Mobile Homeownership and Renting
Do you find yourself wondering about the benefits and drawbacks of mobile homeownership vs. renting?
While renting has its advantages, owning a home equates to the American dream for many people. But it all comes down to your stage of life and your goals. Renting and buying a mobile home both have key advantages and disadvantages that should be considered before making a choice.
In today’s blog, we will look at the advantages and disadvantages of mobile homeownership and renting. Let’s see what path is best for you to take!
Pros of Mobile Homeownership
When considering mobile homeownership and renting, being a homeowner provides many benefits that many people find desirable. Let’s take a look at some of the reasons why this is a sought-after choice:
Freedom & Privacy
When you own a mobile home and property, you have many freedoms. You can choose to add landscaping, garden, grow food, own animals, and have boats or any recreational vehicles. On the inside, you can paint walls, customize cabinet colors/hardware, and light fixtures, and take on other projects to add personal touches to your home.
During the process of purchasing a mobile home, you have the opportunity to pick out a piece of land that you love and have the space and features you want for your family. If you desire a community, you could choose a mobile home park.
A Solid Foundation
Having a home gives you a more stabilizing feeling. You don’t have to worry about a landlord raising rent or asking you to leave if they decide to sell. It gives you peace of mind to know you will pay the same mortgage each month. You’re ultimately the one in charge!
Building Equity
While purchasing a home to live in should not be viewed solely as an investment, homebuyers can benefit from the equity that accumulates over time. If the value of your home rises, you will earn more money when you sell. You will never experience building equity when being a renter!
Cons of Mobile Homeownership
Now that you know some of the pros of mobile homeownership, it’s also important to consider the cons that may come with it:
Additional Expenses
With mobile homeownership comes paying for property taxes, utilities, homeowners insurance, and more. You are also responsible for any repairs or issues that arise, you won’t have the option of just reporting to a landlord.
Moving Isn’t Simple
Being a mobile homeowner is putting down roots, as opposed to being a renter. If you have a job offer or a life change that requires you to move, it’s not as easy as packing up and leaving. Of course, no one can foresee many big life changes happening, but if you do, then homeownership may not be the best option for you.
Pros of Renting
If your life tends to be more unpredictable and you like low maintenance, renting may be a good choice for you as opposed to mobile homeownership. Let’s take a look at some of the pros of renting:
The Landlord Handles Repairs
Homes require repairs and maintenance over time; when you rent, those costs are usually the landlord’s responsibility. In an apartment, for example, if the HVAC system or refrigerator needs to be repaired, the landlord will take care of it.
Access to Amenities
Many modern condos or apartments have some pretty impressive amenities and features. Fitness facilities, swimming pools, parks, hot tubs, or clubhouses with games may be within reach if you choose to rent in a condo or apartment complex. The best part is you aren’t responsible for the maintenance of those!
Cons of Renting
We are all probably aware of the obvious cons that come with renting. Let’s get into more detail on those:
Lack of Privacy
Renters in some apartment or condo complexes may have to deal with disruptions and disturbances beyond their control, which can be incredibly inconvenient if you have small children or work from home.
Parking can also be an issue, and you may not always get a spot right in front of your unit.
The Landlord is in Charge
Renting, by nature, comes with some specifications. Most leases are very long and come with restrictions on parking, dog breeds, the community, and fees galore. You may only get a portion of your deposit back when you decide to move away as well.
Rising Rent
If I had a nickel every time the landlord raised rent, I would probably be able to afford to rent indefinitely!
In Texas, raising a tenant’s rent can be just another day at the office. Some states have “rent control limits” which regulate how much rent prices can increase in a given amount of time. Texas, being a landlord-friendly state, has no such regulation outside of extreme circumstances. Even in such circumstances, rent control must be approved by the Governor before taking effect. Read the texastribune.org article, “Texas tenants hit with soaring rent increases see little relief in sight”, for more great info on the matter.
Bottom Line
Deciding between mobile homeownership and renting ultimately boils down to what works best for your financial situation, lifestyle, and location.
If you desire mobile home ownership, and if you aren’t liking the inflated prices of stick-built homes, you need to speak with our team at Braustin Homes! We don’t want to simply sell you a mobile home, our goal is to guide you on the journey to homeownership! With our upfront and affordable mobile home pricing and transparent communication, we empower buyers and turn them into confident homeowners!
Speak with a member at Braustin Homes today!