Find out the important factors in determining how much your mobile home is worth:
Thinking about selling? The first step is finding out how much your manufactured home is really worth. Everyone wants to know the mobile home value of their property. We can help. Here are some things to consider when determining the worth of your mobile home.
How old is your mobile home?
The age of a home is a huge deal when it comes to mobile and manufactured homes. Every year the home loses value since it depreciates regardless of many repairs made, or how well kept the home has been. In fact, the only way to stop this depreciation is to place it on private property. If the permanent location is in a mobile/manufactured home park it inevitably loses value.
How many bedrooms does your mobile home have?
Bedrooms are a major factor in determining the value of a manufactured home. Obviously, the more bedrooms there are the more attractive the home becomes to potential buyers. A mobile home having three bedrooms offers growing families, not only more rooms for children, but also provides good storage areas for people after the children leave the home. Two bedroom homes, although they typically provide the same square footage as a lot of 3 bedroom homes, are in less demand due to the size of growing American families. One bedroom manufactured homes are rare and don’t sell very well, regardless of the price. Your buyer pool is so limited it can be a nightmare finding someone to even consider purchasing it.
How many bathrooms does it have?
Bathrooms are another influential factor in determining the value of your manufactured home. Like bedrooms, the more bathrooms you have the better your chances are of selling your home. Two bathrooms are very attractive to buyers for obvious reasons.
What market are you selling in?
The value of your home is extremely dependent upon the market your selling in. We have an extensive article explaining the difference between the retail and wholesale market. This is often overlooked by people when determining the value of their home. The retail market is often saturated with sellers with few qualified buyers, and there are a couple reasons for this:
1) Banks rarely touch older manufactured homes, as they’re not considered to be a “safe” investments, due to the heavy depreciation experienced over the life of the loan.
2) The mobile home parks tend to be very selective about who qualifies as a suitable tenant. They require a certain credit score or a suitable co-signer for an applicant, in order to be considered for residency. This process, though good for the parks, eliminates a number of people from your pool of prospective buyers.
What is the condition of the manufactured home park?
These days parks are moving toward replacing existing older homes with newer, nicer looking manufactured homes. Manufactured homes that was erected prior to 1987 are no longer accepted by many parks. This has an effect on the value of your home. Yes, people are seeking newer homes, but they also want to have newer homes as neighbors. Like any neighborhood, if you are located in a park with some older mobile homes sprinkled throughout, your home will likely fall in value based on the condition of surrounding homes. Moving a mobile home, though expensive, would certainly increase its value. Find out what it would cost to move your home here: how much does it cost to move a mobile home.
Mobile home appraisal prices vary but free quotes are a start.
In conclusion, there are several factors to consider when placing a value on your manufactured home. Try to think like a buyer and price your home accordingly. To help you with this, we can give you an estimate of what we would be willing to pay you for your home. We’ll look over your information and send you an offer within 20 minutes.