Buy Or Rent A Mobile Home? 5 Pieces of Advice That Will Help You Choose OneOctober 3, 2019
Are you feeling confused about buying or renting a mobile home? Not sure which is the better option? It’s always wise to do some research first, so you know exactly what you’re getting into. Here are 5 key pieces of advice for you to consider before making a decision or signing anything.
#1 – Either Way You’ll Save Money
The really cool thing about mobile home living is that whether you decide to buy your own mobile home or rent one in a park, you’ll save yourself some cash as compared to buying or renting a regular house or apartment.
No matter which way you go, mobile homes are simply just cheaper housing alternatives, and well worth serious consideration.
If you buy or rent in a mobile home park you’ll gain access to all the park’s facilities, as well as having a management team take care of general park maintenance.
So while there are distinct advantages to either buying or renting, in this case money savings is an advantage no matter which direction you decide to go.
#2 – There Is More Freedom When You Rent a Mobile Home
Whether you’re renting a mobile home or a regular house, there is definitely some freedom that’s attached to leasing rather than owning. Sure, you’re tied to a lease for a specific period of time, but once that lease expires, you’re free to move on to another location if you desire.
Chances are you’ll be residing in a mobile home park if you’re renting. You’ll pay rent for both the land your home sits on and for the home itself. When your lease is up, if you decide to leave, all you have to do is pack up your gear, clean up and go.
There’s no hassle or cost of having to organize the relocation of your mobile home, which is what you would have to do if you owned it.
The downside is you don’t have that feeling of home ownership when you’re a renter.
#3 – Owning a Mobile Home Offers More Security
While mobile home ownership is increasing in popularity all across the United States, California is one state that has definitely embraced the mobile home lifestyle.
California mobile home owners are some of the most devoted in the country, and one reason is that ownership of a mobile home offers more financial security.
For a start, it’s not as easy to evict a mobile home owner from a mobile home park. There are some different rules for mobile home owners compared to renters, and the reason is that there is a lot of expense and logistics attached to having to relocate that mobile home.
If you own the home, you can also locate it on your own land (zoning laws permitting), rather than inside a park. That’s something you can’t do when you’re renting a mobile home.
#4 – Buying a Mobile Home Is An Investment
There’s no investment if you’re merely renting. It comes with its freedoms sure, but you have nothing of value and nothing to sell that’s in your name.
It’s a totally different story when you buy your mobile home, or have one purpose-built for you, designed to your specs.
With mobile homes being a growing trend, either buying a mobile home for yourself, or several to rent out as investment properties makes sound financial sense. Not only do you make regular money on the rent, but you have an asset you can later sell as well.
#5 – You Don’t Need Your Own Land
That’s right. Whether you decide to rent or buy a mobile home, you don’t need to go to the expense of purchasing a lot to set your home up on.
There are so many quality mobile home parks around that all you have to do is move into one and pay a modest sum per month to rent the lot your home sits on.
There are mobile home parks that focus on families and others that are perfect for retirees. It really depends where you’re at in life.
Either way, you’ll always have somewhere to stay when you decide to live the mobile home lifestyle.