The big conversation of mobile home parks and apartment buildings will always be amongst investors. People will always say owning and renting an apartment building is an excellent investment, but on the other hand Warren Buffict owns a vast amount of mobile home parks. Tenants claim that living in a mobile home park for rent is awesome, but a lot of other individuals says they can’t get enough of their apartment life and will never change. Lets see what you think the best option is after we discuss a bit.
The turnover is a big difference between the two types of living. In Sierra Corporate apartments or any other apartment the average occupant stay is around two years. Compared to when we look at Briairwood Mobile estates or your average mobile home community the stay is a lot more permanent. This is because apartments are seen as a more temporary solution to living instead of a long term solution. When looking at mobile homes people usually occupy a piece of land, more like a home, and make it their own and don’t think about moving around. Mobile homes are harder to move and relocate compared to just living in an apartment as well.
With apartments maintenance and other amenities is a huge draw. When you stay in an apartment complex you usually have a community washer and dryer or your own washer and dryer in the apartment. They come with their own maintenance team and people to keep the space in working order. When you live in a mobile home community it is just like living in a neighborhood. You are responsible for your own repairs, responsible for your own units to wash and dry clothes. You have to make sure your home is taken care of and up to code.
Expansion is also a difference when it comes to mobile home parks and apartment buildings. With mobile home parks all you need to do is have land available for people to occupy. So if you want to expand all you need to do is buy more land to fill with units. In some cases this is seen as a vast advantage because if you have good land around you your profitability can be as expansive as your land availability. But in other cases which is more often than the later the land can not be used and you are stuck with what you have unless you spend the money to make the land available. On the other hand apartments are pretty set in the expansiveness. Yes you can always add to a building but the price to do that is rarely worth it.
These are some of the unique cases but do some solo research. Breakdown the differences and see, no matter for investment or renting, what you like about each and make an informed decision.