There are some similarities and differences between owning a mobile home and renting an apartment. Here are some factors to consider when deciding which choice is best for you.
The costs of buying a mobile home or renting an apartment depends on multiple factors, including location, size, updates, the local housing market, and the number of bedrooms and amenities. Also, a mortgage’s interest rate may be lower for those who have a higher credit score.
When it comes to features apartments and mobile homes have much of the same features. Both will have one or more bathrooms and bedrooms, with a living area and a kitchen. However, a mobile home may offer more privacy since you do not live as close to your neighbors in a mobile home community as you do in an apartment complex.
When you rent an apartment you simply gain no equity. You are paying someone else to live on their property. Mobile homes are different as you can build equity, which can be borrowed in the future or gained when a person sells his or her mobile home.
When it comes to real estate the most important factor is location, location, location. Mobile homes are typically available in suburban or semi-rural settings since there is more space to accommodate them, whereas apartment buildings can be found in the city as well as rural and suburban areas. Many city goers choose apartment buildings because they want to be close to the amenities of a city, such as museums, bars, and nightlife.
There are varying degrees of control as well when it comes to either renting an apartment or buying a mobile home. Generally, a renting agreement grants a tenant less liberty to alter the premises, such as painting, installing new fixtures, or other control of the space. With a mobile home a tenant can customize his or her mobile home in any way possible. To put it into perspective, a mobile home owner will often times add equity to a home when they make additions, whereas a renter may be penalized by having his or her security deposit taken away.
Whether you decide to live in a mobile home or rent in an apartment is totally up to you. Weigh your options to find the best choice for you.
Roberts Communities offers mobiles homes at a price you can afford, but we also provide a family setting and sense of community. With locations in Texas and Colorado, our communities boast well-manicured lawns, community centers and plenty of activities. Visit www.robertscommunities.com/ for more information on our communities.