Look in the book for your type of manufactured home, and then follow the step-by-step guide for calculating the retail book value. Your calculation will depend in part on the condition of the mobile home. [1] X Research source
A Basic Used Home Value Report will cost $26. You can use this report if there are no unique features to your mobile home. A Professional Used Home Value Report will cost $50. This report will give you a more in-depth analysis and accurate estimate of the home’s value. [2] X Research source A New Home Price Report will cost $35.
year the home was manufactured manufacturer size of the home (width and length) where you are located (state and region) condition of the home other features, such as granite countertops, hardwood floors, garages, etc.
You can print off your report or save it.
The mobile homes need to be comparable in terms of size, age, general condition, and the amount of land. You are unlikely to find an exact match, but you don’t need an exact match. Find mobile homes around the same age as yours and about the same size. Sales also need to be recent. The market was different four years ago than it is today. Your comparison properties should be located within half a mile of your property if you live in the city, a mile of your property if you live in the suburbs, or 5 miles of your property if you live in a rural location.
Roof. Look for signs of a leaky roof inside the mobile home. In particular, water damage should show on the ceiling or walls. Walls. Check the stability of the walls and whether there is any mold. Flooring. Look for holes or soft spots on floors. Also check whether the floor is uneven. Plumbing. Some water leaks may be caused by leaks in the plumbing. Also check the water pressure. Electricity. Check outlets and turn on light switches to see if the electricity works.
Roof. Don’t rely solely on the absence of water marks inside. Instead, check the exterior of the roof by walking on it and looking for soft spots, holes, or missing shingles. Siding. Check whether siding is damaged, rotting, or dented. Also assess the overall aesthetic quality. Ugly siding can reduce the value of the home. Underside. Definitely check the underside to see how stable it is. If necessary, remove some pieces of skirting and use a flashlight. Check for insulation hanging down or junk and debris strewn all over the place. Also check whether animals are living under the home. Make sure the home has tie downs that connect the home to the ground. These will be necessary to get loan funding to pay for the property.
Quality of the neighborhood. For example, you might be in a well-maintained neighborhood that isn’t overcrowded. If so, your home’s value should increase. Proximity to services. Your home’s value will also increase if you are near hospitals, schools, or a transportation hub. [6] X Research source Granite countertops or new appliances. Buyers might value these features and pay more for them.
Property tax records are also public, so you can find out this information about another home in your area. Visit the tax assessor’s office. Keep in mind that homes usually sell for more on the open market than the price that is listed on the tax assessment forms.
Obtain a referral from a state appraisal board. Type “your state” and “appraisal board” into your favorite search engine. Check to see if your state board has a directory you can search. Search the directory of an accreditation society, such as the American Society of Appraisers. Contact a real estate agent for a referral to someone who is qualified.
Keep researching appraisers until you find one sufficiently knowledgeable about mobile homes.
The appraiser also needs space to perform the appraisal, so don’t hover. Give them enough space to do their job properly. A typical appraisal takes a few hours and costs around $500. [11] X Research source Most of the appraisal will be done away from the property. Expect the meeting at the property to take about 10 minutes. The appraiser will measure the home, take inside and outside photos, ensure systems are working, and recommend any needed repairs.
Also check whether the appraiser properly valued features that can add value to your mobile home, such as location to public transportation or proximity to a good school district. [12] X Research source If you disagree with something in the appraisal report, bring it to the appraiser’s attention. Write a letter laying out what you think the appraiser overlooked.
