There are many factors that enter into determining the value of a mobile or manufactured home. Many are different from those that are used for a traditional home, especially since mobile homes generally depreciate in value while a site-built home will usually appreciate in value under circumstances other than what has happened in the present economy.
There is a N.A.D.A. Manufactured Housing Appraisal Guide (also known as the mobile home blue book) that will help determine the value, and if you don’t want to purchase that guide, you can ask your local bank or real estate agent to give you a quote since they will have that book in their offices.
You can also attempt to find out the information online from a “no cost site” or a reputable one for which paying for a report provides much more detailed information about your mobile home, location, and the market conditions in your zip code. You will have to give them a lot of information that will take a great deal of time to put together. The online sites won’t have the personal knowledge that a local person would have after being able to visit your mobile home and give an opinion.
The mobile home’s age and general condition are very important. A rating of excellent generally means being pretty much “like new” and with no damage or defects. Good or fair indicates a few visual or mechanical problems. Poor doesn’t look good on the outside and/or inside and probably has mechanical problems.
Also taken into consideration for appraisal purposes are add-on features such as a porch or carport, an extra room or bathroom, updated kitchen appliances, whether it has a nice yard, and other additions that make the mobile home stand out as being worth more.
The square footage figures in quite predominantly (the worth is more with a spacious living area) as well as whether the home is on a permanent foundation, has hurricane-proof features including awnings and other wind deterrents, has adequate tie-downs and other necessary safety features dictated by construction codes, etc.
Most mobile homes are located in special separate parks, and it can be determined what similar models have sold for recently in that particular location or in mobile home communities nearby. You can also watch ads and listings to see what the current asking prices are. The area the mobile home park is in also is a factor, just as it would be for a regular home. The more desirable the area, the more your home is worth. If your community is above average for certain reasons and offers amenities that aren’t available in other parks, that makes a difference, also.
If your mobile home is located on your own property, the value is a lot more. Again, the value has to be determined from the many factors given above for the mobile home itself as well as where the property is located, what the land is worth, whether it is a desirable area, and much more.