What Factors Go Into Determining Your Mobile Home Value?
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:
- Built-in kitchen appliances
- 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.
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.