For better or for worse, the time has come for you to sell your mobile home. Maybe you’re a homeowner looking to relocate. Or perhaps you’re a new investor looking to price your mobile home for sale.
You’re here because you’re thinking of selling, and you want to determine how much your mobile home is worth. How can you find out your mobile home’s value?
When it comes to mobile home values, we’re happy to fill you in. So let’s get going on this journey together. We’ll provide clarity on how to determine your mobile home’s value. And while we’re at it, let’s delve into other details pertaining to selling a mobile home.
How do I know my mobile home’s value?
Before we ask how this is accomplished, we must ask, can I know my mobile home’s value?
And the answer to that question is “Yes.” Yes, you can.
Are there ways someone who’s thinking of selling can determine how much their mobile home is worth? Absolutely. We’ll show you how.
The challenge in finding your home’s value
But first, let’s look at the challenge.
While you could pay to have someone evaluate your home’s value (to help determine your sale price), it’s a costly business. With a market that varies from state to state and with the time it takes to retrieve list values for comparable mobile homes, valuing your home is not as easy as 1, 2, 3. But it’s also not impossible. So take courage.
We understand where you’re coming from. You want to get the most out of your sale, and we hope you’ll walk away from this article with clarity for the best decision possible. After all, it’s your home and your investment.
A tale of two home selling options
Wait, why two options? I just want the secret formula for determining my mobile home’s value!
If this sounds like you, hang in there. We’ll get to mobile home value, but it’s important that we look at the two options for selling your mobile home. These options will affect how you determine your mobile home’s value.
Traditional retail market vs. wholesale market
You could choose to sell via the traditional retail market or the wholesale market. There are pros and cons associated with both options. Let’s look at them together.
As we continue to discuss your mobile home’s value, take note that factors such as the mobile home’s age and condition or its location (whether park or community at large) can affect the price. Are you including furniture with the mobile home? What are the manufacturing standards of your particular model?
The pros and cons of the traditional retail market
As far as the traditional retail market goes, it’s not much different from selling a stick-built home.
If you choose to sell a mobile home yourself, you will either work through a real estate agent or list the home on your own (which means handling everything from marketing to paperwork).
Selling a mobile home in the retail market is similar to the normal process of selling a house. You, the seller, set a price (with or without the help of an agent). You consider bids and settle on a deal.
However, there are disadvantages. You’ll have to do some research to keep your price range competitive. If there are a high number of mobile homes in your local market, the chances of receiving your asking price (if it’s higher than others) is slim. You might have to reduce your price significantly to snag a deal if your market is oversaturated.
Do your research so that you don’t underprice yourself.
Here’s the biggest benefit to choosing the path of the retail market — there’s the possibility of you pocketing the maximum amount of money possible.
The cons entail a possibly long wait time as your home sits on the market. You may deal with the hassle of multiple showings and perhaps have to continue paying lot rent while you wait on a buyer. Because financing is uncommon in the purchase of mobile homes, it could be more difficult to find a buyer. Additionally, you’ll have to grapple with gaining the park’s permission to complete the sale.
There are also things like realtor fees, attorney fees, taxes or money still owed on the home, fees related to title work, and repairs to contend with.
The pros and cons of the wholesale market
Here’s the scoop on working within the wholesale market.
With a wholesale market, you will deal with a broker. The broker will want a wholesale price for your home.
There are advantages to be considered such as being able to sell quickly without the onslaught of costs and steps that come with a retail sale. The sale price, of course, will be significantly lower and this will be due to various factors. Typically, the wholesaler will need to grapple with the cost of moving your mobile home. (Moving a mobile home is a costly endeavor.)
Because the wholesaler is not taking the park and its amenities into consideration, even if your mobile home is in a less than desirable location, your chances of selling increase.
Determining the value of your home
Now that you’ve decided on whether or not you want to pursue the traditional retail market or the wholesale market, let’s talk about two different ways of determining the value of your mobile home: market analysis and an appraisal.
Market analysis of your mobile home
If you need a market analysis for your mobile home, there are companies out there that can help. (We’re one such company and our market analysis will only cost you $24. As an added bonus, we include wholesale too.)
The analysis will look at your home’s year of manufacture, its condition, and its size, and it will also weigh demand in your area. With this information, you’ll be able to support your asking price as you negotiate with a buyer.
An appraisal for your mobile home
Here’s the lowdown on getting an appraisal. An appraisal provides a clearer picture of your mobile home’s worth as far as the retail market goes. However, the cost of an appraisal hovers around $350 to $500. The appraiser will come on the scene and examine your home. They’ll look at everything ranging from square footage to the park to the condition of your utilities, and more.
Check your business directory or online business listings for an appraiser that’s local.
At the end of the day, the biggest factors affecting your final price are factors related to your market — and this is true whether you choose the retail or the whole sale market.
How can I up my mobile home’s value?
Let’s talk about increasing your mobile home’s value!
Now that we’ve discussed determining your mobile home’s value, let’s look at some tips for the person who decided to settle on the long road that is the traditional retail market. (Remember, selling to a wholesaler is the fast route to moving on from your mobile home!) We’ll discuss curb appeal and more.
Clean up your mobile home’s yard
To start with, if your yard needs some TLC, start there. Having a yard that’s piled high with leaves and overgrown grass is a big no in terms of curb appeal. Pick up sticks and other debris lying around.
Do you have large items sitting in your yard — items that could afford to go to the dump? (Maybe an old washing machine, for example?) If you do, it’s time to haul them (and whatever else is serving as a blight on your mobile home) away and keep the yard from accumulating more of the same.
It’s incredible to see the attractiveness of your mobile home property increase with a little effort. And best of all, it won’t cost much.
If the mobile home comes with a porch and the wood is weather-worn, consider adding a fresh coat of paint.
Freshen up the front door of your mobile home
And while we’re talking about the exterior, let’s talk about that front door.
First impressions are so important. Freshen up the front door with a nice coat of paint. It will work wonders for the appearance of your entrance. While you’re at it, clean up that glass pane door and give it a nice shine.
A fresh coat of paint for the inside
Adding a fresh coat of paint is a great way to boost appearance and value simultaneously. Those walls have experienced enough living. Give them a new look with a neutral color of paint and watch your home be transformed. (You might be surprised at the new look your home will harbor.) It’s incredible.
Don’t forget to paint the trim and ceilings if need be. The cabinets, too, might do well with the transformational power of paint. Make sure you don’t try anything bold, since you want your home to be a place where the buyer can project their own style as they evaluate whether your home is for them.
New light fixtures and plumbing fixtures
Nothing can scream “dated” like old light fixtures and old plumbing fixtures. A quick trip to the home improvement store can afford you a selection of modern light fixtures and plumbing fixtures that will breathe new life into your mobile home.
This is a good way to give your mobile home a more modern look. And don’t forget to consider the light switches, outlets, and faceplates for your electric system as well. Do they look dated? Or did you have something timeless installed?
These changes can inspire quite the facelift for your mobile home.
Energy-efficient upgrades for your mobile home
Now, how about those appliances? Are they dated and inefficient? Consider replacing them. Yes, while it may seem like a big investment out of pocket, consider the increase in value they may contribute. And don’t forget that buying a brand new appliance is not mandatory. Take the time to browse online used marketplaces to find new-to-you appliances.
You never know what sort of deal you may strike in the process.
There are other actions you can take to help with energy efficiency, things like adding caulk and skirting to your mobile home.
A word on mobile home relocation
If you’re rethinking the idea of selling your mobile home and simply wish to bring it with you to your new location, here’s a word of caution. Be sure to count the cost before you move forward with your decision. What seems like a good idea could come with big unexpected expenses if you’re caught unaware.
To relocate your mobile home, you’ll have to hire a mover. A short distance move can cost up to around $5,000. A longer trip can cost as much as $15,000. We suggest estimating $5 to $10 per mile for a rough idea of cost expectations. But that’s not all. Permits and moving preparations will also add to the cost.
How about renting your mobile home?
Before you commit to selling, have you considered renting out your mobile home instead? This could be a good way to earn some passive income. We won’t promise that it will be easy, but if you’re not depending on the sale of your mobile home, perhaps renting it out is a viable option.
Give yourself some time to read up on the pros and cons of renting. It may not be a good fit for you. On the other hand, it could be the start of a new venture in business.
Know your value. Be an informed seller.
So now you have a better picture of how to go about knowing your mobile home’s value. We wish you all the success possible as you move forward with the sale of your home. Whether you choose the retail market or the wholesale market, you can move on with the pros and cons in mind.
We discussed the cost involved in moving a mobile home. It’s expensive. But would you like to see a more in-depth look at why? Before you begin the moving process, take a look at our rundown on the costs associated with moving your home. It’s good to be informed.