Choosing Between Buying or Renting a Mobile Home

You might be thinking of whether buying a mobile home is a good idea or if renting one would be better.

Many different things should be taken into consideration as part of your decision. Both pros and cons exist that a person should consider before they make a decision to buy or rent available mobile homes.

This article will help you to decide whether renting or buying is a better choice for you at this time.

Pros and Cons of Renting a Mobile Home:

Pros:

• Main advantage of renting a Mobile home is that a person has more freedom and won’t be tied down to a depreciating property in a down market.
• Renting a mobile home saves money because some times for job or other reasons a person have to move from one city to other so it is easy to leave rental mobile home whenever he wants.
• No maintenance and repairs required to keep .Its all headache of landlord of the property.
• No need unexpected bills and charges have to bear. If a wall damages its owner’s responsibility to mend it etc.
• Tenants are not exposed to the housing downturn.

Cons:

• Some times you get the mobile home in a community with difficult neighbors and it’s very difficult to handle and deal with them.
• Change in interior layout and design of the building and major changes in rental mobile home is very difficult. Most of the times, People are stuck to the layout of home.
• Amateur owners of manufactured mobile homes tend to be precious when it comes to preserving their mobile homes.
• Not easy for everyone who is taking mobile home on rent to deal with owners and to conform to their rules and regulations?
• When house prices are rising strongly, homeowners’ wealth grows massively but rising house prices do nothing positive for tenants.

Buying a Mobile Home:

Pros:

• If you are planning on living in mobile homes for while, buying the home would potentially save you money.
• The core advantage of having you own property is control over your property.
• In your own mobile home you have more personal freedom and security.
• Having your own mobile home gives you pride of ownership; freedom to decorate, and maintain the place to your taste.
• Buying your own manufactured home for sale gives you benefits of equity; tax deduction for mortgage.
• On buying you own mobile home make your mortgage interest a large part of your housing payment, you can deduct this interest from your taxable income on your state income tax return. So you can save a fairly considerable amount of income tax.

Cons:

• Values of mobile homes do not increase by the time passes, instead they go down. It may become difficult for you getting money back out of the mobile home and may also have trouble selling it when the time comes.
• If the home is in a park there is most likely a monthly or yearly lot rental fee.
• Being owner of a double wide mobile home you are responsible for all bills related with the property, not just rent.
• If something breaks, you have to fix it and pay for it. Landlord is not responsible for that, it may cost you more than you initially thought.
• If you own manufactures homes for sale, you will pay a rental fee for the space that includes property taxes, maintenance of grounds and other shared facilities in the complex.

What should I Do Now?

You have known so far, what things to consider regarding the financial pros and cons of renting and buying. You need to:

• Compare the “up front” costs of each choice of mobile homes:
  • Buying: down payment, loan costs
  • Renting: deposit, first month rent
• Compare monthly costs for each option of mobile home:
  • Buying: mortgage payment, maintenance, utilities
  • Renting: monthly rent; utilities
• Calculate what best suits according to your income and debt.