If you are thinking about selling a mobile home in Chicago, 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, 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
You need to know what is happening in your local market. So, start by researching what other mobile homes in similar condition have sold for. When looking for properties that have sold recently, you’ll want to be sure to specifically take into consideration the condition of each property. Having to do repairs on a property can easily add up to thousands of dollars and will affect the value of the property accordingly. Be sure to make sure you are comparing properties that have actually sold versus what other sellers may be asking for on the market. Find properties that are most to yours in terms of condition, location, bedroom count, bathroom county, and square footage.
Consider The Neighborhood
This point is especially important for those who own the land that their mobile home is placed on. Since you will be selling the land as part of the deal to the new buyer, they will have money invested into the current location of the property. When determining the value of the location of the property you will want to consider how safety, school ratings, and nearby amenities. If your mobile home is a safe clean area with good schools then it will most likely sell for more than another mobile home in an area with lower rated schools.
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 Chicago 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 Blue Ladder Development, 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.