When it comes to where you want to live, you have quite a few options. You can get a big house out on the West End, but you’re going to pay a lot of money for that house. You can get an old house closer to downtown, but you’re going to have a lot of maintenance issues that pop up. The Billings Heights is a great option, but it’s also far away from a lot of what Billings has to offer. You can rent, buy, build, or squat (we don’t recommend squatting). The possibilities are plentiful, but what many people wonder is this:
“How can I find the most affordable housing in Billings?”
Here at Big Sky Homes, we have the solution for you.
Affordable Housing: Renting vs. Owning
There are two primary ways to house yourself. You can rent, or you can own. Naturally those are broken down into further sub-categories: rent an apartment, house, townhouse, condo, trailer, etc. or buy a house, townhouse, mobile home, and so on. Here is a quick rundown of what you get when you rent or buy.
Rent – There are a ton of great perks to renting. Some of the appeal includes:
· No maintenance worries. The landlord will take care of that.
· Flexibility. Don’t like where you live? Wait until the lease is over and move.
· Cheap. Sometimes renting is cheaper than owning the house.
But there are downsides to renting as well. They include:
· No equity. You pay for the home every month, but you don’t build equity.
· Risk of eviction. Normally a landlord will only evict if you miss payments, but you can get kicked out for any reason.
· Expensive. Yep, it’s cheap to rent, but it can also be expensive. It all depends on where you live.
Renting is a great option for a lot of people. For the college student that only needs temporary housing during the school year, or for those who don’t want to worry about keeping up with the annual maintenance of the house, renting is a great option. But it’s not for everyone.
Owning – The other side of the coin is naturally to own your home (or condo, or mobile home). There are plenty of perks to owning, but there are some downsides too. The perks include:
· It’s yours. There will likely be a loan attached, but you’re not renting someone else’s property.
· Equity. Every year your house will appreciate in value, and your loan will go down. When you sell you could have a nice chunk of cash.
· Do what you want. If you don’t like the carpet, the paint, the fixtures, or the appliances, you have free reign to change things up.
Owning gives you a whole lot of flexibility. Many people love the flexibility of owning a house. But there are some downsides as well. Including:
· It’s yours. It means you’re responsible for everything: the good and the bad.
· Loans. You build equity, but you’re also on the hook for a big loan.
· Expensive. Often people get into home loans that are a bit of a struggle. They can end up costing a lot.
If you took a survey of all the homeowner’s out there, you would probably find that the vast majority of them love owning, and would suggest that anyone that is able to own their home. So what’s holding people back? It’s the cost.
Affordable Housing in Billings
The average price of a home in Billings, MT is $209,900. With interest rates at 4%, you’re looking at $1,000 per month, and that’s just for principle and interest. When you add into that the cost of taxes, insurance, utilities, and maintenance, you’re suddenly looking at nearly twice that every month. But we’re not going to talk about the average home price; we’re going to talk about affordable housing in Billings.
Here at Big Sky Homes, our most expensive houses are below the average cost of a home in Billings. The result is that you can get into some of the most affordable housing in Billings. A brand new home (modular, manufactured, and mobile homes are our specialty), for less than the average cost of a house.
But what about the pitfalls of being a homeowner? Let’s take a look at those again.
Maintenance – As a homeowner, there will be maintenance costs. However, most of our homes come with warranties. That means you get to enjoy a home without the worry of major problems arising. Now you still have to worry about making sure the furnace filter is changed (experts recommend every 6 weeks at least), and other little things like that. But the big issues, well they’re suddenly non-issues.
Loans – Yes, you will still likely have a loan. But considering you can get a brand new home for about half the cost of the average home price, that means your loan is about half as well. Instead of $2,000 per month for all of your costs, you’ll be looking at closer to $1,000. A much easier number to handle. More affordable housing also means that you don’t need as large of a down payment.
Expensive – We see that a home from Big Sky Homes is not nearly as expensive as most houses.
When you’re looking for affordable housing in Billings, you don’t have to go with an old house that needs a ton of work. You don’t have to settle for something you don’t like. And you don’t have to rent and forego building that equity. Big Sky Homes has affordable housing that will meet every budget.
What Does Big Sky Homes Offer?
Big Sky Homes has a variety of housing options. It all depends on what you are looking for, and what your budget is. For those that want to get started, we have previously enjoyed mobile homes for under $30,000. For those who are ready to take the plunge and get into something more permanent, we offer modular homes (that are custom designed) topping out at around $200,000. If you need something in between, we can figure out what will meet your needs.
Come to Big Sky Homes and See the Options for Affordable Housing in Billings
We have a wide variety, far too much to discuss here. Plus, to really get the feel for a home, you have to go inside and see it firsthand.
Come check us out, we are located at 750 Parkway Lane. Here’s a map: