From the Blog
6 Benefits of Buying a Home Over Renting in Grand Rapids
Deciding whether to buy or rent can be a stressful decision, especially if you are moving into your own place for the first time. People usually rent their first place because they think it is the cheaper option.
In reality, mortgage payments for manufactured homes are usually less expensive than monthly apartment rent and help set you up for success. See why buying your own manufactured home could be great for you and your long-term finances.
Buying a Manufactured Home in Grand Rapids
Manufactured homes are built in a factory and transported to a lot, usually located in a manufactured home community. Since these homes are built on a larger scale, they are more affordable than traditional site built homes.
Once you purchase a manufactured home, your monthly expenses consist of lot rent, which is usually around $500 a month, and your mortgage payment.
There are manufactured home communities located all across the Grand Rapids area and are rising in popularity. They are ideal for young adults relocating to Grand Rapids looking for a place to live long-term, meet people, and build equity.
Benefits of Buying a Manufactured Home
The cost to rent an apartment in Grand Rapids is on the rise. In 2022, the average monthly rent for an apartment in Grand Rapids is between $1,095 and $2,030 per month. If you were to purchase a manufactured home instead, your monthly payments would be less, allowing you to save money.
For example, you are looking for a place to live in Grand Rapids that has 3 bedrooms. Renting a two-bedroom apartment in Grand Rapids would cost you anywhere between $1,000-$1,500 per month.
Now say you decided to purchase a manufactured home instead. Average lot rent is around $500 a month, which leaves you with $900 you can put towards a home valued between $100,000 and $140,000.
When purchasing a manufactured home, you have a lot more flexibility in how much money you spend per month based on the value of the home you purchase.
People who decide to rent instead of buy are losing an opportunity to build their credit.
When acquiring a mortgage loan to purchase a home, you may see your credit score slightly dip for a short period of time. But this is totally normal and should not cause concern. Once you start making consistent monthly mortgage payments your credit score will begin to increase steadily.
Building credit, especially at a younger age, gives you access to financial opportunities in the future including lower interest rates, higher credit limits, and a better likelihood of qualifying for future loans.
Purchasing a manufactured home is perfect for people at a young age who are beginning to learn how to invest their money for financial success in the future.
Other forms of investing money are very risky and overwhelming at first. Manufactured homes especially are an affordable investment option for people just starting to be financially independent.
Doing your research to figure out the right budget for your home will help guide you to the best investment opportunity.
If you rent an apartment, you have limited flexibility with renovations you are allowed to make to your place. Any changes you do make will have to be approved by a landlord first, which could be a long and stressful process.
With a manufactured home you have much more freedom to customize your home to make it your own.
Not only do you get to enjoy your new renovations, but in the future when you decide to sell, any upgrades you make will add value to your home and increase your profit.
Apartment complexes consist of tenants who are frequently moving in and out, not providing much of an opportunity to get to know the people around you. Especially for people living independently for the first time, you don’t want to feel alone and secluded.
Manufactured homes are great for people looking for a community to become a part of. Residents tend to live in these communities longer which allows you to build relationships with neighbors and create a connected environment.
Some communities also have amenities such as a pool, gym, or outdoor community area that makes it easy to meet people and plan community get-togethers.
When you pay monthly to rent an apartment, all of that money is going towards a landlord. But when you buy a manufactured home you pay your lot rent, which helps maintain the community you live in, and the rest is invested into a home that you own.
Landlords also usually have a lot of rules on how you can or can’t renovate your apartment which can cause conflict and a negative living experience.
Moving into a manufactured home community eliminates issues with a landlord but still provides a manager there for you to help maintain the community.
Invest in a Home at Aspire Communities
At Aspire Communities, we understand the difficulties that accompany renting an apartment and are dedicated to making your experience of buying a manufactured home easy and empowering.
We have manufactured home communities across the Grand Rapids area with beautiful homes perfect for a first-time investment.
Our communities offer various amenities and are designed to create a positive community environment.
Explore Aspire Communities and start taking control of your future home.