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Check out our affordability calculator, and look for homebuyer grants in your area. Visit our mortgage education center for helpful tips and information. And from applying for a loan to managing your mortgage, Chase MyHome has you covered. Refinancing can make sense in various scenarios, but there is no one-size-fits-all. Often, homeowners refinance for a better interest rate, a shorter loan term, a home equity loan or a new type of mortgage.
Don’t get wrapped up in figuring out the make or model – a high-end Clayton home is better than a low-end Skyline . Just like cars, you have 4 major companies that release luxury models that cost more and lower quality cars that cost less. The NADA Manufactured Home Appraisal System can provide you a home value estimate for $20. This guide is used by professionals in assessing manufactured home value and can prove very useful because the system is so thorough. The first is the appraisal which takes into account the land and the home and is what we have been discussing so far in this article.
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The book value regards the make, model, and year of a mobile home. If your home happens to be “average” and is located in an average market, then maybe the book value will work well for you. However, no matter what your situation, your final price will ultimately depend on your market and how you choose to sell your home. As suggested above, the curb appeal of your mobile home will certainly affect its value. This is as true for manufactured homes as it is for real estate.
Part of being an informed homeowner is knowing exactly what your home is worth so that you can make smart decisions when it comes to you, your home, and your financial future. A mobile home value calculator is an essential and highly effective step in the right direction by comparing your mobile home to other real homes on the market. It’s important to acknowledge that a price comparison report will never be a guarantee that you will get a certain price for your home, or even should. Remember that these reports are generated on values provided by homeowners who could be either mistaken or intentionally misleading to manipulate the numbers.
Factors that Influence a Mobile Home’s Value
A full appraisal will give you a much better idea of what your mobile home is worth on the retail market, but it will not be cheap. There is always things you can do to protect yourself from low ball appraisals. Lenders will not lend on a mobile home built prior to 1978 so you will only be able to sell it to a cash buyer.
It’s very difficult to get financing for mobile homes that don’t comply with the HUD code. Since then the term manufactured homes came in use to distinguish between these homes and other types of “mobile homes” like RV’s. The value of your mobile home will be greatly influenced by its size. There are three main size categories into which manufactured homes can be organized.
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In addition to this, they have a bathroom and a kitchen or a combined kitchen and living room. Part of being financially responsible is being aware of your financial position as influenced by your fixed assets like your manufactured home. Many people make the mistake of assuming that the value of their mobile home stays the same as it was when they bought it.
Single-wides and larger homes are popular because they offer the size and lifestyle of a traditional family home but at a much lower price. Though it might seem straightforward, there are many other reasons that cause double-and triple-wides to hold their value much better than single-wide homes. For one, the demand for double-and triple-wide homes are always high or on the increase. When your home was delivered and set up, did you have a porch or garage put on?
Manufactured homes are a perfect size for the hottest trend in housing – small homes. To skip these fees for more money in your pocket, give Mobile Home HQ a call. Upgrades are another consideration; newer appliances, renovated rooms, and new flooring can all make a substantial difference to your bottom line when it comes to the sale. When changing the windows of your mobile home, it is important to properly measure them out and get the exact size as... For home loans, the loan is guaranteed using the home as collateral for the loan. Therefore, if a loan is not paid off the lender can repossess the home.
The local report contains much of the same data and comparisons as the national report, but more local to your area. That means that the location of your home can play a big role in its value. That’s why we include a local price comparison for your home. At the start of the report, you will see this most important identifiers/characteristics of your home used to generate the report. Data points include the address, model year, model type, size, condition, etc. We suggest doing this because the cost of repair is almost always more than the initial quote.
This is because American families are growing and single-wides are very restrictive in size.They usually only have two bedrooms and at most two bathrooms. This doesn’t accommodate larger families at all and is even a tight squeeze for a small one. Single bedroom mobile homes have an even more limited market (almost exclusively retirees or bachelor’s/ettes). Well as we quickly mentioned above, mobile homes still face a lot of cynicism when compared to real estate.
I have seen the same double wide mobile home sell for $50-100,000 less in certain areas. Be sure you are realistic with the pricing and don’t bring emotions into the situation. Deprecation is a combination of all of the other factors we’re talking about today. It includes everything from location and market to age and cosmetics. We’ve already touched on all of those, but since depreciation in mobile homes is such an important subject and has so much bearing on your mobile home’s value, it’s worth explaining.
Mobile homes in land-lease communities are not real estate and should not be appraised as such. Regular real estate agents are typically not equipped with the tools needed to value them. For example, this single wide 1 bed 1 bath home located in Gardena Villas in Gardena, CA, is listed for $70,000. While this looks affordable compared to other homes that are listed for $100,000 plus, it has been on the market for 144 days. In our experience as professionals in the manufactured home industry, we always come across homeowners that do not fully understand how to value their home.
Indeed, buying a mobile home comes with several opportunities compared to standard and expensive houses. The estimator can show the year your home was built and its square footage as well. Feel free to play around with the calculator by adjusting variables to see how that impacts a home’s overall estimate.
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In that case, the other previously mentioned methods are a great starting point. First, look at your property tax statements to see what the local tax appraiser valued your property. Then research the neighborhood’s current and past listings, especially those similar to yours. The local county recorder’s office can be an excellent resource for finding how much a specific property was sold for. Lastly, order a comparative market analysis from a local realtor to compare your home to others in your local market.
You may need to check on certain features of your home, but generally, there is nothing complicated. However, you will need to complete all the fields before submitting. A mobile home value calculator is not a cure-all to these problems. However, it provides an almost unrivaled starting point from where to go about selling your home with facts grounded in real-world data, statistics, and cases. Lastly, if the home needs to be moved out of a park or from private land, the buyer is generally responsible for paying the cost to have it moved.
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