Contrary to popular belief, you really don't have to be one of the Baggins in Hobbiton to live in a tiny house. You'd be surprised to know that there's already a growing trend of Americans opting to rather live in small living quarters as opposed to conventional homes.

Apart from the advantages of more savings and less ecological footprint, Portland Alternative Dwellings, via EcoWatch, offers their take, and perhaps said it best, on "why build tiny?":

"Tiny houses offer a way to make your living space serve your life, instead of the other way around. It's not about having less, it's about having more-more money and time to devote to the things that are really important to you," EcoWatch shares.

Now, if you are pondering on buying or building one, here are some things you might want to consider before taking the big leap onto tiny living.

How big Is tiny?

Sure, tiny-home living can give you the much-needed financial freedom you've always wanted. But, the downside of it is that it could be a little repressive when it comes to, erm... space.

You can ditch all those cumbersome appliances and furnitures, or go through numerous garage sales and make all your friends happy with all those giveaways, but still feel like your home is filled to the brim.

So, it's very important to ask yourself from the get-go: how tiny should tiny ought to be?  As much as you love your minimalistic lifestyle, you also don't want your space to be too tiny to a fault. It must be able to house all your necessary stuff under its roof.

It's important to get this question out of the way because there are other pressing homebuilding basics you have to work on such as the heating and cooling system, plumbing, and electricity, says Riskology.com.

Do you have the "small mindset"?

You are veering away from the ordinary when you live in a tiny home. And in a world where bigger has always been perceived as better, you can expect not too many people to agree with you, or worse, few others to "belittle" your decision.

You have to be able to remodel your sense of success and convey to the world that you are just as happy living your choice, and you are sticking to your guns, says Tiny House Blog, via the RealtyTimes.

Are you tiny home moving-in ready?

According to one article by the Huffington Post, there are some questions you need to ask yourself beforehand, if you are indeed into the "tiny lifestyle":

Do you find yourself living in an already small home but still feel like it's too big for you? Are you looking forward to that day when you can free yourself from all the clutter around you and rid yourself of those extra stuff you feel you can live without? Would you rather prefer a less-maintenance house where you wouldn't have to spend so much of your free time just cleaning one room?

If so, then may be it's really time to move-in to your space-saver of an abode and ditch the bric-a-brac living.

Decide on how far to go with downsizing.

You have to decide on things that you would want to incorporate to your tiny home like a regular-size bath, or enough closet space. This will come handy during the design and planning stages.

Your new home may be tiny, but it should still suit your needs and lifestyle. You should still feel comfortable inside your tiny home and it must not be a venue for self-deprivation, says TreeHugger.com.

Would you want to roll with it?

One good thing about living in a tiny home is that it gives you less things to worry about when you're out elsewhere. You can just go out of town or take one of those trips abroad without having to fret about leaving a multi-million dollar investment behind.

...or better yet, take your home with you.

When you opt for a tiny home, it also gives you the luxury of custom-building one on wheels, Riskology cited. It's like having a permanent home that doubles as an RV on weekends.