Owners looking to upgrade or sell their mobile or manufactured homes often want to know their home's value in dollars. Unfortunately, it's not possible to get an accurate number by doing a quick web search.
So, How to determine the value of your mobile home?
You can estimate the value of your mobile home on your own, do an online appraisal, or have an in-person check done. Whatever way you choose, there are significant factors to think about when calculating your home's value: type, location, condition, and depreciation, etc.
How to determine the value of your mobile home depends on the condition of the mobile home.
Regardless of the home's location and its features, its overall condition is of utmost importance. With anything you want to sell, the better the shape it's in, the more it's worth. Walls with chipping paint, stained carpet, and other flaws can all affect the value of your home. Just making little repairs and painting the walls could increase the value.
Of course, also the condition of your neighborhood and its homes affect your mobile home's price. The primary systems are the biggest concern, but buyers want to see that the house is taken care of thoroughly in general.
How to determine the value of your mobile home heavily depends on the location of the property.
Homes cost more in some markets and less in others. It's not hard to understand why this can be the case. You should think if your home is in a desirable area because it can increase its value.
If your home is close to the beach, it may be more ideal for buyers and sell for more. And if your home is in a quiet lot, it might sell for more than one located near a busy intersection.
How to determine the value of your mobile home heavily depends on the age
The home's age is a factor, but mainly in one primary sense. The date can mark the actual difference between a mobile home and a manufactured home.
A mobile home is a home built before 1976, and a manufactured home was built after. June 15, 1976, is when the HUD code went into effect, and its standards help to ensure the quality, long life, and safety of a home.
How to determine the value of your mobile home depends on the type of materials that were used in the construction process.
The value of a new manufactured home, on average, is about $74,000. Material choices make a home more valuable than the average: hardwood cabinetry finished drywall versus wallboard, energy-efficient windows, upgraded lighting, and six-panel doors.
How to determine the value of your mobile home depends on the type of mobile home that you have.
There are three types of mobile homes: single-wide, double-wide, and multi-wide. These types increase in cost as they grow in size, meaning a single-wide costs the least and a multi-wide costs the most.
Overall, a home with more space is worth more. There's more material used and more living space. Buyers usually prefer larger homes with more squares, whether that additional space is used for another bedroom, more storage, etc.
How to determine the value of your mobile home depends on the depreciation.
Sadly, like with vehicles, mobile homes' value depreciates over time. Usually, a home will depreciate about 3% to 3.5% per year. But if you've made major upgrades to your mobile home, it may offset the depreciation rate or at least decrease the percentage of reduced value.
Note the year your home was built like mentioned above. Homes made before 1976 might not meet the quality and safety standards required by Housing and Urban Development (HUD).
How to determine the value of your mobile home is based on what your appliances are and if they are included in the deal.
Modern manufactured homes are rich in technology and full of energy-saving appliances. Buyers are willing to pay extra for stainless steel appliances.
The smart thermostat is another fantastic feature that's becoming extremely common in manufactured housing. If you would like to save on bills, energy efficiency is excellent. As a rule of thumb, the higher quality the appliance is the more valuable the home can be.
Getting an appraisal
The best way to determine the value of your mobile home is getting an appraisal.
You could estimate your own home's value, but you can also get an online appraisal or have a professional estimation in person if you are open to spending money. The latter is more pricey but may be more proper. Go through your alternatives and choose the one that's most suitable for you.
Contact an experienced real estate agent to get a professional appraisal. Look for one with a state appraiser license or a manufactured home appraisal certification.
The National Automobile Dealers Association (NADA) is the largest vehicle pricing publisher, including recreational vehicles and manufactured homes. Here you can get an online appraisal for your home's book value, ranging from $26 to $50, depending on the type of review you choose.
Has the mobile home been moved?
How to determine the value of your mobile home can be whether you have moved it or not!
Moving your mobile home is a risky process to go through. A ton of little things can go wrong that only might be noticed later on.
Bending or damage of the chassis or structure is a danger. Most lenders flat out refuse to finance a home that's been moved a few times. Once moving already lessens your chances of selling it for a good price.
If your home is inside a mobile home park, it will have a bearing on its price. It's expensive to move a mobile home, and moving a home could mean losing your option to finance it permanently. Because of this, mobile homes aren't, in fact, that mobile.
This means whoever is buying your home must buy into the mobile home park too. If you live in a park with excellent management that keeps the grounds well-tended and sorts out any problems fast, it's a plus.
However, if the mobile home park grounds look uncared for, this can be a big problem. And if there are older homes nearby that don't look that well, it will, unfortunately, affect your mobile home's value as well.
There are multiple other considerations regarding a mobile home park as well. For example, if they require a specific levy, the amount of the lot rent, etc. These are just little individual factors, but the mobile home park's decency has a major impact on its appeal and value.
If your mobile home needs to be moved, you need to take that into consideration. Many mobile home parks do not allow mobile homes over a specific age. If your mobile home were built before this particular date, the value would suffer because it's much harder to find a space for.
Outdoor patios, modern designer kitchens or bathrooms, storm or weatherproofing, and other luxuries will affect the value. As mobile homes are becoming more mainstream, these types of features will increase, and as people look more to mobile homes as permanent residences, the demand for them will go up too.
This includes any additions you have made yourself. Hopefully, you have done these without violating the HUD conditions for manufactured homes. If not, it will have the opposite effect.
For instance, you aren't allowed to add a structure to your home if it leans on, or is supported by, your home's structure in any way. Any addition needs to support its own weight completely. Remember that HUD compliance directly impacts your ability to get financing.
What if I don't own the land of the mobile home?
How to determine the value of your mobile home is heavily based on whether you own the land or not.
If you don't own the land on which the mobile home is parked, you will need to get permission from the landowner before you can sell the home. The landowner might not want to sell the land with the mobile home, or they might want to sell the land separately from the mobile home.
If you do not own the land, you might want to consider selling the mobile home through a dealer. Most dealers will be willing to purchase the mobile home without buying the land, and they will be able to sell it quickly and for a reasonable price.
How much will it cost to sell my mobile home?
When it comes to selling your mobile home, there are two options that you will have to decide between. You can sell your home through a dealer who will resell it to a buyer. If you decide to sell your home through a dealer, you will get a fair price for it.
However, you will have to pay the dealer for their services. If you decide to sell your home through an ad in the newspaper or on the internet, you will not get as much money for it.
However, you will not have to pay a dealer. If you own the land where the mobile home is parked, you will be able to sell the land and the mobile home together. However, if you do not own the land, it will be harder for you to find a buyer as mentioned.
Obviously, you will need to answer "How to determine the value of your mobile home" before selling your mobile home.
In conclusion of "How to determine the value of your mobile home"
The most common way to determine your mobile home's value is to sell it to a dealer who will resell it to a buyer. This is an excellent way to determine what your home is worth because you will be getting an unbiased opinion. But the value of your mobile home will be affected by its condition.
If your mobile home is in good working order and has been well maintained, you will get a higher price than someone who is selling a mobile home in poor condition.
Notice that your mobile home's value will also be affected by the area where it is located. People are going to pay extra for a mobile home in a nice area than they are for one in a lower-income neighborhood.
The best way to determine your mobile home's value is to have it appraised by a professional. You will want to make sure that you are dealing with a reputable appraiser.
Ask for recommendations from family and friends who have dealt with appraisers before. If you arenÃ‚Â´t sure who to ask, search online to see who is available in your area.
The fair price for your mobile home will be determined by what others are selling for in your area.
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