All You Need to Know to Find Out How Much your Mobile Home is Worth
If you are looking to sell your mobile home it’s important to have an accurate estimation of the home’s worth. Mobile homes are valued according to more than just the unit itself. Other factors come into play when assessing market value, so read on to learn what makes a difference in mobile home appraisals.
Age of the Home
This is one area where the value of a traditional single-family home differs greatly from a mobile home. Unlike a traditional home, mobile homes tend to depreciate in value and are seen more as personal property (like a car) rather than a piece of real estate.
If your home is permanently affixed to the land then that is a big plus. It makes the home more like a piece of real estate and the depreciation will be less with the age.
If your home was built before 1976 then it will have a much lower value because it was built before the new HUD-code came into effect, which made mobile homes safer and more standardized their construction.
Land Connected To the Home
If you are selling your mobile home with the land together, then good news: you don’t have to worry about the yearly depreciation on your home nearly as much. The appreciating value of the land itself can offset the home’s depreciation entirely in some cases.
It is not uncommon for the land to be worth more than the mobile home itself, so land plays a big factor in the value of a mobile home.
Number of Times the Home Has Been Moved
If you’ve ever actually mobilized your mobile home, then unfortunately it has lost value. When you move a mobile home it puts stress on the structure and can bend or damage the construction materials it’s made of.
Most lenders will refuse to finance a mobile home that has been moved two or more times. If it’s been moved once, there is a chance that it could hurt the ability of a potential buyer to get financing.
Location of Mobile Home
Location matters, whether you live in a mobile home park or on a plot of land. Is your home located close to schools, shopping and a hospital? How is the crime rate or the public transportation in your community?
Beyond just the general neighborhood, if you are located in a trailer park, how do the mobile homes look near you? Is the park kept up ad in good repair with well-tended yards? The curb appeal of the neighborhood can certainly impact the value of your mobile home.
Type of Mobile Home
Similar to single-family homes, the size of your mobile home makes a difference in its value. The bigger the home, the more money you can ask for. Mobile homes come in three classifications that range from the smallest to the biggest:
- Single-wide: These homes are 10 to 16 feet wide and 42 to 90 feet in length with approximately 600 to 1300 square feet of space.
- Double-wide: These homes are up to 42 feet in width and 42 to 90 feet in length with approximately 2000 square feet of space.
- Triple-wide: These homes are usually 50 feet in length but the width varies greatly with generally less than 4500 square feet of space.
Double- and triple-wide mobile homes tend to hold their value better as their size puts them in much higher demand to the average size American family. Single-wide mobile homes are considered too small and lacking in bedrooms, so the bigger living space makes a big difference in valuing a mobile home.
Current Market Conditions
As always, no matter what the type of home is, the current market conditions will always play a major role in determining the selling price. Look at the current housing trends for the state of Utah, and you’ll get an idea whether it’s a seller’s or buyer’s market.
Have you done any improvements on your mobile home since purchasing it? Special added features such as outdoor patios and decks can add to the value of your mobile home. Having updated kitchens and bathrooms, or luxuries like a jacuzzi can all be the updates that set your mobile home apart from the crowd and make it more marketable.
How To Determine the Current Market Value of Your Mobile Home
Because a mobile home isn’t a traditional home, there are other options for determining the appraised value. Here are the resources to use to determine the worth of your mobile home:
- The NADA Manufactured Housing Appraisal Guide: This book is to mobile homes what the Kelley Blue Book is to cars. Look through the book to find the type of mobile home you have and then work through the step-by-step guide for calculating its value.
- NADAGuides.com: It can be difficult to get ahold of the guide mentioned above, and so an even simpler way to assess your home’s value would be to use the online tools available at NADAGuides.com. This website offers different reports that you can purchase to determine the value of your mobile home. Standard reports start at $20 with more detailed assessments costing around $50. The reports take into account all the factors discussed in this article as it relates to the value of your mobile home, except for the value of the land that it sits on. It can make a big difference when your mobile home is permanently attached to the property.
- Do Your Own Research: You can always do your own research on the market value. A realtor looks at what similar homes have sold for in your area to determine how to price the property and you can do similar research for your mobile home. Always stick to looking at recent sales for the best accuracy and only compare homes that are similar to yours in size.
- Hire an Appraiser: When working with a mobile home, make sure to find an appraiser that has experience determining the value of this type of home. This is the most expensive option as you can expect to pay upwards to $500 for a professional appraisal.
Sell Your Mobile Home to a House Buying Company
Each situation is different and it’s quite possible that you’re experiencing difficulties selling your mobile home. When you need to move quickly and you can’t afford to make expensive updates or repairs on your home to help it sell, or you’ve inherited a mobile home that you cannot keep, it may be to your advantage to work with a reputable house buying company. If you want to sell your mobile home fast and receive a cash offer right away with closing in as little as a week, reach out to Gary with Gary Buys Houses today.