If you’re thinking of selling your mobile home, one of the most important things to consider is the home valuation. Getting the best possible valuation on your manufactured or mobile home is crucial to finding the right buyer and getting every dollar you can in the sale.
Here are some tips to help you get the best possible valuation on your mobile home:
Do Your Research
Before you look to hire an appraiser for the valuation process, it’s important to do your research. Understand what a book value is versus a market-based appraisal. Look up the prices of mobile homes that are similar to yours in your area. This is what appraisers do to provide the most relevant, recent, local home sales to figure into your valuation. Taking a look at your local housing market will give you an idea of what you can expect to get for your home.
Make Repairs and Upgrades
Making repairs and upgrades to your mobile home can significantly increase its value. If something is broken, fix it. Home buyers (and appraisers) will significantly discount their asking price (or appraised value) if they see any needed repairs. Some of the most cost-effective upgrades you can make include:
- Update the kitchen and bathroom
- Replace outdated appliances
- Add energy-efficient features
- Install new flooring
- Replace windows and doors
- Get the roof checked
It’s important to keep in mind that not all upgrades will increase the value of your home. It’s a good idea to consult with a professional to determine what upgrades will give you the best return on your investment. Keep any color selections relatively neutral so they can work with a broader range of furniture and styles.
Hire a Professional Appraiser
A professional appraiser can give you an accurate valuation of your mobile home or manufactured home. The appraisal will take into account factors such as the age of the home, the location of the home, the condition of the home, as well any upgrades or repairs that have been made. It’s important to choose an appraiser who has experience in working with manufactured and mobile homes. When all of the information on the home has been gathered, local inspectors and appraisers work together to find the most recent area home sales of a similar nature.
Prepare Your Paperwork
Before you start the valuation process, it’s important to make sure you have all of the necessary paperwork in order. This includes:
- The title of the home
- Location and availability of the HUD Code tag and manufacturer’s data plate (they sometimes are painted over or are otherwise covered)
- Any mobile home registration, dependent on state
- The warranty for any upgrades or repairs that have been made
Having all of your paperwork in order will help to speed up the valuation process and ensure that there are no delays in the sale of your mobile home.
Market Your Home Effectively
Marketing your mobile home effectively is crucial to getting the best possible valuation. Some tips for effective marketing include to:
- Take high-quality photos of the home
- Create an online listing at MHVillage and/or other preferred listing sites with a detailed description of the home
- Use social media to promote the sale of the home
- Host open houses to allow potential buyers to view the home in person
By marketing your mobile home effectively, you can attract more potential buyers and increase the chances of getting a better price.
Consider Hiring a Real Estate Agent
A real estate agent can help you to market your mobile home or manufactured home effectively and can also help you to negotiate with potential buyers. Agents are increasingly getting into the business of buying and selling manufactured homes, largely because there are fewer traditional retailers in the marketplace than in previous years. Find an agent that has knowledge and experience with factory-built homes to help you get the best possible experience in selling your home.
Be Willing to Negotiate
When it comes to selling your mobile home, it’s important to be willing to negotiate. You may not get the exact price you’re looking for, but by being willing to negotiate and understanding your home’s true value, you can find assurance that you managed to get a fair deal for both you and your buyer. It’s important to have a clear idea of what your bottom line is and to be prepared to walk away, too, if the offers you receive are too low.
Getting the best possible valuation on your mobile home is crucial to understanding what you’re selling, and then getting a good price for it. By doing your research, making repairs and upgrades, hiring a professional appraiser, preparing your paperwork, marketing your mobile home effectively, considering hiring a real estate agent, and being willing to negotiate, you can increase the chances of walking away happy with the transaction.
Datacomp is the national leader in mobile and manufactured home appraisal and industry data.