as they are so new in the UK,” Burton said. “The only way to live in a tiny house, as far as I can tell, is to have one in a garden of a residential house or the parents’ property and use the tiny house as an annex. It is not impossible as long as you follow the rules.”

In some parts of the US, tiny houses on wheels (as they are often designed, so they can be moved) can only be placed in a recreational vehicle (RV) park. “It’s considered camping, and camping on private land usually isn’t allowed,” Walker said. “If you’re willing to put your tiny house on a foundation, then you need to find a community with no or a very small minimum house size.” For instance, a city may require that a newly constructed home contain a minimum of 1,000-square-feet (93-square-metres), often to maintain the character or look of an area.

Put careful thought into your home design. Because many tiny houses are designed (and even built) by the owner, you can do whatever you want with your small space. This is your chance to build your dream home—on a tiny scale. “If you have a hobby, build in where you’re going to do your hobby,” Walker said. “It’s important to think about what your preferred activities are. Some people build in a shoe closet or they’ll have lots of hidden cupboards for things they value. Figure out what you really want to keep.”