Do you know how much my mobile home is worth? Are you thinking about selling but unsure what a fair asking price would be? Or do you want to refinance your home?
In any case, having an accurate and updated estimate of your mobile home’s worth is a must. After all, when you know what you may be able to get for your home, it will ensure you get a fair offer and avoid getting taken advantage of.
If you don’t have any idea what your mobile 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 mobile 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 do. 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.
Most people view a mobile home as personal property, like your vehicle, then real estate. Because of this, you should take steps to make your mobile home a piece of real estate. One way to do this is by adding a permanent foundation or affixing it in some other way to the property. With 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 even 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.
The Type of Mobile Home
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.
Selling Your Mobile Home
While you may face some challenges when selling your mobile home, it isn’t impossible. Also, knowing the factors that impact its value will help you figure out how much you can get for the structure. Be sure to sell to a reputable buyer to avoid issues and to ensure you get a fair offer for your mobile home. This is going to pay off in the long run.