Do you know how much your mobile home is worth? Are you thinking about selling but unsure what a fair asking price would be? Or maybe you want to refinance your mobile home and your need a market report for your bank.
In any case, having an accurate and updated estimate of your mobile home’s worth is a must.
You need to know what you can get for your mobile home. It will ensure you get a fair offer and put your mind at ease when selling it.
How Much is My Mobile Home Worth?
The term manufactured home and mobile home is used in combination. Typically, they mean the same type of home. If you don’t have any idea what your manufactured home may be worth, it’s time to find out. Keep reading to learn about some of the most important factors that impact the value of your manufactured home.
The Age of the Mobile Home
This is usually the most important factor when talking about the value of your mobile home. While traditional residential properties don’t depreciate, mobile homes tend to.
One exception to this is if you plan to sell land with the home. Sometimes, the appreciation of the land can offset the home’s depreciation.
The state views your mobile home as personal property, like your vehicle. They do not consider the mobile home real estate.
You may not know that there are steps you can take to make your mobile home more like real estate.
One way to do this is by adding a permanent foundation or affixing it in some other way to the property or land. In doing this, depreciation will be much less noticeable.
Another essential factor to consider is if your home was built before or after 1976. This is when the latest HUD code was introduced, which significantly improved mobile homes’ standardization, safety, and quality. It also led to the adoption of the term “manufactured home” because the new homes moved away from the trailer-esque versions of the past.
Has the Mobile Home Ever been Moved?
You may wonder why this is a factor since the word “mobile” is in the name. Why would your home lose value if it is moved?
As mentioned above, mobile homes are looked at differently than traditional homes. Also, moving the structure is a stressful and risky process. There are millions of small things that may go wrong. Some lenders refuse to provide financing for homes that have been moved multiple times. If your home has been moved, you probably won’t get as much money as you could for one that hasn’t been moved.
How Much Is My Mobile Home Worth: Calculator
It would be nice if there was a calculator that you could just enter numbers into, such as square footage and it would just spit out a value number. However, there are so many factors into figuring our your mobile homes value correctly. It really comes down to the year of the home, where it is located and the condition of the home.
You really need some type of report that shows the current conditions of the market. We all know real estate and goods go up and down in value.
How Much is My Doublewide Worth?
Like any other residential property, the larger it is, and the more rooms present, the more it is worth. Take note of the size of your mobile home, which is another factor that will impact its value. Check out our article on How to Measure A Mobile Home to figure out the size. It can be confusing whether your home is a singlewide or doublewide home.
Singlewide mobile homes typically range from 14ft to 16ft wide while doublewide mobile homes range from 24ft to 28ft wide. Most mobile homes will vary from 36 ft long to 80ft long.
It’s important to note that if you have added additions to your mobile home, you should note it separately. If you know how to figure out the square foot of the addition you can figure that separately. Additions do add value to the mobile home however they can be troublesome if you want to move the home.
Mobile Home vs. Manufactured Home
Mobile homes and manufactured homes are both types of prefabricated housing, but they have distinct differences. Mobile homes are built prior to 1976, when the HUD Code for manufactured housing was established. These homes were constructed on a steel chassis with wheels, making them easily transportable. In contrast, manufactured homes are built to the standards set by the HUD Code, ensuring higher quality construction and safety standards. They are typically transported to a site in sections and permanently affixed to a foundation. While mobile homes often have a negative connotation associated with lower quality and depreciating value, modern manufactured homes are designed with improved materials and construction techniques, offering a more affordable yet durable housing option for many homeowners.
Selling Your Mobile Home
While you may face some challenges when you want to Sell My Mobile Home it isn’t impossible. Knowing the factors that impact its value will help you figure out how much you can get for the home. Be sure to sell to a reputable buyer to avoid issues. This will also ensure that you get a fair offer for your mobile home. This is going to pay off in the long run.
You will want to check on the title to your mobile home. If you have a clear title you will want to make sure you have the copy to it. If your bank holds your title you will want to contact them to find out what your payoff is. You will need the title before you can sell the home. Visit this article on Clear Title Meaning to learn more.
Location of your Mobile Home
How many times have you heard location, location, location well the same applies for mobile homes. Depending on where your mobile home sets really affects the value. A clean high-end area with good looking homes will help to increase the value of your home. While a run-down area could affect the price adversely.
Mobile homes on private land that come with the land will be worth more than homes that sit in mobile home parks. In mobile home parks the land is leased this can make a big difference in the value of the home.
Factors that Could Increase Your Mobile Home Worth
There are a few things that could make your mobile home worth more. Do you have a new roof on your mobile home? Have you replaced the furnace or ac unit? Have you updated the flooring in your mobile home to a tile plank floor or tile? All of this can help to add value to your mobile home.
TIP: Take a pad of paper and walk through your mobile home and note all the improvements, if any, that you have made inside and outside the home. All of this should be noted when figuring out what your mobile home is worth.
Mobile home steps or a large deck can also add value to your home. Depending on how elaborate the deck is on your home and what material it is made from.
Used Mobile Home Value Guide
Do you need a report on your mobile home showing its value? You may need these types of reports for court or for medical reasons. You may have a family member that is going into a nursing home and need these files for this purpose. If you are looking for a value report check out this full color mobile home value report here.
Mobile Home Blue Book Value
The reports from US Mobile Home Pros are often used for banks, court cases and probate. These reports are printable and are full of current market data. They are even great if you decide to sell your home yourself and you want a flyer that you can put with your sale flyer. Your new buyer can even use it to take to their bank to get qualifying.
Free Mobile Home Appraisal
Let’s face it free isn’t always the best option. Paying a small price to get an accurate price guide on your mobile home will be the best option. Most online companies that offer some type of free service in this department don’t appraise your home well.
Another option would be to pay $200-$300 to have an individual come to your home and appraise your home. These reports are nice to have, and many appraisers specialize directly on your local market. I have always used paid reports online and find them to be quite accurate to the current market conditions.
How Much is My Mobile Home Worth: Furnished
Another thing to take into consideration when selling your mobile home is whether or not you will sell it furnished. Here are some things that home owners decide to leave behind that might add value:
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Appliances: Refrigerator, stove and dishwasher
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Washer and Dryer
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Couches, tables or beds.
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Generators – Outside or Inside
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Tools: Air Compressors, hand tools or power tools
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Mowers or Snowblowers.
Make sure if you are going to leave any type of furnishings behind that you discuss this with the buyer before leaving them. They should be included in the purchase price of the home. It is not a bad idea to add them to the purchase agreement if you agreed to leave them. That way there is no gray area on these items.
Book Value vs. Market Value
There are probably many reasons why you would want to know what your mobile home is worth. Look at homes in your area to do your own market analysis and then figure out how soon you need to sell it. Time is valuable and you may just need to sell your home quickly.
Mobile Home Value: Conclusion
A mobile home estimate will at least give you a ballpark of where to start on price. If you aren’t getting any showings for your home, it is almost always because your price is too high. Good luck selling your mobile home.
FAQ’s: How Much is My Mobile Home Worth
How do you estimate the value of a mobile home?
Remember that estimating the value of a mobile home is not an exact science, and values can vary based on individual circumstances. It really comes down to market conditions, size and square footage and location of the home.
What is the blue book on a mobile home?
For a blue book value on your mobile home visit this link today.
Do mobile homes ever appreciate in value?
While mobile homes tend to depreciate over time, the rate of depreciation can vary widely based on these factors. Well-maintained homes in desirable locations may retain value more effectively, while older homes in poor condition may depreciate more rapidly.