Buying a Mobile Home Vs. Renting an Apartment

by Dennis Hartman, Demand Media

Despite many differences, renting an apartment and buying a mobile home are very similar in the fact that both represent a way of taking advantage of affordable housing. Besides this economic connection, the two modes of living are very different with each one likely to appeal to a particular type of occupant.

Cost

The cost of buying a mobile home or renting an apartment can vary greatly depending on several factors. Things like location, size, recent renovations, number of bedrooms and the state of the housing market can all affect the monthly rent or mortgage payment. In addition, a mobile home owner's loan payments may vary based on credit risk and employment status. Mobile homes do carry the added cost of repairs and maintenance, but month-to-month neither option necessarily represents a significant savings.

Features

Apartments and mobile homes share much in common as living spaces. Both usually include one or more bedrooms along with a separate living area and a kitchen. Bathrooms, closet storage space and a private entrance are also common features, though many apartments have a common entrance. Mobile homes may be located on a stand-alone property or within a mobile home community with similar buildings.

Equity

One of the major advantages of mobile home ownership is the chance to build equity. While renters pay rent each month with no return (other than a place to live), mobile home owners make mortgage payments and build equity, which they can borrow against in the future. In addition, a mobile home owner can sell her property in order to fund a move or to capitalize on a rise in the market value, while renters stand to gain very little to nothing if housing prices increase.

Location

Mobile homes are usually located in suburban or semi-rural areas. Most mobile home parks are well outside of major cities and supply affordable housing that, in major urban centers, is supplied by low-cost apartment housing instead. Apartments give tenants access to the amenities of cities, including cultural activities and services like a public library system and a parks system. Mobile homes are less likely to be within a short distance of these features, but they offer a more-secluded and quiet atmosphere.

Control

Another major difference between buying a mobile home and renting an apartment is the degree of control over the space. A rental agreement may not allow tenants to paint walls, install new fixtures or make other improvements. On the other hand, a mobile home owner has complete control over making improvements and decorating the home to express a personal style. While a mobile home owner's improvements might increase the value of the home, a renter's alterations might result in the landlord withholding a portion of the tenant's security deposit.

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