investing in property wisely

« Back to Home

Should You Buy A Mobile Home Instead Of Continuing To Rent Your Apartment?

Posted on

It might be that you have been renting your apartment for quite some time now and have almost given up the idea of homeownership. House prices can be out of reach for some people and the idea of buying a mobile home instead of renting might be very appealing. There are some things to consider before making your decision but for many, it could well be a good investment.

Pricing Differences

Renting an apartment can become costly over time as rents do rise each year usually. In some areas, rents are so high that some people can't afford to live there. Mobile homes can actually end up costing you less over the course of years as your payments tend to be lower. Also, when you buy a mobile home, it's yours and if you decide to move from a particular park, you can take your home with you. You will have the costs of maintenance but it does tend to be cheaper than house maintenance costs.

Better Features

There are some apartments that do have good features such as dishwashers, washing machines in-suite and some apartments are spacious. It's not always the case, however, as older apartments don't tend to have any of these features and you must take your laundry to a laundry room or laundromat. However, in a mobile home, it is possible to have these features within your home. Mobile homes also tend to have enough space to house friends for sleepovers and comfortable living spaces without the need of buying extra furniture.

You Own It

A definite advantage to owning a mobile home is the simple fact that you own it, while an apartment you only rent the space. When you own your home, you are building equity in it. This means you can borrow against your equity should you need a loan and you will get funds when you sell the home that you can use toward buying a new home or to help with moving expenses.

No Set Location

When you buy a mobile home instead of renting, you don't have to be stuck in one location should you like to travel. While you certainly can stay in one spot, by either renting a spot in a mobile home park, or buying a piece of property in a rural location to place your home on, you can also not place roots at all with a mobile home and travel around to different cities or towns if this is your lifestyle preference.