How to Determine Mobile Home Value
Are you thinking of buying or selling a mobile home? Knowing the value of your property is crucial. But how do you determine mobile home value? Condition, location, age, size, upgrades, amenities, financing, and ownership all play a role.
In this guide, we break down each factor and give you tips to maximize value. Whether you’re looking to buy or sell, you’ll leave with a better understanding of the mobile home value and what you can do to increase it. Let’s get started!
The Median Value of a Mobile Home by State
When it comes to mobile home values, there can be a significant difference depending on where you live in the United States. According to recent data, mobile homes cost the least in Kansas, Ohio, and Iowa. In these states, the median value of a mobile home is $29,000 or less.
On the other hand, mobile homes cost the most in states like Washington, Nevada, Oregon, and California. The median values for mobile homes in these four states are $146,500, $114,000, $113,500, and $110,200 respectively.
Determined Factor of Mobile Home Values
- Condition of Mobile Home
A well-maintained mobile home will fetch a higher price than one that’s seen better days, but what does “well-maintained” actually mean?
First, let’s talk about the exterior. A mobile home that looks good from the outside is more likely to be in good condition on the inside. So, keep the exterior of your mobile home clean and make sure there are no major repairs needed. It can include things like fixing broken windows or patching up holes in the siding.
Next, let’s talk about the interior. The inside of your mobile home should be just as clean and in good condition as the outside. It means fixing any leaks or moisture issues, ensuring that the appliances are in working order, and ensuring that the flooring and walls are in good condition.
Lastly, you should have all the necessary documents to prove the home was well-maintained. It includes things like receipts for any repairs or renovations and warranties for appliances and systems. And other documents that show the house is well maintained.
By keeping your mobile home in good condition, you’ll be able to command a higher price when you decide to sell it. And if you’re buying a mobile home, you’ll know that you’re getting a property that’s been well-maintained and is worth the price.
- Location of Mobile Home
When it comes to real estate, the age-old saying is “location, location, location” and it’s no different for mobile homes. The location of your mobile home can have a high impact on its value.
First, consider the community or park where the mobile home is located. Is it well-maintained? Are the other mobile homes in the area also well-maintained? Is the community or park safe? Are there amenities like a pool or playground? These are all things that can make a mobile home in a particular location more valuable.
Second, think about the area surrounding the mobile home. Is it close to schools, shopping, and restaurants? Is it in a quiet neighborhood or is it close to major roads? Is it in a desirable area with good resale value? These are all factors that can make a mobile home in a particular location more valuable.
Third, think about zoning regulations and the prospect of future development. Are there any restrictions on what you can do with the mobile home or the land it’s on? Is the area around the mobile home zoned for commercial or industrial use? These factors could affect the value of the mobile home in the future.
By keeping these factors in mind, you’ll be able to find a mobile home in a location that will be more valuable in the long run. And if you’re selling, you’ll be able to highlight the location as a selling point.
- Age and Size of Mobile Home
Let’s start with age. A newer mobile home will typically be worth more than an older one. It is because newer homes are often built to newer codes and standards, making them more energy efficient and potentially safer. However, that doesn’t mean an older mobile home can’t be valuable. With proper maintenance, an older mobile home can still be worth a good amount of money.
Now, let’s talk about size. Generally speaking, bigger mobile homes will be worth more than smaller ones. This is because there is more living space, which can be more desirable to buyers. However, size isn’t everything. A well-designed, smaller mobile home can still be worth a good amount of money.
It’s worth noting that you can’t change the age or size of a mobile home, but you can make the most of what you have. Keep a well-maintained older mobile home, add upgrades or amenities to make it more desirable to buyers, or make the most of a small space by using smart design choices.
- Mobile Home Upgrades and Amenities
Upgrades refer to any improvements made to the mobile home such as a new roof, new windows, updated appliances, or new flooring. These upgrades can increase the value of the mobile home because they make the home more desirable to buyers and often increase energy efficiency.
Amenities refer to the features and facilities in the mobile home or the community/park it’s located in. Examples of amenities can be a pool, playground, clubhouse, etc. These amenities can also increase the value of the mobile home because they make it more desirable to buyers.
When it comes to upgrades and amenities, it’s important to keep in mind that not all upgrades or amenities are created equal. A new roof, for example, is more valuable than a new paint job. Similarly, a pool in the community can be a bigger selling point than a playground.
It’s also important to note that sometimes upgrades and amenities can be overpriced, so it’s necessary to research what similar homes in the area have before making any decisions.
- Financing and Ownership
Financing refers to how the mobile home is purchased. If the mobile home is purchased with a traditional mortgage, it can be more valuable than if it was purchased with a personal loan or cash. It is because traditional mortgages often come with better terms and interest rates, making the home more affordable for buyers.
Ownership refers to whether the mobile home is on a rented lot or owned land. A mobile home on owned land can be more valuable than one on a rented lot because the buyer will own both the home and the land it’s on. Additionally, owning the land can also give the buyer more flexibility in terms of what they can do with the property.
When it comes to financing and ownership, it’s important to understand that these factors can also affect the future value of the mobile home. For example, a mobile home on owned land might be more valuable today, but if the area around it becomes less desirable, it may decrease its value in the future.
Market Value vs. NADA
The Market value and NADA (National Automobile Dealers Association) value are two different ways of determining the value of a mobile home.
Market value is the price that a mobile home would sell for on the open market. Based on factors such as location, condition, and recent sales of similar homes. It is determined by supply and demand in the local market.
NADA Mobile Home value, on the other hand, is a value assigned to a mobile home based on a set of standardized criteria established by the National Automobile Dealers Association. The NADA uses a formula to determine the value of a mobile home based on factors such as make, model, age, size, and condition. It provides values for new and used mobile homes, and it is widely accepted by banks, credit unions, and other financial institutions as a guideline for determining loan values.
It’s worth noting that the NADA value can be considered as a starting point, but the market value can deviate depending on the local market conditions. It’s important to consider both market value and NADA value when determining the value of a mobile home.
Mobile Home Value Range
It’s difficult to give specific examples of a mobile home value range as many factors can affect a mobile home’s as we discussed above. Additionally, values can vary widely based on specific make and model, and whether it’s a single-wide or double-wide home. However, I can provide you with a rough estimate of what you can expect from different types of mobile homes and the year they were built.
Based on types of mobile homes
- A new, single-wide mobile home in a park, with standard features and amenities, could be worth between $50,000 and $120,000.
- A used, single-wide mobile home in good condition, with a few upgrades and amenities, in a decent location, could be worth between $20,000 and $80,000.
- A new, double-wide mobile home in a park, with high-end features and amenities, could be worth between $80,000 and $220,000.
- A used, double-wide mobile home in good condition, with a few upgrades and amenities, in a decent location, could be worth between $70,000 and $110,000.
- A high-end luxury mobile home with all the bells and whistles, in a park, could be worth over $300,000.
- A mobile home in a poor condition, with little to no upgrades or amenities, in a bad location, could be worth between $15,000 and $25,000.
Based on the year mobile homes were built.
A rough estimate of used mobile homes based on the year they were built, located in a family park, and in good condition.
- Built between 1959-1969: These mobile homes would be considered vintage and might be worth $28,000 – $55,000
- Built between 1970-1979: These mobile homes would be considered older. They could be worth $30,000 – $65,000
- Built between 1980-1990: These mobile homes would be considered older they could be worth $45,000 – $85,000
- Built between 1991-2000: These mobile homes would be considered newer. They could be worth $55,000 – $145,000
- Built between 2001-2018: These mobile homes would be considered newer they could be worth $60,000 – $260,000
It’s worth noting that these values are rough estimates and that actual values can vary greatly based on location, condition, upgrades, and other factors. It’s required to have a professional appraiser assess the value of a mobile home. Besides that, you should consider the park’s location, facilities, rules and regulations, and the surrounding area.
In conclusion, mobile home value is determined by a variety of factors including condition, location, age, size, upgrades and amenities, financing, and ownership. By understanding these factors, you’ll be able to make informed decisions when buying or selling a mobile home.
Keep in mind that these factors can also change over time, so it’s important to stay informed about the market and the area in which your mobile home is located. Thank you for reading this guide. We hope you found it helpful.