Despite numerous differences, renting an apartment and buying a mobile home are much the same in that both represent a way of taking advantage of affordable housing. Besides this economic connection, the two modes of living are very different with every one likely to appeal to a special sort of occupant.
Cost
The expense of buying a mobile home or renting an apartment may fluctuate greatly depending on many things. Things such as size, location, recent renovations, number of bedrooms and the state of the home market can all affect the monthly rent or mortgage payment. Additionally, a mobile home owner’s loan obligations may vary based on credit risk and employment status. Mobile homes do take the added expense of repairs and maintenance, but monthly neither alternative necessarily represents a substantial savings.
Characteristics
Houses and apartments share since living spaces. Both generally include a couple of bedrooms together with another living room and a kitchen. Baths, cupboard storage area and a private entrance are also common attributes, though many apartments have a common entrance. Mobile homes may be located on a stand-alone property or inside a mobile home community with similar buildings.
Equity
Among the major benefits of mobile home ownership is the opportunity to construct equity. While tenants pay rent each month with no return (other than a place to live), mobile home owners make mortgage payments and build equity, which they may borrow against later on. Additionally, a mobile home owner can sell her house in order to finance a move or to capitalize on a rise on the market value, while tenants stand to profit very little to nothing if home costs grow.
Location
Mobile homes are usually located in suburban or semi-rural areas. Most mobile home parks are well outside of major cities and furnish affordable housing which, in major metropolitan centers, is provided by low-cost apartment home instead. Apartments give tenants access to the conveniences of cities, including cultural activities and services such as a public library program and a parks program. Mobile homes are less likely to be within a short space of those attributes, but they offer a more-secluded and quiet atmosphere.
Control
Another major difference between buying a mobile home and renting an apartment is the level of control within the area. A rental agreement may not allow tenants to paint walls, install new fittings or make additional improvements. On the other hand, a mobile home owner has full control over making developments and decorating the home to state a personal fashion. While a mobile home owner’s improvements may raise the value of the home, a renter’s alterations might bring about the landlord withholding a portion of the tenant’s security deposit.