If you are thinking about selling a mobile home in Fort Myers, 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. By using the tips below, even someone not in the real estate industry will be able to come up with an approximate value.
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 the house, begin your inspection by thoroughly examining the roof and siding. Look for any signs of damage that might allow water intrusion, such as missing shingles, cracked or loose tiles, or warping. Check the eaves and soffits for signs of rot or moisture damage, which can be a telltale sign of leaky gutters or roof issues. Don’t forget the chimney, if present, and ensure there are no cracks or gaps in the mortar that could allow water to seep in.
Next, move your inspection down to the foundation. Look for any cracks in the foundation itself, especially horizontal cracks which can indicate structural problems. Check for signs of water pooling around the foundation, which could indicate drainage issues. Make sure the crawlspace or basement ventilation is adequate to prevent moisture buildup and potential mold growth. Finally, look around the perimeter of the house for any signs of burrowing pests or damaged vents that might allow unwanted critters to enter the home. By taking a close look at these exterior elements, you can gain valuable insights into the overall condition of the house and identify any potential problems that need to be addressed.
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 jumping off point.
Consider The Neighborhood
You’re absolutely right. While mobile homes themselves are moveable, their current location plays a significant role in their market value. Unlike traditional houses where the land value is intrinsic, mobile homes are typically situated on leased land within a mobile home community. This means the desirability of the surrounding area directly impacts the mobile home’s worth. So, if your mobile home sits in a community with good schools, low crime rates, and easy access to shopping centers and parks, it becomes more attractive to potential buyers. This translates to a higher selling price compared to an identical mobile home situated in a less favorable location. In essence, you’re not just selling the mobile home itself, you’re also selling the lifestyle and amenities that come with its location within the community.
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… especially if you own the land underneath it.
Hire A Pro
If you choose to hire a professional appraiser for your Fort Myers 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 Core Real Estate Properties, we understand that selling a mobile home can involve a lot of work and unexpected expenses. We can take the hassle out of the process for you by helping you determine a fair market value for your mobile home and making you a direct offer. This offer may not always be at retail price, but it will save you a significant amount of money compared to traditional selling methods.
You won’t have to worry about the costs of repairs to get your mobile home in tip-top shape for showings. We’ll handle any necessary repairs ourselves. Additionally, you’ll avoid the expense of marketing your mobile home, which can include advertising fees and professional photography. On top of that, you won’t have to pay agent fees or commissions, which can take a big chunk out of your final selling price. By working with us, you can sell your mobile home quickly and conveniently, with a guaranteed offer and no hidden fees.