If you are thinking about selling a mobile home in Floresville, you will need to determine its value. Learn more about how to determine what its really worth in our latest post!
Estimating the value for a mobile or manufactured home is a bit different than determining the value of a single-family property.
Inspect The Inside And The Outside
It’s important to know as much as you can about the property you are selling. There will very likely be repairs needed that you hadn’t previously been aware of. Make yourself a checklist, and carefully inspect every square inch of the house. On the inside, take a good look at the electrical system and make sure everything is in working order. Make sure all the switches and outlets are in working order. Check the walls to ensure the stability as well as any damage from water getting in. Do the same with the roof, keeping an eye out for water staining on the ceiling and walls. Check the flooring to make sure there are no soft spots or holes. This a common problem mobile owners face that single-family owners typically wouldn’t need to worry about. Check out the plumbing to ensure all faucets work properly and that there aren’t any leaks.
Outside, you’ll want to look for any visible signs of damage to the siding and roof. Make sure there are no dents or places water can get in and that there are no soft spots or missing shingles up on the roof. You’ll want to also take a good look underneath to make sure there is no damage or pests living under the home. Look for any loose wiring or insulation, and repair as needed.
Another factor if you plan to sell to an FHA or VA buyer is what is called a FHA foundation. The foundation has to meet FHA standards for the loan to be approved. A structural engineer must review and give a statement that the foundation is correct. The seller has to pay for the foundation and it must be done prior to closing. The cost to have a structural engineer do the report is about $500 at this time.
Research Recent Sales
Take a look at what other mobile homes in the area are actually selling for. Don’t take in to account the ones that are listed, focus on the ones that have actually sold recently. The mobile homes need to be comparable in year build, size, and condition. Specifically look at mobile homes within .5 miles if you are in the city, within 1 mile if you are in the suburbs, and within 5 miles if you are in a more rural area. You can also take a look at what the county property assessor has valued your home at. While their numbers can oftentimes be lower than market value, it can give you a good starting point.
To compare to your home the sale must be fairly close in size, age and condition as well as location. Those of the comparables that an appraiser would use for the loan appraisal.
Also know that loans are not given on mobiles or manufactured homes unless they meet size standards. In other words, they must be minimum square footage sizes. Very few lenders will loan on a single wide home. Many regular mortgage lenders do not do mobile home loans so you do want to know that any buyer’s lender can lend on a manufactured home.
Consider The Neighborhood
Yes, mobile homes are mobile but once they are placed, they are not easy to move. Nor is it cheap to move one. You should consider where they are currently located. When determining the value for your mobile home, factor in local school ratings, crime statistics, accessibility, and businesses and other amenities in the immediate area. A mobile home in a nice area will sell for more than the same mobile home in a not so great area. A mobile home on land will sell for more also. A mobile home that has been moved from its original site is VERY hard to finance. Very few lenders will lend on a mobile that has been moved.
Consult The NADA Manufactured Housing Appraisal Guide
The National Automobile Dealers Association creates a pricing guide for manufactured homes. This is like the Kelley Blue Book of mobile homes. You can either check with your local library for a copy of the physical book, or you can request a report online. To get a report online, there is a fee, but it will greatly help you if you are unsure of the value of a mobile home. There are multiple reports available at different price points, so you can be sure you are only paying for the information that is important to you. This report will not take into account the value of your land only the structure. The land your mobile home is sitting on can sometimes even be worth more than the mobile home that sits on it. Be sure to do your own research as well, without solely relying on the report.
Hire A Pro
If you choose to hire a professional appraiser for your Floresville mobile home, make sure they are well experienced. Appraising a mobile home can be very different than appraising a single-family home, so you will need to make sure they know what they are looking for. Just like any other real estate, your appraiser needs to be accredited. Once they have looked over your property, be sure to review the report independently to ensure nothing was missed!
At Faye Y Taylor with StepStone Realty, we can help you determine the value of your mobile home. And what you can do to make the sale easier or faster.
To learn more about determining the value of your mobile home, fill out the form below or give us a call! (210) 216-7722
Floresville Real Estate Agent – Faye Y Taylor is here for help and to answer any questions you might have
Faye Y Taylor, Floresville TX Realtor®
Serving all of Wilson County and the South Texas area