If you’ve ever wondered, “do mobile homes hold their value?” the answer is a little more complicated than you might initially think. While the resale value of mobile homes can be equivalent or even higher than that of a traditional home, there are other factors that you need to take into account to make sure your investment is a solid one.
Manufactured Home Basic Construction
Although mobile homes have a reputation for being less classic or sophisticated than traditional homes, they provide more than suitable housing. If you keep up with their care, you can certainly sell your mobile home for a reasonable price.
One of the first things that you should do when determining if a mobile home is a good or bad investment for you is to consider how the builders constructed it. Once upon a time, these homes all had wheels, although their construction is much different today. Even though manufactured homes can move, they are usually only built to move once or twice.
Today, people build manufactured homes out of steel, another modern update that makes them substantially sturdier and can withstand unpredictable weather. You can also add a porch, garage, or other constructive elements to your manufactured home to personalize it and increase the value which makes it more attractive to buyers in the long run.
Do Manufactured Homes Increase in Value?
If properly cared for, manufactured homes can appreciate, making them smart investments for first-time homebuyers and for those who are looking to build their equity. Although some people think that manufactured homes depreciate the way that cars do, the reality is that today’s mobile homes are so similar to traditional homes that they gain equity rather than lose it.
Calculating the value of your mobile home can be tricky. Here are some questions we get asked when buying mobile homes.
Do Manufactured Home Depreciate?
The short answer is no, they do not necessarily depreciate. The simple reason why a mobile home can build equity rather than depreciate is that it is not always moving like a car is. Since manufactured homes realistically move only once or twice, they aren’t accruing the wear and tear that automobiles do.
The idea that mobile homes are the same as cars is an antiquated one.
Is Remodeling a Mobile Home Worth It?
The short answer is, it depends on the mobile home.
Remodeling a mobile home is completely worth it, primarily if your mobile home is on the stationary side. If you have only moved it once or twice, it’s well worth remodeling so that you can increase your comfort level and have more leverage to sell your manufactured home if need be.
One of the easiest ways to begin remodeling your manufactured home is to assess any damage. Fix holes in the walls, mend cracked foundations, and ensure that all of your pipes are in good working order. If you are relatively handy, you can easily make many of these fixes on your own.
Even putting a fresh coat of paint on your walls can thoroughly transform your manufactured home and make it far more appealing to potential buyers.
If your home is dated, you might not be able to get the money you put in your remodel. Because of this, be careful if you plan to sell your mobile home in the near future. Often times we find it is best to just sell your mobile home as is and let the next owner make any changes they see fit.
Make Your Mobile Home Modern
Many people wonder how they can increase the value of their mobile home without breaking the bank. The simple answer is to make it look more modern. Fix any apparent problems, enlisting a contractor’s help if need be, but then don’t be afraid to get creative with the decor.
Two of the significant areas that potential buyers look at are kitchens and bathrooms.
If your kitchen or bath is outdated or dingy, you could be losing thousands off the asking price. By only making things a little more modern by putting on a fresh coat of paint or changing the bathroom fixtures, you can transform a sad bath or kitchen into one that is inviting, cozy and charming.
No matter how ample your space is, you can take it to the next level with a few key touches.
Replacing cracked linoleum or old carpet is another way to change the entire aesthetic of your manufactured home. If the old shag is dragging down your living room, consider opting for newer floors in handsome shades. These days, you can get floors that mimic hardwood for a fraction of the price. They will tie the room together and make your mobile home sing.
Upgrade Your Mobile Home Appliances
Do something good for both the environment and the resale value of your home by upgrading your appliances. By simply switching to energy-efficient appliances, you will save money in the long run and make your manufactured home much more appealing to buyers over time. You can start small by taking care of the largest culprits like washing machines or dishwashers, and then work your way down.
Consider installing a smart thermostat. You can control this device with your cell phone. It can even intuit when you are home or not. It saves tons of money in energy costs. Also, it’s a good idea to weatherproof your windows and doors. A little caulk goes a long way in staving off winter drafts. It will help you in the short run and make your manufactured home more attractive to buyers, especially if you live in a colder climate.
Take small steps to make your manufactured home more attractive, and you will increase its value and equity. As a bonus, you will also benefit from a modern, energy-efficient home for the duration of time that you live there.
Resale Value of Mobile Homes
The resale value of manufactured homes varies substantially and rests on a few key factors, such as your mobile home location, how modern it is, and how eco-friendly it is. Since mobile homes already have a stigma attached to them, sellers will need to work extra hard to overcome it.
You can also see what other similar mobile homes are selling for in your area. Do your research ahead of time, and you will be much better prepared to show up at the negotiating table armed with all of the information you need.
Ultimately, the better condition your home is in, the more you will get for it.
Is a Mobile Home a Good or Bad Investment?
Mobile homes can be great investments if you treat them well and put effort into keeping them restored and eco-friendly. If your mobile home is in a good location, you can most likely sell it for a good profit.
Does a Mobile Home Build Equity?
Yes! You can build equity with a manufactured home, just like you can with traditional homes.
Since manufactured homes tend to be less expensive, you can even argue that it’s easier to build more equity on these types of structures.
How Can I Increase the Value of My Mobile Home?
Think about where your mobile home is. Today’s houses will not hit the road like yesterday’s manufactured homes, so the area matters. Much like with traditional homes, the better the location, the greater the asking price. Check around to see what other manufactured homes are going for in your area and set your expectations accordingly.
Making energy-efficient updates to your appliances and modernizing your mobile home are two excellent ways to increase its value. You can also install enticing features, like driveways, garages, or patios. Maintaining the exterior of your home is one excellent way to make it more appealing. If you don’t have a green thumb yourself, you can always hire a landscaper to put in a pretty flower bed or some lawn features.
Check the age of the roof, and replace it if need be. Since people will still stigmatize manufactured homes as having poor construction, a well-maintained roof will certainly set yours apart.
Making a Smart Investment
Manufactured homes are a brilliant investment for people looking to build equity and invest in something that they can make a profit on a few years down the road. If you approach your mobile home purchase intelligently, you can certainly enjoy living in your home and sell it in the future.
Keep in mind that you need to approach your mobile home from an investment standpoint. Always take care to make sure that it is as modern as possible, and treat the exterior of your manufactured home as well as you would treat that of a traditional home. Since appearance counts, invest in some excellent features that will set your mobile home apart and attract buyers.
Find a good location for your manufactured home. Think about things like school districts, parks, and proximity to grocery stores or movie theaters. You will be able to get a better deal when it comes to selling. Most importantly, go with someone you can trust.
Contact Mobile Home HQ
At Mobile Home HQ, we know all of the details and tips for selling mobile homes. We can help you get a fair price and, generally, a cash offer for your manufactured home.
Whether you are looking for the manufactured home of your dreams or want to sell your mobile home, we are happy to be in your corner and guide you every step of the way.
Let us help you today.