Why borrow money to buy a mobile home?

buying a mobile home

If you have never owned a home the talk about buying or selling your home is not on your mind right now. But if you are renting and you want to buy a trailer home and a lot then you came to the right place to learn more. A big question a lot of people ask is why should I borrow money to buy when I can just rent? Well buying is not for everyone. So this is a very good question.

You have to decide if property ownership is for you. If you move frequently buying may not be the best option. If you are late on your rent often then buying a mobile home may not be a good idea for now. Having a stable income and good credit are key. If you do then buying makes a lot of sense.

People borrow money because the average Texan does not have several tens of thousands of dollars just sitting in the bank account ready to be spent. So the next best thing to apply for a loan. If your loan officer tells you that your payment will be the same as your rent then why not? In many cases your new payment can even be lower.

One thing to keep in mind when borrowing money is property tax. Your mobile home may potentially be taxed as real property. Talk to your accountant but if it is keep in mind that Texas has some of the highest property taxes in the United States. But if your total payment is lower than it may not matter much.