Homeownership in the US remains a polarizing issue. Especially among millennials. The good news is that over half of this generation owns a home now.  Data shows that 51.5% of millennials have finally bought property. The bad news is that 25% have given up this particular dream. The rest are trying to save up for a down payment and failing.

Are you among those who still dream of becoming a homeowner? You can always go down the rent-to-own route. This agreement will see you renting a home for a specified duration. You’ll have the option to buy the house before your lease expires. A percentage of your rental payment goes towards the down payment.

Better yet, you can opt for rent to own manufactured homes. Here are several reasons why you should consider it.

You Don’t Need a Large Down Payment

The down payment is the biggest issue many Americans face when it comes to buying a home. Research shows that the average price of homes in 2023 is around $430,000. Deposits range anywhere from 5% to 20%. That’s a significant amount.

That’s not something you have to worry about with a rent-to-own agreement. You would pay more per month. But the extra amount will become counted against the sale price. You can save even more money if you go with a manufactured home. It’s cheaper than the conventional, site-built home. The simplest mobile homes cost around $120,000. You won’t have any problem saving up for a deposit for one.

You Don’t Have to Worry About Financing

You need to have a good credit rating to get home financing. It was easier to get financing in the early 2000s. Banks were more willing to provide financing then. Even to those with a semi-decent credit score. These institutions have become more selective after the housing bubble imploded.

You have an uphill battle to secure financing if you don’t have a good credit score today. This isn’t an issue with rent-to-own manufactured homes though. Many programs allow for financing mobile homes. Renting will give you the time you need to improve your credit score. Regular rental payments will help your cause. So is bringing down your debt.

You Can Start Building Equity

One of the best things with a rent-to-own agreement is the fixed sale price. You will lock the property price at the value it has when you sign your rent-to-own contract. You won’t have to worry about the landlord upping their asking price later on. This also gives you a specific amount to aim for. You’ll also be building equity since part of your rent goes to the landlord’s mortgage payment.

You Have a Lot of Choices

It’s not easy to find the house of your dreams. The odds are in your favor if you go with a manufactured home. Many listing service companies offer mobile homes for sale or rent. Each one has a wide selection of manufactured homes. Plus, these homes are easier to customize than an on-site build. These listing companies even have properties owned by banks. Some are part of foreclosure auctions. There’s a good chance you can negotiate a great deal there.

You Get the Chance to Settle

The worst thing about renting is the uncertainty. You don’t know how long you’ll be living in that area. It can make it hard to feel comfortable or attached to the area. You don’t have to worry about that if you choose to rent to own. You can start settling in the home and neighborhood. You can also enjoy some peace of mind knowing you don’t have to worry about packing up your belongings again.

Before You Go

You don’t have to give up your dream of being a homeowner. Live Mobile Now can help you find your dream home. We’re one of the premier listing service firms in the Sunshine State. We specialize in mobile homes for sale or rent. Our website has thousands of listings for you to peruse. Each listing has a detailed description and clear photos. We also have a team of agents and brokers ready at a moment’s notice. You can give us a call at +1-877-221-4040 and let’s talk about what you need. You can also send us a message.