What Factors Go Into Determining Your Mobile Home Value?

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If you’re among the 20 million Americans living in a mobile home, you likely have wondered about the value of your property. While even the nicest manufactured housing isn’t going to have a comparable cost to a regular home, these buildings can still have a fairly high worth.

Here, we’re going to talk about some factors that contribute to mobile home value. Read on to learn how you can calculate how much your manufactured home is worth so you can sell it for the best possible price.

Mobile Home Value vs Size

There are two basic types of mobile homes: single-wide and double-wide. Single-wide options are smaller and more compact. Double-wide homes are twice their size, making them roomier and more accessible.

As you might imagine, double-wide manufactured homes are worth more than their single-wide counterparts. This is true even if the homes are in the same condition.

On average, a single-wide mobile home cost about $76,900 per the most recent estimates in 2021. At this point, a double-wide home was worth about $170,600. Singles consistently cost about $70,000-$100,000 less than doubles, so this is far from a timeframe-based anomaly.

Condition and Mobile Home Valuation

The above figures are averages based on what new manufactured housing is worth. In some real-life scenarios, a single-wide mobile home can be worth more than a double. This is because of the condition that the building is in.

If your mobile home hasn’t been renovated or repaired in years, it likely has a lower value than other manufactured buildings. This is especially true if it’s in poor condition. A leaking roof, bad plumbing, peeling shingles, hail damage, or paint chipping can drastically decrease property value.

This makes sense when you consider that damage is more than unsightly. It can create serious problems with rust, mold, and bad insulation.

If your home looks presentable, it will retain its value assuming that it’s hazard-free. If it’s ugly or poorly kept up, you’re going to face an extremely low value calculation.

Features and Add-Ons

Many mobile homes include simple features like:

  • Electricity
  • Plumbing
  • HVAC
  • Built-in kitchen appliances
  • Windows
  • High-quality siding
  • Interior and exterior doors
  • Renovated rooms
  • Hardwood flooring (rather than tile or laminate)

If your manufactured building has these features, it’s more desirable than one that doesn’t. This means that it’s going to be worth more in the housing market. The more features, the better.

The Rest of the Property

Some mobile homes sit in a trailer park or lot. Others are just like regular houses with yards and driveways. If you live on a larger plot of land without other manufactured homes surrounding you, your property value is going to be much higher.

This is because people are more likely to purchase a free-standing mobile home with a yard to spend time in. Driveways and garages make great places to park vehicles safely. These features can drastically increase the desirability of your property.

However, it’s important to note that mobile homes are easy to take to new locations. Someone might buy the house and move it to a nicer area. Other aspects of your property might be a plus, but they’re far from the most important consideration when determining mobile home value.

Location

The location of your manufactured building is also going to contribute to its value. This is true on multiple levels.

If your home is in a crowded trailer park, it isn’t going to sell for a lot of money. The person buying it will be purchasing a living space in a cramped and loud location. On the other hand, a free-standing mobile home on a strip of grass is going to go for more money.

Mobile houses in safer neighborhoods are also going to be worth more than those in unsafe locations. This is true of regular homes as well. Loud, busy, and crime-ridden locations have significantly less buyer appeal than those in quiet, stable, and safe areas.

The state you live in may also impact your home value. A mobile house in LA or New York is going to cost way more than one in Kentucky or rural Texas. This is because the cost of living is generally higher in those cities, as is the quality of life.

Buyers get what they pay for when it comes to mobile homes. A community is part of that, and better communities mean higher property value.

Finding Your Manufactured Home’s Value

It can be challenging for individuals to determine their own property’s value without help. Luckily, you can assess value based on clear standards based on NADA Book Value.

All you need to do is enter your mobile home’s details, features, and property information into the website. Pay a small use fee and get an accurate price estimate for your home.

You’ll be asked several questions about its dimension, condition, location, make, and model. This form, the Basic Used Home Value Report, will take several factors into account when determining your home’s worth.

Once you have an estimated figure, you can figure out what concrete measures you can take to boost your home value before selling it.

Get Assistance With Mobile Home Value Calculation

Now that you know some factors that determine mobile home value, it’s time to learn more. At Manufactured and Mobile, our experts are committed to helping you choose a home that fits your needs and retains its high value.

We’re excited to talk with you about the valuation of mobile homes. Contact us with any remaining questions you have to learn more.

new manufactured home

What to Look For in a New Manufactured Home

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There were almost 100,000 new manufactured home units built in 2020. This goes to show that they are not in a fading market and that people are still raring for the newest units that they can get their hands on. So, if that sounds like you, do you know what you should be looking for when buying a new home?

Below, we list some of the major things that you should think about when buying a mobile home. By the end of the piece, you should have a good idea of what you will need to check when buying both the home and the land that it sits on. So, read on and get a leg up in your next buy.

The Type You Want

You will first want to think about which type of manufactured home you want to buy. There are a few main types that you should know about before you start shopping around. These are “Singles”, “Doubles”, and “Triples”.

Singles

These are long units that people transport and placed as a whole item. They contain everything that you need to live in them and are otherwise self-contained.

Doubles

Doubles exist in many sections, allowing someone to transport them piece by piece. They are, as the name suggests, in two parts and as such often twice the size of a single.

Triples

These continue the pattern from singles and doubles. By buying a triple, you will have a large multi-part home. They do not need to line up as a rectangle or square, and you can create many different shapes with these units to reflect the space that you have.

Common Areas and Facilities

When buying a mobile home in a new build, you will want to look into what facilities exist nearby. Some have local common-use green areas, dog parks, swimming pools, or other communal facilities.

These can make or break any location and turn them from a swathe of identical buildings into a connected community of people who care about the area.

Good Location

When you buy a unit, you will want to look into the surrounding area. First of all, you should check how far away the home is from any of the locations you will want to use regularly. These may include your workplace, any shopping locations, or even a school if you have or plan to have children.

You can also check local crime maps to see if there are larger problems around you. By determining if many crimes occur in your area, or if there are local police departments nearby, you can find if you live in a place that feels safe enough for you.

Security of the Location

It is important to know not only if there is much crime, but also if the location is secure to the outside. If you are buying a new build in a gated community, you can expect fewer problems from visitors. If there is gated security, that multiplies many times as they will be on-call to deal with any issues that might crop up.

Connectivity of Utilities and Internet

If living in a mobile home park, you should check to see how well-connected all the facilities on the location are. You should have good access to water and electricity, if not more.

On top of that, to get the most out of a location in the modern world, you will need high-quality Internet. You cannot always guarantee that this will be wired, and instead, a local wide-area network might provide WiFi. Although this might not be a problem, depending on your use of the utility.

Air Conditioning

If you live in a warm location, trailer park living demands that you investigate and see whether you are buying a trailer with air conditioning or not. If you are not, you should seek out the options that you have for installing it. The last thing that you want is a manufactured home without cooling on a hot day.

Your best option would be to find a manufactured home with air conditioning or climate control installed. This will be bespoke for that specific build, making it the best choice for what you are buying. Although it might cost a little extra if it goes wrong, it will work the best while it does.

Exterior Options

You should investigate the options that you have to customize your home. Fortunately, living in a trailer means that there are often specially-made additions that you can add to the home itself.

Before you invest in such changes, you should check with your local community or homeowners association. They may have rules on what you can add to your home or how it should occur.

Such options might include:

Colors

The manufactured home might come in a range of different colors that you can choose. While most people will opt for white or a color that matches their neighbors, this is not always the case.

Sidings

If you want a unique exterior, you might want to look into the design of the side of the home. The classic option is often lap siding, providing a wood veneer to the build, although other options are available.

Roofs

If you want a unique roof, different dormers will also allow you to create a characterful silhouette for your home. You can also aim for taller roof pitches or hipped roofs, as the options are almost endless on what you can do with your home.

Doors and Windows

These are available in a wide range of styles, colors, and locking options. This is important for both aesthetic as well as security, so take your time on these.

Find a New Manufactured Home

You should now have a much better idea of what to pay attention to when buying a new manufactured home. If you still have questions, though, we are happy to help you on your journey.

Our listings can help you find a way to start living in a mobile home and determine what you will need to think about to move in that direction. So, check out what we offer today and you will find everything that you need there to get started.

Financial Options Available When Buying a Mobile Home

Financial Options Available When Buying a Mobile Home

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Getting approval to buy a home can be difficult to do, especially if you have limited funding available or if you have damaged your credit history in the past. Many people who are looking to start off their life on the right foot or who are looking to start over again, often find that mobile homes are a great option to consider. A mobile home provides you with a great place to live without the high price tag that comes with traditional stick-built houses.

Save Money Over Time

Since mobile homes aren’t overly expensive, many people choose to save up their money over time and pay for them outright. It often takes just a few years to be able to afford to buy a mobile home without any financing through a private lender at all. If you want to pay for a home outright, it’s a good idea to do some research before you even start saving. You need to know exactly how much the home will cost, including transportation costs and the cost to purchase or rent a piece of property to put the home on. This allows you to know how much you truly need to save in order to reach your goal.

Borrow Money from Friends and Family

If you have a poor credit rating or have no credit history at all, it can sometimes be difficult to get a loan to buy a house. This is where friends and family can sometimes come into play. Your friends and family may allow you to borrow money to buy a mobile home since they aren’t overly expensive to buy.

You need to be sure that you establish how much you are going to buy from them and how much your payments will be to them each month before agreeing to borrow the money. You need to be diligent in paying the money back as money can create chaos in a relationship if it is not paid back the way that it was promised to be. It’s a good idea to put everything in writing so that the person you are borrowing money from knows that you are serious about paying the money back to them.

Rent to Own the Mobile Home

Many people who own mobile homes don’t want to have to go through the hassle of selling the home and having someone move it. They will often choose to rent out their homes in the location where it stands instead of selling it. If you find a home that is available for rent that you really like, talk to the homeowner about possibly renting to own the home. You will pay a fee each month, and a portion of the fee that you pay will go toward the purchase of the home.

It’s important to make sure that a contract is created by a lawyer that ensures that it is clearly stated how much of the payment you make each month goes toward the cost of purchasing the house. The agreement also needs to state the final cost of purchasing the home and if the property that the home sits on is included in the purchase. If the home is located in a mobile home community, you can choose to continue living in the same place or have the home moved once you finish paying for it.

Owner-Finance the Home

If you want to purchase a home and don’t want to worry about the hassle of renting it, look for a mobile home that is available with an owner financing option. When someone owns a mobile home that they no longer want, they often allow people to pay for it over time.

The owner may allow you to move into the home before you finish paying for it, but many times they require a large sum of the home to be paid for before allowing you to move into it. This is because they are taking such a risk to offer to finance on their own. They will charge an interest rate for the financing and expect you to pay a minimum payment each month toward the home. It will work the same way that it would if you got a mortgage from a traditional lender, only your credit history more than likely won’t come into play.

Traditional Home Loan

Traditional lenders are banks or mortgage brokers who specialize in the financing of homes. They will offer you the ability to pay for the mobile home over time but may require you to put down a down payment for the home. Traditional lenders do take your credit history into account and will often need to know how much money you make each month, what your other outstanding debts are, and take a few weeks or even months to approve your loan. They will charge interest on the loan, but many lenders will allow you to pay off your debt quickly in order to avoid some of the interest charges that come with the loan. It is often much easier to get approval for a traditional loan when buying a mobile home because their asking price for the homes is a fraction of what a stick-built house will be.

You will need to prove to a traditional lender that the home is in good condition and is habitable. They may send an inspector to the home to look it over before approving your home loan. This is to ensure that they aren’t putting their money at risk by lending money towards a home that you won’t actually be able to live in once you get the loan.

Once you get financing for the home, you can go through with the purchase of the property. A mobile home can be a great starter home because it often doesn’t put people into as much of a financial bind as stick-built homes do. They are also very easy to upkeep, and because of the small size it often doesn’t take as much money to furnish them as traditional homes do.