Many seniors prefer to live in a home of their own after retirement. Manufactured homes with their modest financial resources are a good option. Such places are investor-owned neighborhoods where residents have their own factory build homes and rent the land where these homes are placed. In such neighborhoods and communities, residents live happily and peacefully, and it gives them a feeling of their own home. Some of these homeowners have worked all their lives and raised families in a traditional home and have retired without a pension or with limited savings. But not all the seniors living at such homes have low incomes or limited savings. Some of them also maximize their quality of life with various luxuries.
Social Benefits: Security can be called one of the greatest benefits of living in these homes. Residents who cooperatively own their lot also have the community’s future in their hands. Whether it will be sold or closed, no one can close the community and force them to vacate. The common goal of buying, developing and living at a place also nourishes the feeling of community. It gives residents a chance to get to know each other better and become lifelong friends. This way, residents can also connect to the other similar communities and enhance their network and resources for better living.
Economic Benefits: The economic benefits of resident ownership in a community consists of the control over the lot rent, access to favorable mortgage loans, and higher home values. They also have access to several modes of public funding so they can improve the community infrastructure. Members vote for the community’s annual budget considering all the possible factors of maintenance and security. They decide what to do with the surplus funds and what should be the carrying charges. Many communities have access to fixed-rate home loans that have relaxed credit terms and lower down payments. In other words, resident owned communities enjoy lower lot rent, higher average home sale prices, and faster home sales.