Do Mobile Homes Depreciate?

There are few experiences more exciting than buying a home for the first time. If you are looking for a low-cost housing option and own a piece of land, a mobile home is a good investment. A recent study found that over 17 million Americans live in mobile homes. As the owner of a mobile home, you need to be mindful of how to retain the value of this investment. 
The more you know about mobile home values, the easier it will be to sell this investment therefore you will want to read below. Here you can find out about some of the factors that can affect the value of your mobile home. 

 

                   The Age of Your Mobile Home

One of the first things a buyer will want to know about your mobile home before buying it is what year it was manufactured. The national regulations designed for mobile homes claim these structures are habitable for up to 55 years. However, most investors want to buy mobile homes that are a few years old. 

 

 

                     Why Do Mobile Homes Depreciate?

If you have a mobile home that was built before 1976, you will have a hard time selling it. The Housing and Urban Development (HUD) standards for mobile homes weren’t instated until late 1976. This means that the homes built before then do not meet HUD regulations for safety and build quality.  
This can make your mobile home tough to sell.  Mobile homes have really progressed through the years. The quality and craftsmanship of these homes has really come a long ways.  These homes are very similar to stick built homes now. However, if you rewind back a few years they were built cheaply therefore they did not last.  
Before you put your mobile home on the market, gather information about when it was built. Doing this can help you avoid investing lots of money into advertising a home you won’t be able to sell. 

 

         Why Do Manufactured Homes Depreciate?

If you plan to sell your mobile home in the near future, you have to keep it in good shape. Taking on various home improvement projects to add value and appeal to your mobile home is worth it.
Mobile homes that appear outdated or are damaged can be hard to sell.  Don’t let your investment fall into a state of disrepair.  You need to work hard to find and fix the imperfections it has. 
Doing things like upgrading your siding or investing in thicker drywall is a great way to make your mobile home more appealing to potential buyers. Allowing an experienced construction company to do this work will help to ensure no mistakes are made. The money you invest in these upgrades will payoff therefore it can add value to your home.  
Read our article on How to Remodel a Mobile Home to Look Like a House.  

 

 

               The Land Your Mobile Home Sits On

If your mobile home currently resides on a piece of rented land in a mobile home park, it is worth less than a home that resides on a piece of land you own.
If you own the piece of land your mobile home sits on, the location of this land and the features it has will affect the value. Getting multiple quotes from interested buyers is crucial when trying to get the most for your land and your mobile home. 
If you have an abandoned mobile home on land or an older unit that is unlivable you might read our article on Ways to Get Rid of an Old Mobile Home.  
You could replace the older vintage mobile home with a newer mobile home. This will really help to increase the value of the land. 
With the information in this article, you can finally sell your mobile home for a profit. You will now know what to look for when deciding if your investment is appreciating or depreciating.  Lastly,  you can control some of this just by fixing the repairs that need to be done.

Share this post