Is Buying a Mobile Home Better Than Renting An Apartment?
Millions of apartment renters in 2022 have faced the growing reality of sky-high rent month after month. Sadly, there doesn’t seem to be any relief in sight. According to Zumper, an apartment rental platform and directory, the median rent for a 2-bedroom apartment increased by 14.1% in January 2022 compared to the year before.
Luckily, there is a way to break free of the stressful apartment renting cycle. They can own their own home and save money on their housing costs at the same time. The answer lies in manufactured housing.
With a manufactured home, you can move into a property that you own in many cases. Not only that, but you’ll have more space and more freedom. The best part? Owning a manufactured home is a much better investment than renting an apartment. Here are a few reasons why:
You Have More Equity
Apartment renters can spend years in the same place, paying more and more for rent each year. And still, they’ll never own the place where they live.
When you own a manufactured home, that’s not the case. In many cases, you own your manufactured home outright. This means that you have more equity in your home than you would with an apartment.
You Have More Security
When you live in an apartment building, you share the building with several other tenants. If you live in a large building, you may have dozens or even hundreds of neighbors.
In a manufactured home, you don’t share your home with anybody besides your family. This means more peace of mind for you and your family compared to apartment living.
The MHVillager has some more handy tips on keeping your manufactured home secure.
You Have More Space
The average square footage of an apartment is 882 square feet, according to RentCafe. Manufactured homes, meanwhile, can vary in their size. For example, a single-wide manufactured home can be up to 1,440 square feet. This is already much larger than your average apartment.
If you live in a double-wide manufactured home, you’ll have even more space to call your own. A double-wide manufactured home can go up to 2,560 square feet – sometimes even bigger!
You Have More Freedom
Apartment renters often have to follow strict living guidelines. This can include, for example, guidelines on performing maintenance on your apartment. Some apartments also have rules on which appliances you’re allowed to have.
Manufactured homes give you freedom to perform your own maintenance on your home. You can also have whichever kinds of appliances you like. Not only that, but you’ll have more space for those appliances, too!
You Have More Financial Options
Your financial options with renting an apartment can be limited. Most landlords allow you to rent your apartment annually, with a lease noting how much you’ll pay per month. Or, you may be able to rent your apartment on a monthly basis, which usually costs more.
For apartment renters, these may be your only options for paying your renting costs. That doesn’t even cover financing your apartment apart from a personal loan.
With a manufactured home, you have a wide amount of options for financing your purchase.
The MHVillager has a handy guide on financing your manufactured home with different types of loans. These include chattel loans, which title the home as an official piece of property. Chattel loans are the most common type of manufactured home loan.
You can also choose to live in a manufactured home community and own the home while leasing the land that it sits on. Many manufactured homeowners prefer this lifestyle. This is because it gives them access to various amenities, such as walking trails and lounges, without paying property taxes.
On the other hand, owning a home on private land can provide more freedom to tend your land how you wish.
It has never been a better time to own a manufactured home and ditch the apartment renting cycle. If you’re convinced that manufactured homes are a better investment than renting, head over to MHVillage and find a home for sale today.