Your Guide to Becoming a Rent-Free Homeowner
The Journey Home Overview
Owning your very own slice of the world to call home has always been a part of the American Dream, but how do you get there? Whether you’re a first-time home buyer, or just someone looking to gain the freedom of owning a home instead of renting, the road to your homeownership can seem a little overwhelming.
That’s why we have created this helpful roadmap to becoming rent free to guide you on your journey to manufactured, mobile or modular homeownership so that you never lose direction.
In this roadmap, you will begin your journey by researching manufactured and modular home options such as floor plans, features and the manufactured home building process. You will then proceed to meet a home center consultant (Buy-Rite Sales Person) and check out some homes.
After choosing a unique home to call your own, if you need financing for your home purchase you can begin learning about manufactured home financing by choosing a lender and contacting your lender to learn what you can afford. Once you have received financing approval from your lender, we will survey the site and obtain the necessary building permits for your home site and prepare your home’s placement site for when your home arrives.
After you receive financing approval and apply for necessary permits, you will close on your home purchase and your home loan. Next, your home will be built in an advanced, climate controlled facility.
Once your dream home and home placement site are ready, your dream home will undergo on-site completion of construction and be inspected on-site. Once your home has passed on-site inspection, completed by your on-site construction crew, you will receive the keys to your dream home that has now become a reality!
Why Rent When You Can Own?
Although your apartment may hold lots of memories, was it ever really yours? There are a lot of benefits to owning your own home rather than paying rent every month to live in an apartment that someone else owns. If you’re trying to decide if homeownership is right for you, check out these quick reasons why you should own a home and become rent free.
It’s yours The most obvious reason to buy a home is because your home will be 100% yours. You can paint, decorate and choose all of your service providers, such as cable or Wi-Fi! In most rental spaces, you have restrictions on what you can and can’t do while you’re renting. When you own your home, you’re not limited to someone else’s paint, smells, appliances and more. Instead, you own all of your choices on what to do with your home.
You never have to deal with a landlord again Your landlord may be nice, but in the end, your rental space is really his or hers. That means if you need something fixed or changed, you are depending on them to get it done. If you own your home, then you’re in charge. Check out these tips for working with your landlord to address your rental agreement and moving out.
A fixed rate mortgage can’t go up in price, unlike rent Although some leases may state that the price for rent will never change, some landlords can reserve the right to change the price of your rent as they see fit. A fixed rate mortgage means you will pay a specific amount toward principal and interest every month no matter what may be happening with inflation and the economy. Another great thing about your mortgage is that once it is paid off, you never pay it again, unlike rent which you must continue to pay so long as you live in the space.
Rental rates are on the rise According to the National Apartment Rent List Report, average national rent prices are up 2.4% from March of 2016. This means that rental rates are becoming increasingly expensive. If you have a stable job, it could be best for you to invest the money you would have put toward rent into a home that you can call your own.
Take advantage of energy efficiency When you own your own home, you can choose how your home is built and what energy features are in your home. This can save you money if you choose energy efficient insulation, lighting and appliances. Energy efficient manufactured home features can save you money on your utility bills and reduce your energy consumption. Although renters can make a few changes to create a more energy efficient space, homeowners can do more with the freedom to choose energy efficient home options before they even move into their home!
(The benefits are numerous when you compare home ownership to renting. In many cases your mortgage may be less than the cost of your rent. Come in to see our sales associates to discuss options in financing and design.)
Article courtesy of Caytonhomes.com