Used Mobile Home Values
What prices you can
expect to pay
Used Mobile Home home Values will can be broken up
into two categories:
Market value vs. NADA value
Market Value is the value based on an appraisal of
the home installed on a leased space, or on land owned. This
appraisal will list comparable homes, hopefully in the same park, that
have sold in the last 3 to 6 months.
NADA (National Automobile Dealers Association) has
a guide "blue book" you can purchase from them that lists the value of
the price of the a manufactured and mobile home. This guide
covers mobile homes built from 1970 to 2011, and adjusts for
depreciation and condition.
Value Range
Used mobile home values can vary from
literally $0.00 (pay to
haul it away to the dump) to well over $1,000,000.00. There are some
mobile homes going for over $2,000,000.00 in Malibu and Pacific
Palisades, CA.
Obviously these are the extremes. So
mostly
you will find used mobile home prices located in a park (leased space)
for $20,000 to $100,000 across the country.
In some areas, such
as much of California, used mobile home values are above $50,000, and
most properties near the coast are well over $100,000. For more
information about your area we recommend contacting a Real Estate Agent
that lists and sells Mobile and Manufactured Homes regularly.
A list of
them can be found by going to our Agent page.
When it comes to an installed home on private land
or in a nice park, the location is the biggest factor (the Real Estate
market in general), then is the size, age, then condition.
You can easily find two very similar homes in terms of age,
size, and condition - but in different Mobile Home Parks - with values
that are $100,000 or more different. Most of the time this is
unexplainable.
Used Mobile Home Values will
vary based on condition, size, and location
Compare this home to the
next home
Age is a big factor in
determining the value
Used mobile home values will be less if the home
is not installed on land or on a space. A newer home will
depreciate like a car, losing half it's value in the first two to three
years based on just the value of the unit. However, if
installed in a nice location (on private land or in a nice park) then
the market value will go up and down like other Real Estate.
Here is an example of a newer home vs. an older
home price: 1973 double wide in a nice family park might fetch $120,000
in Carpinteria, near the beach in California. In the same
park a newer home of the same size will go for $250,000 or more.
Market Value
The market value of a mobile home is
found by comparing like-kind
(comparable) homes that have sold in the last 3 to 6 months within a
certain distance from the home being appraised. The appraiser
considers: time, condition, number of bedrooms and bathrooms, size, and
of course location of each property. He will then come up
with a value adjusting up and down for each factor. In this
way,
used Mobile Home values are determined using actual closed sales as
comparables.
A market value is not the same as exactly what the
home WILL sell for, but rather an approximate sales price.
Quite a few homeowners see their appraisal and get upset at
the low value. Getting financing for your Manufactured or
Mobile Home will require an appraisal, and it may even require a home
inpsection too.
An appraisal of the home will get you the best
idea of what your home is actually worth. For our appraiser page, click here.
NADA guide
The NADA guide will give you a value just based on
the year, make, model, size, and condition of your home...that's it.
Some lenders will just go off of this to come up with a maximum amount
to lend on, but most will want a market value based on an appraisal.
For all transactions, we suggest getting a market
value based on an appraisal of the home assuming it is or will be
located on a certain spot. Only in the case of buying a used
mobile home that is going to be moved to a space would you need the
NADA value - but it is
still nice to know and have. By Will Cunningham
Additional Manufactured Home Info
Here are some related topics, click on the
underlined words for more information.
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