Benefits of Owning A Manufactured Home

There are several benefits to consider when owning a manufactured home.

 

 

The simplest thing is monetarily, it's typically gonna cost less money to own a home than it does to lease a rent. So if you can get in that same manufactured home and actually own it, your rent payment should be less than what you were paying in rent, depending upon the situation.

You can structure a loan on a home to be shorter in term. So if you have the ability to make higher payments, you don't have to go with 10, 12, 15 and 20 years. You can go significantly less than that and own it sooner.

But if you're strictly looking at a month to month, what are my expenses and what is my income? It should be more affordable to own most of the time because a lease involves risk for the owner of the property.

So if we own the land that the manufactured home is sitting on and we own the manufactured home itself, we have skin in both of those games. You as the owner have the upside of very favorable lending terms.

We as a management company are not seeking profit from you owning a home. So the bank is gonna have a little bit in the form of an interest rate, but there isn't an asset there that we need to earn anything on. So quite frankly, you've taken some of the work off of us and you're putting those dollars right into your pocket. It's an asset that we don't have to manage because you own it, it's your asset.

Statistically, we've seen that homeowners stay at the property much longer than a rental. Other things to note is people take pride in home ownership.

Typically, if we have rental units, what we find is once the person moves out, we have to spend a lot of time and money just fixing the home up, turning the home, whether it's minor repairs or sometimes it's major repairs that we have to take care of. Whereas if someone owns a home, it's their home. They care about it; they take ownership of that.

We see that not just on the inside, for example, there's been times where homeowners have left and for one reason or another, we've had to reacquire them. Typically, the quality of those homes is much higher than what we see on the rentals. Even if it's a homeowner that's been in a home for 20 years compared to someone who was renting a home for six months.

Another thing that we've seen is the exterior factor that plays on the property. When someone owns a home, they take care of the yard, they take care of the land that the home's sitting on compared to a renter. The renter doesn't care about that stuff. They're just there to have a place to live. Generally, if someone's a homeowner, they're going to take care of everything around that and that increases the overall look and feel of the property, of the community as well.