Many people consider buying a mobile home and renting an apartment as the exact same thing, because both of these methods allow them to take good advantage of affordable housing. It is a fact that there has always been a need for affordable housing and this trend will certainly continue in the upcoming years. However, it is significant to note that there are plenty of differences between buying a mobile home and renting an apartment.
For one, the mode of living is a lot different in each of them and you might feel that the only factor that connects these structures is just its economic connection. However, that’s not true. If you were wondering whether you should rent an apartment or settle for a mobile home, then here are a few things you should know before reaching a conclusion.
The cost of buying a mobile home or renting an apartment significantly varies on a number of factors. Things such as the number of bedrooms, state of the housing, recent renovations, size and location of the building, etc., will considerably affect the mortgage payment or monthly rent. You should also note that the loan payments of a mobile home will vary based on factors like employment status and credit risk.
Most of the mobile homes and apartments have a lot in common when it comes to the living space. Both of these structures generally include one or two bedrooms along with a kitchen and a separate living area. The other common features in these building are closet storage area and bathrooms. However, you might not get a private entrance in most apartments as you do get with mobile homes.
One of the major benefits of being a mobile home owner is that you will able to enjoy a chance to build equity. Mobile home owners pay mortgage payments and build equity of their property while apartment renters pay monthly rent with no returns. So, if you were looking for equity, then buying a mobile home would be the best choice for you.
Most of the mobile homes are generally located in semi-rural and suburban areas. A number of mobile home parks are located well outside major cities and they supply affordable housing to the residents. On the other hand, renting an apartment usually requires you to live within the city rush and urban way of life.