Contemplating the sale of a mobile home in Seattle? Establishing its true worth is a crucial step. Delve into our latest post to gain insights into effectively gauging the value of your mobile home!
Valuing a mobile or manufactured home involves a distinct approach compared to appraising a traditional single-family property. The process requires a nuanced understanding, and even individuals outside the real estate realm can leverage the following tips to arrive at a reasonable estimate. Unravel the specifics below to empower yourself in determining the approximate value of your mobile home.
Thorough knowledge of the property you’re selling is crucial, and it’s highly probable that there may be unforeseen repairs required. Create a comprehensive checklist and meticulously examine every corner of the house. Internally, conduct a detailed inspection of the electrical system, ensuring all switches and outlets are functional. Scrutinize the walls for stability and signs of water damage. Similarly, assess the roof, being vigilant for water stains on ceilings and walls. Examine the flooring for soft spots or holes, a common concern for mobile home owners that traditional homeowners might not typically encounter. Verify the plumbing, confirming the proper functionality of all faucets and checking for any leaks.
Externally, survey for visible signs of damage to the siding and roof. Inspect for dents or potential entry points for water, and scrutinize the roof for soft spots or missing shingles. Thoroughly examine beneath the home to rule out any damage or presence of pests. Address any loose wiring or insulation discovered during the inspection promptly. This meticulous evaluation ensures that you are well-informed about the property’s condition, allowing you to address any necessary repairs before listing it for sale.
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.
Research Recent Sales
Examine the actual selling prices of other mobile homes in your vicinity. Pay attention to those that have recently been sold, rather than those currently listed. Ensure comparability in terms of the year of construction, size, and overall condition of the mobile homes you are considering. Specifically, focus on properties within a 0.5-mile radius if situated in a city, within 1 mile for suburban areas, and within 5 miles for more rural locations. Additionally, check the valuation assigned to your home by the county property assessor. While their figures might sometimes lag behind market values, they serve as a useful starting point for gauging the potential worth of your mobile home.
Consider The Neighborhood
Yes, mobile homes are mobile, but you should consider where they are currently located, especially if you own the land the mobile home is currently on. 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.
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 Seattle 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 Puget Sound Home Buyers, we can help you determine the value of your mobile home and make you an offer to buy it. While the price may not always be retail, you will save on repairs, marketing, agent fees, commissions and other costs you will incur when listing.