Last Updated on February 18, 2021 by Palm Gardens
Millions of Americans live in manufactured homes. Some own them, while others choose to rent. Both of these options have their advantages, so you’ll need to consider them carefully before coming to a final decision.
Buying a manufactured home is a lot like buying a traditional house. It eliminates the need to pay rent and expands homeowners’ options. Manufactured homeownership also comes with its fair share of responsibilities, and it’s not right for everyone. Some people prefer to rent manufactured homes, and that’s also fine.
Want some advice about how to decide between buying vs renting a manufactured home? You’ll find everything you need to make an informed choice below.
The Pros of Buying a Manufactured Home
The advantages of buying a mobile home vs buying a house are relatively obvious. Manufactured homes require lower down payments and monthly mortgage payments. You can purchase a newly manufactured home for far less than it would cost to buy a newly built traditional house and have it transported to anywhere in the country.
When it comes to the pros of buying vs renting a mobile home, things aren’t quite as clear-cut. Both renters and buyers can now appreciate a much higher level of comfort and luxury than ever before. Today’s manufactured homes are beautiful, functional, and feature all kinds of upscale features.
The key advantages of purchasing a manufactured home instead of renting include:
- Increased customization options
- Lower monthly expenses
- A greater sense of independence
- Assurances of quality and safety
- Appreciating value
- Better return on investment
The Cons of Buying a Manufactured Home
All forms of homeownership also come with their downsides, and manufactured homes are not an exception. Homeowners are responsible for their own maintenance and repairs. Failure to take this responsibility seriously can increase the long-term risks of buying a manufactured home.
Some Americans are also hesitant to buy a manufactured home due to lingering social stigma. It used to be the case that manufactured housing was associated with low-income trailer parks. Thankfully, all that has changed, and today’s manufactured homes in active 55 communities are often quite luxurious.
However, not all homeowners are willing to live with the lingering stigma from bygone days. Finally, it can be challenging to find a lender to finance the purchase of a manufactured home. However, if you have good credit or enough money to purchase the home outright, this shouldn’t be a problem.
Do Manufactured Homes Appreciate in Value?
There is a common misconception that a manufactured home isn’t as good of an investment as buying a traditional single-family house. Recent research goes against this supposed conventional wisdom. It shows that manufactured homes appreciate in value at a similar rate to traditional houses.
Make the Move in 2021
For couples or individuals considering purchasing a manufactured home in 2021, Palm Gardens provides plenty of attractive options. Each of our models features advanced floor plans, upgraded appliances, and luxurious features like hardwood cabinets.
Mesa, AZ current and future residents can reach out to schedule a tour to see them for themselves.