Mobile homes have become very popular over the years, much thanks to their affordability. These homes are also easier to set up, when compared to stick-built homes, and they come with exciting amenities in the mobile home parks in which they reside.
With that said, there is no hiding the fact that manufactured homes depreciate at the same rate as driving a car from a lot. It, therefore, means that your mobile home will lose its value and lovely appeal sooner than you realize.
Because of this, many owners of mobile homes have decided to invest in upgrades to improve their appeal and chances of a higher sales price. However, several manufactured homeowners prefer specific home improvement projects to make their living spaces appealing and attractive.
Whether you intend to make your manufactured home offer you and your family a higher level of comfort, or you simply want to sell your home at a higher price, it would help to know what kinds of upgrades that will surely increase the home’s value.
To assist you in avoiding home improvement projects that won’t pay off in the long run, we’ve prepared for you a list of the most important upgrades that will increase your comfort level, as well as the functionality, aesthetic appeal, value, and energy-efficiency of your property.
How To Increase The Value Of A Manufactured Home
Here are ways in which you can improve the value and aesthetic appeal of your manufactured home:
The first step to increase the value of your home is to upgrade old appliances. Here, you need to replace old appliances with energy-efficient ones.
Many homeowners are seeking to implement these kinds of upgrades because they offer both long-term and immediate benefits. You can even sell the old appliances to willing buyers in an effort to offset the expense you incur during the upgrade.
Some energy-efficient upgrades can increase the value of your home more than even some stick-built houses that purchasers are looking at.
For instance, energy-efficient windows are a smart investment, and have proven to provide a huge value difference. With that said, it would be best to do your research so you make sure to get new energy-efficient windows, and doors for that matter, at a good price.
Other energy saving upgrades that can raise the value of your mobile home include adding insulation, installing insulated skirting, and applying weather-stripping and caulk throughout the home.
However, you should note that a mobile home must comply with the manufactured home construction and safety standards, or HUD Code, rather than just the standard local building code.
Also note, for homes located in a mobile home park, there is a need to clear exterior changes with the community.
A fresh coat of paint will never disappoint you. However, this isn’t the time for you to experiment with bold colors, especially if you are looking to sell your home. In this light, it would help if you aimed to keep the painting as simple as possible.
Those interested in purchasing the mobile home need to be able to picture themselves owning/living in the home. For instance, it can be difficult for potential buyers to like the bright red wall colors you applied in the living room. Always use neutral colors that are relatable to the masses.
If you implement nicely manicured landscaping, your manufactured home will automatically look and feel more valuable. Even if your property doesn’t have flower beds, you can always create an exciting look with containers.
Other ideas include hanging a bird feeder, repairing cracked walkways, and, mainly, converting your home into a more inviting place.
Some minor upgrades can make a big difference, including, but not limited to, massaging showerheads, new handles on cupboards and drawers, and brushed nickel faucets in the kitchen.
It would also be best if you upgraded the lighting. This may mean swapping the normal ceiling light in your living room to a chandelier or stylish pendant. If you don’t have ceiling fans, you may want to consider adding a few of those as well.
Move the Home
If you want to acquire the most value out of your manufactured home, consider moving it into a manufactured home community, if it is not in one already. Since financing options for homes in a park are becoming more plentiful, they are becoming easier and easier to sell.
Also, the perks and amenities that come with residing within a community add tremendous value. These include, but are not limited to, ground maintenance being taken care of, access to clubhouses and swimming pools, and playgrounds galore, on the community grounds, for children to play.
Is Your Property Worth Remodelling?
As we have seen earlier, manufactured homes depreciate over time. The older the home is, the less likely that adding upgrades or remodeling makes financial sense.
Unless you are planning to live in the home for a long time, you should think long and hard before deciding to invest money into improvements and repairs.
Also, like we said before, manufactured homes must comply with the HUD Code. Before you make any improvements, you should study these standards and regulations.
Real estate agents and appraisers determine and estimate the worth of a mobile home using recent comparable sales. To decide whether your property is worth remodeling, you should research the top market value after certain upgrades and repairs have been made.
You can speak to any mobile home park director about improvements, or link up with a realtor specializing in such homes. You don’t have to repair anything if the cost of improvements can’t be justified by the potential for gaining a higher value.
After determining the after-repair value, you should prioritize the most critical thing in your home that needs upgrades, and then approach a contractor to give you an estimate of the repairs.
The cost of the items should be affordable such that even after selling the home, you’ll retain enough equity.
It would be best to decide what is supposed to be fixed based on practical considerations.
Value Adding items
Since the price of a manufactured home is more affordable when compared to traditional site-built homes, value-adding items aren’t typically significant renovations.
You can address inexpensive and cost-effective cosmetic issues such as vinyl flooring, carpets, exterior & interior paint, lighting fixtures, countertops, and cabinets, just to name a few.
It would be costly to add significant renovations, such as moving walls and building additions.
There are manufactured homes that aren’t saleable, thus not making them good remodel investments. This includes all mobile homes that were built before 1976.
Lending institutions’ guidelines don’t factor in mobile homes that were developed before this period.
Any potential buyer for such a property is less likely to qualify for any loans. So, if your home falls under this category, you should ensure that you research more about loan programs available for such cases before you decide to make renovations.
There is no hiding the fact that a manufactured home reduces in value at a quicker rate than traditional homes. There is, therefore, the need to increase the home’s value, whether you want to sell it or live in it for the long term.
To improve the value of your home, you should carry out energy-efficient improvements, like doors and windows, and regular maintenance. However, you must involve a professional every step of the way.