If you are thinking about selling a mobile home in Summerville, you will need to determine its value. Learn more about how to determine what its really worth in our latest post!
Estimating the value for a mobile or manufactured home is a bit different than determining the value of a single-family property. By using the tips below, even someone not in the real estate industry will be able to come up with an approximate value.
Inspect The Inside And The Outside
Before you put your mobile home up for sale, it’s crucial to inspect both the interior and exterior to ensure you are aware of any repairs that may be needed. Often, there are hidden issues that can come to light only upon closer inspection. Inside the home, start by evaluating the electrical system, checking all switches and outlets for functionality. Carefully inspect the walls for any signs of water damage or structural instability. The roof should also be checked thoroughly for leaks or water stains, as this can be a major concern for potential buyers. Don’t forget to assess the flooring for any soft spots or holes, a common issue with mobile homes that may not be as prevalent in single-family homes. Plumbing should also be checked to ensure that all faucets and fixtures work without leaks or blockages.
On the outside, inspect the siding for damage, dents, or any places where water could potentially seep in. Also, examine the roof for any missing shingles or weak spots that could indicate further damage. It’s important to look under the mobile home to check for any signs of pests, damage, or deterioration, as well as any loose insulation or wiring. Addressing these issues before listing your home can help avoid unpleasant surprises for buyers and help you sell your mobile home quickly.
Research Recent Sales
When pricing your mobile home, take time to research comparable sales in your area to better understand the current market. Look at recently sold mobile homes, as listed properties may not provide an accurate reflection of the true market value. Focus on mobile homes that are similar in size, condition, and age to yours. If you live in a city, start by looking within a 0.5-mile radius, and if you’re in the suburbs or rural areas, increase that range to 1 mile or 5 miles, respectively. Pay attention to the sale prices of these homes, as this can give you a better idea of where your home fits within the local market. Additionally, check with your county’s property assessor for an estimated value of your home. While this figure may be lower than the market value, it can provide a helpful starting point for your research.
Consider The Neighborhood
While mobile homes are often thought of as being portable, the location of your mobile home plays a significant role in its value. If your mobile home is located on land you own, the surrounding area becomes even more important. Factors such as local school ratings, crime statistics, and access to public transportation, businesses, and amenities can greatly influence the selling price. A mobile home in a desirable neighborhood will often fetch a higher price than one in an area with fewer amenities or lower-rated schools. Take into account the overall appeal of the area, as well as any developments or improvements that may increase the area’s desirability in the future. The better the neighborhood, the more likely it is that your mobile home will attract serious buyers willing to pay a fair price.
Consult The NADA Manufactured Housing Appraisal Guide
The National Automobile Dealers Association creates a pricing guide for manufactured homes. This is like the Kelley Blue Book of mobile homes. You can either check with your local library for a copy of the physical book, or you can request a report online. To get a report online, there is a fee, but it will greatly help you if you are unsure of the value of a mobile home. There are multiple reports available at different price points, so you can be sure you are only paying for the information that is important to you. This report will not take into account the value of your land only the structure. The land your mobile home is sitting on can sometimes even be worth more than the mobile home that sits on it. Be sure to do your own research as well, without solely relying on the report… especially if you own the land underneath it.
Hire A Pro
If you choose to hire a professional appraiser for your Summerville mobile home, make sure they are well experienced. Appraising a mobile home can be very different than appraising a single-family home, so you will need to make sure they know what they are looking for. Just like any other real estate, your appraiser needs to be accredited. Once they have looked over your property, be sure to review the report independently to ensure nothing was missed!
At Holy City Mobile Homes, we can help you determine the value of your mobile home and make you an offer to buy it. While the price may not always be retail, you will save on repairs, marketing, agent fees, commissions and other costs you will incur when listing.