Buying a mobile home is a great alternative to renting. For the similar monthly payment as renting a 3-bedroom apartment (around $950/mo in typical financing*), you can buy a brand new manufactured home in Hillcrest Estates in Altoona and Villa Diann in Eau Claire. Here are 5 reasons why.
Reason 1. You build Equity
Suppose you have rented a nice house in Altoona or Eau Claire. After your lease expires, you don’t have any ownership (equity) for the rent you paid. Let’s suppose you bought one of our homes at Hillcrest Estates instead. Every month, you are paying down the loan on the house. You are building equity. After several years (depending on your loan term), the home will be paid off. If you decide to move, you have paid down the loan, so that you will be able to sell the home.
The value of mobile home will depreciate over time. However, with good upkeep, you will still have good equity. Some say manufactured homes depreciate as fast as cars, but that is not true. In our communities, we often see 20+ year homes selling for 20-30k after loans are paid off. (They were probably originally 40k to 50k)
Reason 2. Lot Rent Increase is Much Smaller
You keep renting over the years, your rent will keep going up. I bet in the near future, 3-bedroom rent will be close to $2000. Every year, you will have to keep up with the rent increase.
On the other hand, if you buy a mobile home, your loan payment stays the same until you pay off the loan. You do pay lot rent in our communities. Lot rent, however, much lower than apartment or house rent. (as of March 2019, our lot rent is around $340). Because the lot rent is so much lower than apartment rent, increase will be much smaller. When there is an increase, it will be tens of dollars instead of hundreds of dollars.
Reason 3. You can Customize.
When you buy a mobile home, you can do what you want with it. You choose the color you like. You can order that fireplace you always wanted (our manufacturer has that option). You can have a glamor bathtub. You can install grab bars near toilet. You can build a deck with a grill. It’s yours so you can change it the way you want. The list goes on.
Imagine asking your landlord to do all that to the rental. You will get a stare and accompanied by a ‘No.’ (with varying degrees of politeness and facial expression)
Reason 4. You Have More Space
Each mobile home in Hillcrest and Villa Diann is a separate unit, with no shared walls. There are roads, gardens, yards separating each unit. This means each home has much more privacy and space. You no longer have to hear your neighbors coughing, flushing toilets, arguing, watching television, etc.
This means that you have more space. You get your own carport. You have your own garden. If you have kids, they have more space to play. You have more space to spread out. It’s simply more comfortable.
Reason 5. You Feel More Rooted
This last reason is intangible, but just as important as others. When you become a homeowner, you just feel more stable. You are not constantly wondering if you are going to move next year. You live in a home that you own. This also creates a sense of community.
In Hillcrest and Villa Diann, we are also making a big effort to provide pride and sense of community. We are making many improvements to encourage residents to get to know each other. These include communal spaces, walking trails, playground, dog park and more.
Bonus Reason - You Get Better Quality Home for Your Money
This is true especially if you are buying a brand new home. The days for flimsy mobile homes are over. Manufactured homes nowadays are built with high quality and adhere to strict building codes and standards. Brand new homes also come with warranties for any defects. For similar money as renting, you can live in a brand new, high-quality home. It is a good deal.
Take the Next Step
Are you ready to be a homeowner? Or want to start a conversation about it? Give us a call at 715-834-6802 today. Homeownership in Chippewa Valley is closer than you think. You can also schedule a visit on our website at www.hillcrestestates.net . Just click on ‘Schedule a Visit’ button
* As of April 2019, our 3 bedroom homes start at $49,900. I am assuming 10% down at 9% interest rate. The monthly payment includes loan payment, lot rent, tax and insurance. The estimated number is approximate. Every situation and loan is different. Upon lender’s approval we can know the exact terms for you. Here is more info: https://www.hillcrestestates.net/financing
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