Own a Mobile Home or Continue Renting?
Should I continue paying rent or take the steps to own a mobile home?
This is a question many Texans are contemplating. While renting has its advantages, especially in the short term, for many people, owning a home means they’ve achieved the American dream. But it all comes down to your stage of life and your goals. Renting vs buying a mobile home both have their own key advantages and disadvantages that should be considered before making a choice.
In today’s blog, we will look at these advantages and disadvantages and hopefully help you decide which path may be best for you to take!
Pros of Mobile Home Ownership
Owning a mobile home provides many benefits that potential homeowners find desirable. Let’s take a look at some of the reasons homeownership is a beneficial choice:
Mobile Homes Grant Freedom & Privacy
When you have your own mobile home and property, you have the freedom to add landscaping to your liking, garden, grow food, own animals, and the ability to have boats or any recreational vehicles on your property. On the inside, you can paint walls, customize cabinet colors/hardware, light fixtures, or any other touches you want to make 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 with the space and features for you and your family. If you prefer to live in a community, you should look into mobile home parks, but if you are the type who dreams of more space and privacy, you have the option of finding land in a more rural area.
A Solid Foundation
Having a home gives you a sense of stability. You don’t have to worry about a landlord raising rent or asking you to leave if they decide to sell the property later down the road. It gives you peace of mind to know you will pay the same mortgage each month and you are 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. Unfortunately, you will never experience building equity as a renter!
Cons of Homeownership
Now that you know some of the pros of homeownership, it’s also important to consider and weigh out the cons that may come with it:
Additional Expenses
With homeownership comes paying for property taxes, utilities, homeowners insurance, and more. You are also responsible for any repairs or issues that may arise, and with ownership, you won’t have the convenience of just reporting to a landlord or property manager.
Moving Isn’t Simple
Being a homeowner means putting down roots. For example, 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 a lot of 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 enjoy a low-maintenance lifestyle, renting may be the better choice for you. Let’s take a look at some of the pros of renting:
The Landlord Handles Repairs
Homes require repairs and maintenance over time, and 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 either!
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.
A couple of examples of this can be, an overnight water leak from the unit right above you, a dog with separation anxiety left crying on the balcony until its owner returns, and parking can also be an issue when you’re not able to find a spot close to your building or having limited availability for any guests that visit you.
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, even if you leave it in the same condition it was when you moved in.
Rising Rent
If I had a nickel for every time the landlord raised my rent, I would probably be able to afford to rent indefinitely.
Raising a tenant’s rent in Texas 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. On the contrary, being a landlord-friendly state, Texas has no such regulation outside of extreme circumstances. Even in these circumstances, the Governor must approve rent control before the regulation can take effect. Read the texastribune.org article, “Texas tenants hit with soaring rent increases see little relief in sight,” for more great info on this topic.
Bottom Line – Own a Mobile Home or Continue Renting?
Owning a mobile home vs renting ultimately boils down to what works best for your financial situation, lifestyle, and location. If you desire your own slice of freedom and don’t like 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, affordable mobile home pricing and transparent communication, we empower buyers and turn them into confident homeowners!