Making the decision to stop renting and buy your own home is a big step, but the results can be very rewarding!
Owning a home has many benefits but renting is a better option for some. One of the many benefits of purchasing a manufactured or modular home is its affordability and flexibility in location. Before making a decision to purchase a home, it is crucial that you do your research. Here are a few things to think about when deciding to purchase or rent a home.
Settling Down?
How long are you looking to stay in the city you live in? If you are looking to spend more than a few years in a given location, it may be worth it to purchase a manufactured or modular home rather than to rent. You have the opportunity to make a return on your investment rather than spending money on rent that you will never see again. If you do need to move, then you can always rent out your property and continue to protect your initial investment. Depending on the local rental market, you may even be able to make additional monthly income.
Monthly Budget
Go over your finances and your monthly budget. Determine whether you have enough for a proper down payment. Look at how much you would have to contribute to mortgage payments monthly. When you apply for financing, you will need to address these specific questions anyway. You may as well get a jump-start on gathering this information so your application process will move faster. If you find that your finances are still unstable from month to month, it may be better to continue renting till your finances are more consistent.
Expenses and Benefits
Keep in mind that owning a home is a bit different than renting. You will have other expenses included in your monthly budget including regular maintenance, property taxes, improvements, etc. At the same time, you will be eligible for tax benefits for owning a home and certain expenses may be deductible. Discuss these benefits thoroughly in order to determine if it will offset
your initial expenses.
If you are interested in purchasing an affordable luxury manufactured or modular home, contact Palm Harbor Homes. Dial 1-888-466-3718 today to speak to our friendly staff.
