Making the decision to move into an attractive and affordable home is easy. Deciding whether to either buy or rent that home might be a little more confusing, especially when there are many factors to consider.
When looking to purchase or rent a mobile home you’ll want to think about your budget, your lifestyle, and your future plans. All of these variables will weigh into your decision and make one option more attractive than the other.
CONSIDERATIONS FOR RENTING OR BUYING A MOBILE HOME
Budget
Understanding your budget will make the decision to buy or rent a home much easier. You’ll want to look at how much you can afford per month, as well as any other costs that might come up. This includes maintenance or upgrades on the home, which will come out of your pocket if you own it.
Once you’ve figured out the total costs you’ll need to pay in addition to just rent or a mortgage, you’ll get a better idea of what you can and cannot afford.
Lifestyle
While owning a home doesn’t require a lot of extra work compared to renting, not being responsible for maintenance or repairs can free up your time. This lets you get back to doing what you love instead of working on potential projects around the house.
On the other hand, owning a home means you can make it fit your lifestyle. You can decorate or remodel your home as you see fit and you can enjoy a place that is truly your own.
Future Plans
When looking into buying or renting a home, always consider your future plans. If you decide to start a family you’ll most likely end up needing more room in the future that you maybe cannot afford right now. If you need to relocate, how quickly can you move? Both of these scenarios can favor renting and the ability to move between homes easily.
In the case of starting a family though, you may want something you can call your own and purchasing a manufactured home might make more sense. Consider other changes you’ll experience in the future, and figure out if buying or renting makes more sense for you.
BENEFITS OF BUYING A MOBILE HOME
Expanded Payment Options
When you purchase a home a wider range of payment options may be available to you as compared to renting a home. Typically you will finance your home, but with different structures and incentives, it can make purchasing your home a much easier process.
Steady Living Situation
Once you sign the papers and start paying the mortgage, you are working towards owning your home. You’ll have a place to call your own for as long as you want to live there. Compared to renting, you won’t subjected to a home lease with a specific move-out date, or if the owner of the home decides to sell or move back in, you won’t have to find somewhere else to live.
Freedom to Decorate, Remodel, and Make it Your Own
When you own your home there are no restrictions on what you can or cannot do to decorate the interior. If you want to paint the interior or make other changes to your rooms, you can do just that without worrying about getting permission or not being able to at all.
Option to Resell
If you ever do decide to move, you can sell your home and make money back. If you are renting, each monthly payment does not go towards owning the property. So when you move out, there is no return. As a homeowner, each monthly payment goes towards the goal of owning your home completely. If you decide to move and sell your home you will be able to earn back any money from the sale.
BENEFITS OF RENTING A MOBILE HOME
Many of the benefits of renting a mobile home have to do with the lower initial costs as well as ease of living. Because you don’t own the property, you’ll have fixed costs for rent, insurance, and some utilities. Besides that, your landlord or property owner will handle all other costs, such as any maintenance needed on the property.
Lower Up-Front Costs
When purchasing a home, you’ll often have to put down an initial payment before making monthly payments on your financing. As a renter, there are no large down payments. You may need to put down a security deposit, but after that you only pay the monthly rent. This is advantageous if you can’t, or don’t want to, put down a lot of cash right away.
Fixed Long Term Costs
Besides being inexpensive to move into, a rental manufactured home typically has fixed costs you can count on. These costs include rent, utilities based on usage, and potentially renters insurance. Beyond that, all other expenses will be handled by the landlord property owner. This makes monthly budgeting much easier since there shouldn’t be any surprise costs associated with your home.
Less Maintenance
With the property owner handling repairs and maintenance, that is one less thing you’ll need to worry about. Appliances wear out and roofs need replacing, but if you do not own the property, this is someone else’s responsibility. Not only will this save you money, but you also won’t have to spend the time dealing with the maintenance itself.
Easy to Move
When you’re ready to move it can often be as easy as notifying your landlord and setting a move-out date depending on the lease agreement. When that time comes, you can pack up your belongings and head to your next home. If you owned the property, you would need to put the house on the market and work to sell it before moving out.
DETERMINING IF RENTING OR BUYING A MOBILE HOME IS RIGHT FOR YOU
Making the decision to purchase or rent your home can seem daunting, but if you focus on what you need and want out of where you live, you can easily determine which scenario works best for you. If you have any questions about your options, contact us at any time and we’re happy to help you find the home of your dreams!