Better Understand Your Mobile Home Value
Owners who are looking to upgrade or sell their mobile home often want to know the worth of their home in dollars. Unfortunately, it’s impossible to get an accurate number by doing a quick web search. There are a variety of factors involved with estimating the true value of a mobile home, so let’s break down the most important ones.
Top Factors That Determine Mobile Home Worth
Age of the Home
The age of the home is a factor, but only in one primary sense. Was your home built before or after June 15, 1976? This date marks the true difference between a mobile home and a manufactured home. A mobile home is a home built prior to the 1976 date and a manufactured home was built after that date. Why does it matter? June 15, 1976 is when HUD code went into effect. That code and its subsequent updates are responsible for improved building practices that ensure the quality, long life and value of a home.
Size of the Home
In general, a home with more space is going to be worth more. There’s more material in use, and there’s more living space. Buyers typically prefer larger homes with more square footage, whether that additional space is used for another bedroom, more storage, or a larger kitchen.
Materials Used in the Home
The average value of a new manufactured home is about $74,000. Material choices that can make a home more valuable than the average are things like hardwood cabinetry, finished drywall versus wallboard, energy-efficient windows, upgraded lighting, and six-panel doors.
Appliances Included with the Home
Modern manufactured homes are technology-rich and loaded with energy saving appliances. Most people know about Energy Star ratings, and appliances that are rated as such add value to a home. Buyers also will pay more for stainless steel appliances. Another valuable feature that’s becoming increasingly common in manufactured housing is the smart thermostat. If you want to save money on monthly bills, energy efficiency is a great way to go.
Additions to the Home
When your home was delivered and set up, did you have a porch or garage put on? Perhaps you created a wrap-around deck or had a dormer included? Any of these post-factory additions can add to the value of a manufactured home.
Housing Market Where the Home is Placed
Location, location, location. Homes cost more in some markets than others. It’s easy to understand why this might be the case. If your home is near the beach or on a golf course, it may be more desirable to buyers and sell for more money. Likewise, if your home is located on a quiet, wooded lot, it may sell for more than one located near a busy entrance.
Condition of the Manufactured Home
Regardless of where the home is and what it features, the overall condition of a home is of utmost importance. Of course, the primary systems are of most concern: Roof, HVAC, chassis, electrical, plumbing, and windows. But overall, buyers want to see that the home has been maintained from top to bottom.
So, What is My Mobile Home Worth?
You now understand the primary factors that are considered when determining a mobile home’s value. But, we still haven’t answered the initial question of what your home is worth. Because every home is unique, it’s impossible to give an accurate answer without a thorough assessment. So, here are a few actionable solutions.
Three Ways to Find the Value of Your Mobile Home
Get a Book Value
Obtaining a “book value” for your mobile home is one way to get a quick understanding of how to price the home if you’re looking to sell. The book value regards the make, model and year of a mobile home. It provides an average value based on this information. If your home happens to be “average” and is located in an average market, then maybe the book value will work well for you. Half of the mobile homes like yours will be worth more than the number you get. The other half will be worth less. What you’re buying is an average value for the make and model of your home.
Realistically, either your home, community, or market is likely to be unique in some way. Therefore, book value may not provide you with the most helpful pricing information.
Search MHVillage for Mobile Home Prices
MHVillage has more than 28,000 homes for sale across the country. Do a little research by using the MHVillage manufactured home search feature. You can select all of the criteria, from geography to floorplan, and find the homes that are most like yours. For instance, if you have a 40×48’ 2006 Palm Harbor in an Orlando retirement community, there are similar homes in the MHVillage listings. Searches that meet these criteria will reveal that homes are selling for about $130,000.
Order an Appraisal from Datacomp
Datacomp is the leader in mobile home appraisals. The company has more than 550 inspectors across the country and can provide you with a written appraisal report within six days in most cases.
Datacomp assigns a local inspector to come on-site to your home to gather the information necessary for a staff appraiser at Datacomp to determine the fair market value of your home. This is done by comparing your home to the most similar market-based appraisals the company has conducted during its 30-plus years in business.
Some of what a Datacomp inspector will consider to get a specific mobile home value:
- Age and size of the home
- Quality of the construction
- What appliances come with the home
- Are there additions (such as garage or porch) that add value?
- What are the values of similar homes in the community or market?
- Condition of the home
- Location of the home
- Interior upgrades/remodeling