Renting is a great option

Renting vs buying a manufactured home

in a manufactured home community offers a great lifestyle with friendly neighbors, beautiful modern homes, and the bonus of shared community amenities … all for an affordable price. There are hundreds of communities in desirable locations throughout Michigan, in both rural and suburban areas.

If you’ve decided that community living is right for you, but you’re not quite sure you’re ready to buy a home, renting is a great option. Many communities have homes available to rent, or even a “rent-to-own” option.

Why rent instead of buy? The biggest reason is the cost savings, including the ability to keep your home expenses consistent. Renting has lower upfront costs. For those who don't have the savings set aside for a 10% or 20% down payment for a home loan, renting is a better option, often requiring just the equivalent of one month’s rent. Another benefit when you rent is that you don’t have to worry about costs related to maintenance, improvement, and repairs. If an issue arises, you call the manager, and it gets fixed. No surprise home expenses.

Another option might be a “rent-to-own” arrangement. This is when you commit to renting a home for a specific period of time, with the option of buying it before the lease runs out. Renting-to-own can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These arrangements give you the chance to get your finances in order, improve your credit score, and save money for a down payment while “locking in” the house you’d like to own. Depending on the agreement with the community, a percentage of the rent can go toward the purchase price, allowing you to also build some equity.

To learn about your rental options, start by locating an MMHA member community in your desired area. Visit michhome.org and select “Home Rentals” from the features to narrow your search.

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