One of the first steps when selling your mobile home is to learn what it’s worth. You can estimate your home’s value on your own, do an online appraisal, or have an in-person appraisal done. Whatever method you choose, there are four major factors to consider when calculating your home’s value: mobile home condition, type, location, and depreciation.
1) Mobile Home Condition
Just like with anything you try to sell, the better the condition it’s in, the more money it’s worth. Walls with chipping paint, dinged-up doors,
and stained carpet can all affect your home’s worth. Even making simple repairs and giving the walls fresh paint can increase the value. And just like with single-family homes and other real estate, the condition of your neighborhood and your neighbors’ homes also affect your mobile home’s worth.
2) Mobile Home Type
There are three types of mobile homes: single-wide, double-wide, and multi-wide. These types increase in cost as they increase in size, meaning a single-wide costs the least and a doublewide costs the most.
3) Mobile Home Location
The biggest factor concerning value is the land beneath your mobile home. Do you own it? Your home will likely be worth much more if you do. Is that land in a popular area? Is it right on the water? Factors like this can increase your home’s value. If you don’t own the land, consider your surroundings. Are you in a desirable area? If you live in a mobile home park, what is the condition of the park? Are there amenities that may increase your home’s value?
4) Mobile Home Depreciation
Unfortunately, just like with vehicles, mobile homes depreciate in value over time. Typically your home will depreciate around 3% to 3.5% each year. But keep in mind if you’ve made significant upgrades to your mobile home—it may offset the rate of depreciation or at least lessen the percentage of decreased value.
It’s also important to note the year your home was built. Homes made prior to 1976 may not meet the safety and quality standards that the current Housing and Urban Development (HUD) code requires. The code was established in 1976 and revisions were made in 1997 as well as
1999. Homes built between 1976 and 1999 may not meet current standards, and this will affect the value of your home. Read more about the HUD code here.
Appraisal
Although you can estimate your home’s value, you can also pay to get an online appraisal or have a professional appraisal done in person. The latter is more expensive but may be more thorough. Investigate your options and choose the one that’s right for you.
Online Appraisal—NADA
The National Automobile Dealers Association (NADA) is the largest publisher of vehicle pricing, including recreational vehicles and manufactured homes. Here you can to get an online appraisal for the book value of your home ranging from $26 to $50, depending on the type of appraisal you choose.
Professional Appraisal
Contact a local real estate agent with experience in manufactured homes to get a professional appraisal. Look for someone with a state appraiser license or a manufactured home appraisal certification if possible.
Selling Your Home to EZ Mobile Home Buyer
EZ Mobile Home Buyer will visit your home and do a personal walkthrough. Based on the age, size, and condition of your home, EZ Mobile
Home Buyer will make you an offer.
Now that you know how much your mobile home is worth, check out one of our local Texas offices’. We buy mobile homes in Austin, Dallas, Houston, and San Antonio on a monthly basis so that you can sell your home in a timely manner.
Those who own a mobile home but not the land are likely living in a mobile home park. When selling your home, the park owner will need to be involved as they have a major say in who you can sell your home too. In addition, the owner has the right to the first refusal, meaning they have the right to buy your home by matching the price a prospective buyer has offered. If they don’t exercise this right, you’ll need to ensure that your buyer is capable of meeting the rules and regulations of the mobile home park.