Picture this: you’re getting ready to buy a mobile home. After all, why wouldn’t you? They’re priced super affordably, offer immense value and quality, and help realize the American dream of homeownership for millions.
If you’re looking to buy a manufactured home in the near future, make sure you’re getting the most value for your dollar. Here, we’ll go over the considerations you should keep in mind throughout the manufactured home buying process so that you get the absolute most out of what you spend.
Know What You Want
First, it helps to put together a list of what you want out of your mobile home. Do you need to have space for a dog to play? What about space for your family to live and grow?
Or, if you’ll live alone, perhaps you need an extra room for remote work, or a manufactured home community to be a part of that offers amenities and socialization with others in your area.
By putting together this list of wants and needs, you’ll begin to set a price on what your final home will look like once you buy it. For instance, if you know you have to live in a double-wide manufactured home so that there’s space for your family, you’ll know to budget extra for that.
Know Your Market
It helps to have a solid idea of where you’d like to purchase your manufactured home. This is because the market is going to have a massive impact on the price of your home.
Your target market can be the city in which you want to live, or more broader like a state. The more specific you get with your manufactured home search, the better of an idea you’ll have of the price.
Know Your Budget
Your market, income and living expenses will dictate your budget. If manufactured homes near you sell between the range of $60,000 and $100,000 for your ideal type of home, your budget should be within that range.
If you’re looking to save money throughout the manufactured home buying process, ensure your budget is on the lower end of that scale within your market. On the flip side, if you have the money to buy a manufactured home on the higher end of your budget, then ensure that your market has one on the higher end of your range.
Know the Value You’re Getting for the Price
It goes without saying that there are numerous factors that go into pricing a manufactured home. And, like with all things housing, some of those factors can fluctuate widely. These include:
- Location, location, location. Yes, it’s a cliche when it comes to any home, but it’s true all the same. Like we discussed earlier, your market will be the prime indicator of a home’s cost. For instance, manufactured homes in California or highly-sought after states for retirement like Arizona and Florida will sell at a higher price than manufactured homes throughout the midwest. Your home’s proximity to major highways, tourist attractions, or downtown activity hubs will also impact the price.
- Condition of the home is a huge consideration. If a home is pre-owned, it may sell for less than a new home, though this can depend wildly on how old the home is, whether it’s in good shape, or whether it needs any major repairs, and if there have been any upgrades or renovations. This makes pre-owned mobile homes an ideal option for many home buyers.
- The season of the year can dictate market temperature: generally, the market is less active during the winter months (October through March) than the spring and summer months (April through September).
- Size can play a role, too. If a double-wide home is on the market, generally expect it to sell for more than a single-wide, but less than a triple-wide.
- The economy can have an effect on what manufactured homes sell for overall, similar to the broader real estate market. If houses are high in demand, the price will go up for most homes. On the opposite end, if there are more sellers in a market than buyers, prices will be lower.
If you’re ready to buy that perfect mobile home in your budget, start your search with MHVillage today.