The manufactured housing industry has witnessed tremendous growth in the US with over 17 million citizens preferring them for living. Their benefits like low costs, faster construction, and energy efficiency has contributed to their increasing favor among many.
The process of selling and buying manufactured homes has become entirely different now with the setting up of many new rules and regulations. Home manufacturers have adopted new policies that govern the pricing and selling of manufactured homes along with numerous Federal and state laws.
The appraisal process is highly important when considering manufactured homes for living. However, after inhabiting the home, the appraisal process does not include the standardized forms and procedures involved. The process of appraising a manufactured home is done using many other methods. The following are some tips to accurately determine the value of a manufactured home.
Assess the Location
One of the major factors that affect the value of a manufactured home is its location. The value will become higher if the home is located on its own land than on a leased land. It is also worth noting that the value of site-built homes located on a leased land will decrease over time. For homes without land, the amount of this decrease in value is about five percent a year.
When assessing the location, the area around the manufactured home location needs equal consideration. In addition, a growing community or neighborhood location facilitates an increase in the value of the home.
Condition of the Home
The general condition of the home can cause an increase or decrease in the value of manufactured homes. Other factors like aesthetic looks, functionality enhancements, and housing demands in the area also contribute to the value of the home.
The value is significantly higher for a home maintained in good condition than a home needing any major external and interior repairs and remodeling works. For homes located in a community, the conditions of the surrounding homes should be taken into account as well.
Comparing the Home
Another way to determine the value of a manufactured home is by comparing it to other homes that have the same characteristics of size, condition, and location. Do a quick comparison of surrounding manufactured homes to analyze whether they are put up for sale or if the homeowner has set a value. Online housing resources and contacting home community managers is the best way to obtain more information related to the status of the homes.