Buying a home is a significant investment. The first consideration made when thinking of buying a home is its appreciating value. It is safe against inflation and is an excellent long-term investment.
Homeowners no longer have to pay rent, which is a pure expense. Instead, by paying their mortgage monthly, they gain home equity and amass wealth. The improvements they make on the property also increase its value.
But not everyone can afford a home. At the very least, you need a considerable amount to pay the down payment. What’s an alternative? Let’s talk about the following best things: recreational vehicles (RVs) or mobile homes.
There is no doubt that an RV is more affordable than an actual house. A house and lot in the U.S. costs at least $404,800 in 2021. So many people can’t buy homes simply because they can’t afford them. And even if they could, there are just not enough homes and properties for sale.
On the other hand, you can buy an RV anywhere between $35,000 to $300,000. In other words, it’s considerably more affordable to buy an RV. And already, you can benefit from it by saving on rent. And by the way, on average, an American pays at least $750 on rent.
One of the factors that affect the price of an RV is whether it’s new or pre-owned. You also want to look at the appliances and amenities installed. Accessories for each class of RV will likely increase its price as well as its value. But in the end, it’s a lot cheaper than buying a house.
In addition, living in an RV is cheaper than renting because you save on water, electricity, and other utilities. You live more diminutive and more straightforward and therefore pay less for living expenses. You also save on materials, furniture, and appliances. All these things make up for a significant economic advantage.
When you’re buying a home, one of the considerations you have to make is your lifestyle. For example, if you work in the city, it would be best to buy a condo at the heart of the town where it’s easier for you to commute to the office. Another example is whether you’re planning to have kids or not; because if you do, you might want to choose a home with many rooms and storage.
On the other hand, if your lifestyle requires you to be constantly on the move, then an RV is a reasonable consideration for you. This mobile home gives you a great deal of flexibility. You can move from city to city with the convenience of staying at home. It gives you the freedom to go to places for work and leisure.
The best part about RVs is the unlimited potential of taking vacations and coming closer to nature. Living on the road is highly therapeutic and can engage a person’s artistic side. It’s a great source of inspiration and vision.
One famous person you might know who lives in RVs is John Mayer. Being a prominent and wealthy singer doesn’t stop him from living on the road. And he’s enjoying every minute of it. Other examples are Will Smith, Mariah Carey, and Billie Joe Armstrong.
Considerations to Make When Buying an RV
An RV is an excellent alternative investment to real estate. Here’s a couple of consideration you need to make:
1. Why are you buying an RV?
You could be buying an RV as a form of investment and rent it out. In which case, you can benefit from rental income. You can also buy it as home, or for vacations. The important part is that you consider why you’re buying an RV so you can get the best value out of it.
2. Which do you prefer: a tow trailer or a motorhome?
It’s important to consider because each type has varying advantages and disadvantages. For example, a tow trailer is more cost-effective than a motor home. On the other hand, a motorhome has no towing hassle and provides for an easy setup.
3. What features do you need in your RV?
Living in an RV means living a simple life, so you might have to strip down to the essentials. For example, make sure that you have the facilities for the kitchen and bathroom and that for the bedroom.
4. What features do you want?
Just because your home is an RV doesn’t mean you have to give up all the luxuries you can have if you had a home instead. For example, you can have vinyl wall art, cell signal, and Wi-Fi boosters, and collapsible tubs. There are so many gadgets you can get for an RV!
An RV will never indeed be better than an actual house and lot. However, it can be an alternative form of real estate investment. It’s going to help you save a lot from rent and utilities and allow you to travel. In many lifestyles, this is the perfect home.