Your mobile home is the most important asset you might be having now and in the near future. But do you know its value? What if you decide to sell it now, what will be the price? These are some of the reasons you need to know its value. Many individuals always assume their home value remains on the margin they bought with. They are wrong! Home value changes as time goes. It may increase or decrease depending on the circumstances. In this article, we’ll discuss six main factors that can impact its value.
Age
Manufactured homes always tend to lose value when they are over 50 years old. This is because the materials they are built with and other circumstances have forced them to be weaker and old-fashioned. An older home costs less. So if you bought your home probably at a million pounds, then the value may be midway of that amount. Also, you need to check when it was built. The reason is that mobile homes built before new regulations set in might be valued less than the new ones because they don’t conform with the current rules. Some of the new requirements include; height, bedroom size, windows and doors, size, and ground reinforcements.
Size
Size matters! They say. The size will impact the value of your mobile home. Different sizes cost differently. Mobile homes are usually constructed in three different standard sizes. These include; single-wide, double-wide, and triple-wide. Experts from HoustonCapitalHomeBuyers.com have provided details on these size measurements. The bigger the house, the more it will cost, and the smaller the house, the less it will be its value, but also, other factors need to be incorporated to give its actual value. The reason why bigger homes are priced higher is that they got enormous demands. Most individuals are looking for larger houses with several rooms to settle with their families, especially in this pandemic where everyone is working and learning at home. If you have a stable, bigger house and plan to sell it, you will soon be surprised by its massive value.
Depreciation
Everything except land loses value. And so it’s your mobile home. This mobile home loses value because of the materials and components used to build and structure it. If it’s a container, nowadays, there are better containers to sustain harsh weather conditions. But still, we have the old models. Mobile homes do not cost as much as built houses because of the depreciation factor, mobility, and the way they are usually constructed. According to experts, mobile homes always depreciate from 3% to 4% in a year. You can work on its value downwards from the time you bought.
Its Looks
Whether new or old, people will be judging your mobile home according to the way it looks. A potential buyer might cash more for an old, right looking house than what they could pay to a dilapidated, new structure. This scenario will be determined by two main things: maintenance and the materials used to construct the house. If you haven’t taken care of the structure well, its value will be low compared to a well-kept one. If the materials used to build it are strong and durable, you will get higher offers than a weak one.
Upkeep
This might sound the same as the above but with a bit of added details. How do you maintain your mobile home? Have you made changes to its roofs, walls, and ground? If yes, how have they impacted its price? A well-maintained home with better-painted walls, well-placed roofing, and a suitable, well-trimmed compound will significantly affect its price. You do not leave a house unmanned and expect it to fetch a reasonable price in the market. It does not work that way. Maintain it well, add some bits of trimming, and witness its value soar. Please do not leave it to be seen as unworthy or something worthy of disposal.
Additional Features
Does your mobile home contain other additional features like a state of the art kitchen and customized bathroom? If so, then its value needs to be higher compared to those that are just plain. If you have installed music and entertainment systems, furniture, partitions, and other furnishings, you can price it better.
Next time you need to value your home for your information or selling purposes, do not hesitate to refer to this article for tips. You might see your building as unworthy due to its old age, but some factors might increase its prices to unexpected levels. Refer to sections online and advice from experts before doing the final valuation.
