Rent a House or Buy a Mobile Home
Someone is new to an area and they want to buy a home, but they do not know the area well enough to commit to a purchase.
They decide that they will rent for a year, get to know the area, and then purchase a home when their lease is ending.
For those buyers who have the money for a good downpayment, they could take an alternate route.
They could purchase a mobile home.
If a buyer was going to purchase a home for about $300,000 and put 20% down ($60,000), then they would have sufficient money available to buy a mobile home.
The mobile home would have a monthly ground rent, but the ground rent could be only one third to one half of the monthly rent for renting a home. For instance, the ground rent may be $400 to $600 per month, while a rental may be $1200 to $1500 per month.
The closing costs for buying or selling a mobile home are minimal when compared to the sale or purchase of a home, so very little money would need to be recouped.
Similar to renting a home, after a year in the mobile home, they could sell the mobile home and then purchase a more permanent home.
When everything is considered, the mobile home option may be a little bit more complicated, but it would likely save the buyer money.