The Big Comparison b/w Ready to Move Homes vs. Owner Financed Mobile Homes

Ready to move homes have nowadays found a lot of takers thanks to the people who are increasingly becoming interested in the mobile homes of Calgary. There is at most a 20% rise as compared to 2013 in the number of individuals or families who have chosen Alberta’s RTM homes.

However, when this lucrative option is pitched against the traditional owner financing option, then one might get easily bewildered as which path to tread. Both these options are made for those people who have a bad credit history to their name. While renting-to-own provides a kind of test-drive of the entire locale along with the house before its purchase, owner financing on the other hand, is like an outright purchase which isn’t made through the bank.

Rent to Own Concept

Ready to move homes are actually those homes which are along with a lease agreement which is inclusive of the home’s current sale price, the amount of the rent that must be paid every month and a specific time period for which the individual can rent that home before actually buying it.

Given below are some advantages of this method:

1. This is a great method to buy a home for people having a bad credit history. They can even rebuild their credit score.
2. Couples who aren’t eligible for the conventional mortgage plans because of their bad credit score can easily qualify.
3. Tenants can learn about the locality, the schools and other utilities before making the purchase of that property.

Given below are some disadvantages of this method:

1. In case one falls behind their rent and gets evicted from a ready to move home, then in that case the entire down payment and rent paid is lost.
2. If the landlord goes bankrupt, is unable to pay the mortgage and if the bank plans to foreclose the mobile home in Calgary, then one can do nothing about it.

Owner Financing

The owner acts just like a bank in this case and offers to finance the property. Unlike the rent-to-own option, interested person needs to buy the property at that very instant. A mediocre amount of down payment along with certain legal agreements ruling out the interest rate, loan’s term etc. is required.

Given below are some advantages of this method:

1. Beneficial for people having a bad credit score.
2. Those who can’t get a loan from lenders can go for it.
3. Owners have the freedom of customizing the home.

Given below are some disadvantages of this method:

1. The owner is responsible for home’s upkeep and the taxes.
2. Owner financed homes often turn out to be an expensive buy.

Mobile homes have witnessed a change in the policies related to them due to which their popularity has grown extensively. We, at Akal Homes are a leading name amongst the providers of ready to move homes. Call us anytime to get more info regarding our services.

Leading Provider of Mobile Homes in Calgary Draws the Comparison Between the Rent-to-Own Option and Owner Financing. Contact Us Now for More Details.