Buying a home, whether it’s a mobile home or a standard foundation home, is a considerable investment. You may be wondering if you should buy or just rent. Mobile homes come with many benefits, but they do have their drawbacks as well. You should consider several factors when deciding whether to rent or buy a mobile home. Read on to see how your budget, lifestyle, and plans for the future may affect how you answer the question, “Should I buy a mobile home or rent?”
Should I buy a mobile home or rent? Things to consider first!
Your budget
The first thing you need to do is understand your budget because this will ease your decision making. Look into the amount of money you can afford every month and if you can handle any other costs that may come along as well. Some unexpected costs may include maintenance fees or upgrades that will come from your personal pocket. Once you have a total figure of all the costs involved, then you can decide whether renting or getting a mortgage better suits your wallet.
Your lifestyle
Owning a mobile home does not require much extra work compared to renting. However, if you do rent, maintenance and repairs will not fall on you but the owner of the home. By freeing up your time and effort, you will be able to do more important things than work on projects around the house. On the other hand, if you do own the home, it means that you will be able to transform it to fit your lifestyle. You can remodel or decorate as you please without any restrictions and you will be able to enjoy your living space.
Your future plans
Your plans for the future are critical when it comes to buying or renting a home. If you are still young and are looking to start a family, a mobile home might be an affordable opportunity for home ownership. If you are in the line of work that could require you to relocate at any given time, how hard or easy would that be? In such cases, renting may be the best choice because it will make moving to a new location or a larger house much easier.
Of course, you can always sell the mobile home you purchased, but this could require more time than moving out of a rental home. You should consider other probable changes in your future, in the short and long-term. Weigh your options to see whether renting or buying is better suits your projected living situation.
The benefits of owning a mobile home
Better payment options
When purchasing a mobile home, you will have a broader range of payment options available, compared to what you’ll have if you decide to rent. Of course, you will be financing the house, but you will be able to do it with different structures and incentives, which will make your purchase a lot easier.
Steady living
Buying your own mobile home means that you will have a place to call your own. Even if you are paying a mortgage, at least you will be paying towards owning it, unlike when you pay rent. When you rent, there is always the chance that the owner will need their house for other reasons. Suddenly, you’re looking for somewhere else to move. If you decide to rent, you’ll have to renew your lease each year (depending on the terms of the agreement). This could mean regular rent increases to adjust for higher property value and inflation.
Freedom to express your style
When you have your own home, you have the freedom to renovate, remodel or decorate as you please, with fewer restrictions. If you feel that you want to repaint, you won’t need to get permission from anyone, just go ahead and do it.
Option to Resell
In case you decide to move in the future, you will be able to sell your mobile home and get a return on investment. When you rent, the money does not go toward owning the property, so there’s no financial return when you move out. However, if you do decide to buy, the house will be yours, and you can choose to rent it out or sell it.
Benefits of renting a mobile home
Lower upfront costs
When renting a mobile home, you don’t need to make an initial down payment like you would when buying. You might need to provide a security deposit, but that will be just about it. If you don’t have savings for a sizeable down-payment upfront, renting is an excellent option.
Fixed costs
Renting a mobile home means you will be paying fixed costs every month. You will need to have rent, utilities and renters insurance but everything else will be on the landlord. This way, monthly budgeting gets easier because there will never be surprised costs that you will have to deal with.
Low maintenance
The property owner usually handles large-ticket maintenance items and repairs so you will have something less to worry about. Appliances are bound to wear out, and the owner will need to make structural repairs to the roof or worn out floorboards with time, but if you’re renting this will not be your responsibility.
Easy to move
When the time comes, and you decide to move, all you have to do is notify your landlord in advance. On the other hand, if you owned the home, you would need to go through the hassle of selling it before you move out. A new work opportunity in a new city might get put on hold if you run into problems while selling your mobile home.
Should I buy a mobile home or rent? You decide!
During your housing search, you’ll probably find yourself asking, “Should I buy or rent a mobile home?” This decision might seem daunting at first. However, as long as you lay out all your wants and needs, and consider your budget, lifestyle, and plans, it will be easier to decide what works best for you.
About Dan Leighton
