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Buying a Mobile Home vs Renting an Apartment

Posted on September 4, 2017 by Mark Keith in Buying a Mobile Home

Despite many differences, renting an apartment and buying a manufactured home are very similar in the fact that both represent a way of taking advantage of affordable housing. Besides this economic connection, the two modes of living are very different with each one likely to appeal to a particular type of occupant.

Cost

The cost of buying a manufactured home or renting an apartment can vary greatly depending on several factors. Things like location, size, recent renovations, number of bedrooms and the state of the housing market can all affect the monthly rent or mortgage payment. In addition, a manufactured home owner’s loan payments may vary based on credit risk and employment status. Manufactured homes do carry the added cost of repairs and maintenance, but month-to-month are often a considerable savings over apartment rent.

Features

Apartments and mobile homes share much in common as living spaces. Both usually include one or more bedrooms along with a separate living area and a kitchen. Bathrooms, closet storage space and a private entrance are also common features, though many apartments have a common entrance. Manufactured homes may be located on a stand-alone property or within a manufactured home community with similar buildings. Unlike apartments, manufactured homes provide their owners with a yard and a deck to better enjoy their home with barbecues and other outdoor activities.

Equity

One of the major advantages of manufactured home ownership is the chance to build or maintain equity. While renters pay rent each month with no return (other than a place to live), mobile home owners pay for their home with cash on hand or make mortgage payments and build equity, which they can borrow against in the future. In addition, a manufactured home owner can sell his or her property in order to fund a move or to capitalize on a rise in the market value, while renters stand to gain very little to nothing if housing prices increase.

Location

Manufactured homes are usually located in suburban or semi-rural areas. In many cities manufactured home communities are well outside of town and supply affordable housing that, in major urban centers, is supplied by low-cost apartment housing instead. Apartments give tenants access to the amenities of cities, including cultural activities and services like a public library system and a parks system. Manufactured homes in Las Vegas are often within a short distance of these features as well, but they offer a more-secluded and quiet atmosphere.


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