Thinking of reselling your mobile home? It’s easier to find tips for buying a mobile home instead of selling one. This guide will help you determine the factors that affect your mobile home’s value.
- Overall condition of your mobile home
- Type of mobile home
The better the condition of your mobile home, the more it’s worth. If you’ve kept up with cleaning and general maintenance, then your home should be in reasonably good condition. If not, consider making basic repairs and a deep clean of your mobile home.
Keep in mind that buyers and tenants can get put off by obvious issues like a clogged toilet, leaking faucet, or a dinged-up front door. Even cosmetic issues like peeling paint and stained carpeting can also deter buyers from making an offer. Many are simply not up for the challenge of renovating a fixer-upper.
When making improvements to your mobile home prior to selling or renting it out, take note of your expenses versus how much you expect to make in profit. This will help you create a workable budget and make sure that your improvements generate ROI.
As a general rule, the simpler, the better. Basic repairs and giving the interior and exterior wall a fresh coat of paint can help increase your mobile home’s value.
Mobile homes can be categorized under three broad categories:
Generally speaking, bigger mobile homes tend to command higher prices. So for example, a single-wide mobile home would cost less than a double-wide one, all else equal.
One of the main factors affecting your mobile home’s value is the land it’s on. If you own the lot, your mobile home might be worth more.
It’s also important to make a distinction between personal property and real estate. A mobile home that isn’t fixed to any piece of land classifies as personal property. But the moment it’s built on a piece of land, your mobile home becomes part of it and can’t be moved. It then becomes a piece of real estate and can be registered as such.
If you don’t own the land, take note of the surrounding area. Much like single-family homes, the character of the neighborhood and the condition of your neighbors’ homes will also affect your mobile home’s value. Is the land located in a desirable area? Is it situated by the water?
If your home is located in a mobile home community, take stock of the overall condition of the area. Is it clean and well-maintained? Are there any amenities that can increase your home’s value? The answers to these questions will help you determine how much your mobile home is worth.
Just like cars, mobile homes can depreciate with age. Generally speaking, you can expect your mobile home to depreciate by 3% to 3.5% in value each year. Making relevant upgrades can help to partially offset depreciation rate or reduce the percentage of decrease in value. Just make sure that these upgrades have significant ROI.
Upgrades like new or better quality appliances, new flooring, or a porch installation are fairly common. It’s also worth making upgrades that can make your mobile home more energy-efficient to increase its value. Install better insulation, widows and skirting. Caulking the seams can prevent warm or cold air from escaping and keep utilities low.
You should also take note of the year your mobile home was built. Mobile homes that were made before 1976 may not be up to par with modern safety and quality standards set forth by the Housing and Urban Development (HUD) code. Revisions were made to the HUD code in 1997 and 1999.
Getting an appraisal for your mobile home
These factors can help you get a personal estimate of your mobile home’s value. You can also pay for either an online or professional, in-person appraisal to help you get a better idea of your home’s value:
- Online appraisal – The National Automobile Dealers Association (NADA) offers online appraisals for manufactured homes.
- Professional appraisal – Get in touch with a real estate agent that specializes in mobiles homes for a professional appraisal. Find someone who holds a state appraiser license or has manufactured home appraisal certification.
Contact Sundance Property Management here for more information. You can also call 5134893363 x126 or email MLAShells(at)sdpmi(dotted)com to speak with a professional. We’re a national company that specializes in sales and rentals in mobile home communities across Ohio and other parts of the Midwest and South. Our team is ready to assist you.