How Much Is My Manufactured Home Worth?

Getting an accurate estimation of your mobile home’s value is crucial as this information can be utilized when either selling your mobile home or getting financing to purchase one.

In this article, we will discuss the most important factors that influence the price of your mobile home, such as age, condition, location, and housing market status.

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FACTORS THAT INFLUENCE MOBILE HOME WORTH

AGE OF THE HOME

Unlike traditional stick-built homes, mobile homes tend to depreciate. The exception is if you are selling the land and the manufactured home together since the appreciating value of the land may offset it entirely.

Moreover, your home’s value may be higher if it was built after the new HUD code came into effect in 1976. The code was designed to dramatically improve the quality, safety, and standardization of mobile homes.

The average depreciation for a mobile home is between 3-3.5% but could lessen slightly depending on the factors above. 

HAS THE MOBILE HOME BEEN MOVED?

The ability to move your mobile home may be the whole point of investing in one. However, doing so puts the structure at risk of physical damage and weakened foundations. For this reason, most lenders avoid providing finance for homes that have been moved at least twice.

MOBILE HOME TYPE

Mobile homes come in three main types, and the larger it is, the higher the value:

  • Single-wides: These homes are on average 10-16 feet in width and 42-90 ft. in length, which results in a total of 600-1300 square feet. Brand-new single-wides are typically worth around $40,000.
  • Double-wides: This variant is on average 20-35 feet in width and 42-90 ft. in length range, which results in a total of 2000 square feet. Brand-new double-wides are typically worth around $75,000.
  • Triple-wides: Multi or triple-wides are usually 50 ft. in length but the width can vary. These homes can be any size below 4,500 square feet, and a brand-new unit can typically cost anything between $100,000 to $250,000.

LOCATION

Different states can have vastly different real estate prices. For instance, the same manufactured home model can cost less when it’s located in Arkansas compared to California. 

This is relevant to all states that have a particularly high cost of living. For this reason, it would be good to understand the real estate market in your locality so as not to undersell yourself.

MOBILE HOME PARKS

In addition to the state you are in, a home located inside a mobile home park will also have a bearing on its price. More often than not, buying a mobile home inside a community may have to buy into the mobile home park as well.

If the park has excellent management that keeps the grounds well-tended, sorts out any issues quickly, and has many amenities that boost quality of life, it’s obviously a huge plus.

However, if the mobile home park grounds look dilapidated and uncared for, this will affect the overall worth of the mobile home located in it.

mobile homes by the water

In short, this means that whoever is buying your home has to buy into the mobile home park as well. If you live in a park with excellent management that keeps the grounds well-tended and sorts out any issues quickly it’s obviously a huge plus.

However, if your mobile home park grounds look dilapidated and uncared for, this poses just as big of a problem. It may seem petty, but even if there are older homes nearby that don’t look as good, they will affect your mobile home worth.

There are many other considerations when it comes to a mobile home park as well. For example, do they require a certain levy? How much is the lot rent?  Are there extra facilities such as a bbq area, public pool, clubhouse, etc?  What management structure is it under, HOA, PUD, Co-op, etc?

These are smaller individual factors, but the decency of the mobile home park has a HUGE impact on its appeal, and therefore, its value.

If your mobile home has to be moved there is another thing you should think about. Many mobile home parks don’t allow mobile homes above a certain age. 1987 seems to be the cut-off date for most mobile homes. If your mobile home was built before this date, the value will take a hit just because it’s much harder to find a space for.

CURRENT HOUSING MARKET CONDITIONS

Depending on the current housing market conditions of each state, prices can inflate significantly above their real value. Monitoring this allows you to either price your home accordingly and take advantage of the unusually high demand or go a bit lower and sell your home quickly.

 

competitive pricing circled in red

SPECIAL AMENITIES

Because mobile homes are manufactured modularly in a factory-type setting, it’s easy to add new features or create them with alternate layouts. Being able to fully customize your mobile home at an affordable price point is one of the key advantages of this type of property.

HERE ARE JUST SOME OF THE FEATURES THAT COULD INCREASE YOUR MOBILE HOME WORTH:

  1. Outdoor patios, decks, or BBQ areas.
  2. Open floor design.
  3. Modern kitchens and bathrooms.
  4. Energy or utility efficiency such as solar-powered geysers, solar panels, or insulation.
  5. Luxuries such as jacuzzies.
  6. Storm or weatherproofing

As mobile homes are becoming more and more mainstream, the variety of features will only increase, and as people look more and more to mobile homes as permanent residences, the demand for them will go up as well.

THE CHANNELS YOU ARE SELLING THROUGH

There are two main options when selling your home: Retail or wholesale.

Retail can be done in several different ways. You can hire a local or national agent to help you sell the home, sell it yourself, or sell it to the mobile home park it is located on.

Wholesale is when you sell it to a company, such as USMobileHomePros, that is a licensed mobile home reseller. They have their algorithms and methods to fairly and consistently evaluate mobile homes.

There might be less room for bargaining but you’re also assured of a fair and consistent price and more convenience. The moving of the mobile home will also be less of an issue since the reseller regularly undertakes this option.

How to get a professional opinion

That was quite a lot to digest, wasn’t it?  If weighing and measuring all these factors seems like too much, you can always have your home professionally appraised. Mobile home resellers usually have a process in place that gets you a free quote for your mobile home from where you can decide whether to do business with them or not.

This is usually a straightforward and easy-to-do process. You just need some basic information on your home (and maybe some photos) to get started.

In conclusion…

There is no real way to get an exact price for your home, there are simply too many things to take into account. Things like the condition of the home will be different for every single person and home. However, by looking at all these factors and considerations and finding similar homes online, you can get a close estimate.

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