Finding out the value of your mobile home doesn’t seem like a task you would do. But, if you are going to sell your mobile home soon, wanting to apply for a home equity loan, or you are planning on renting out your mobile home, then you are going to need to find out the value of your mobile home.
Here are 6 key factors that will help determine what your mobile home is worth.
How Old Is Your Mobile Home?
It is normal for the prices of houses will increase over time. This is the result of the land the house is sitting on. But, a mobile home’s value does not follow the same trend in the market when it comes to the age of the model.
Mobile homes will always decrease in value the older they get. Additions, remodels, repairs, and any custom upgrades to a mobile home will never increase the value beyond what it was worth when first purchased. If it helps, think of the mobile home like a car, its price depreciates with every passing year.
Where Is Your Mobile Home Located?
If your mobile home is in a mobile home park, then the depreciating-with-age rule mentioned above still applies. Even if the park markets itself as a “community,” the rule still applies.
If your mobile home is on private property, you are in the best scenario if you are hoping for a high value. Think of it as the golden exception. A mobile home on private property can actually increase in value! Your mobile might be worth more than when you bought it, but it is not because home itself is more valuable, but the land has actually accrued value. Wiki even has had articles on this same thing.
How Many Bedrooms Does Your Mobile Home Have?
American families are getting bigger! As the average American family continues to grow, a house that provides living space for a comfortable lifestyle is desirable. Mobile homes that provide that space is hotter options on the market.
Big families need to sleep, so bedrooms are quite important. Three bedroom mobile home models are the most sought after in the current market. Two bedroom models are a close second for younger families still looking to grow.
One bedroom models are not desirable according to the current market trends. If your mobile home has only one bedroom, it will definitely decrease the value.
How Many Bathrooms Does Your Mobile Home Have?
The market for mobile homes seems can be quite telling of what potential buyers don’t want to deal with. It seems morning battles for the bathroom before work and school are not a desired activity for the daily schedule.
Currently, two bathroom models have the throne when it comes to desirability for consumers. Again, the more the merrier, but any less will mean less value. If you are confused you can always check the value of your manufactured home free through different free apps and articles.
Is Your Mobile Home In Good Condition?
Is your home “move in” ready? Does your mobile home have leaky pipes, peeling paint, cracked skirting, dented siding, or damaged shingles? If so, get them fixed before determining the value of your home! Repairing those issues can increase can give the much-needed boost to the value of your mobile home. Tender love and care does make a difference.
How’s Your Neighborhood?
“How’s the neighborhood?” Yes, it is an important question. If your mobile home is in a mobile home park or community, neighbors will have a direct impact on the value of the home. Are the other mobile homes around you older or newer? Have they been maintained, remodeled, or had various upgrades done to them? What are the oldest mobile home models that your community management allows inside? These different areas will be reflected in the value of your home.
If your mobile home is on private land, the neighborhood will still affect its value, but not to the degree that neighborhoods in mobile home parks do. Bad company decreases the value.