If you own a mobile home in Ohio, it is important to understand its worth. Many factors go into determining the value of a mobile home, such as age, condition, make, and any updates that have been made. Our experienced agents can help you assess your mobile home and determine a fair market value. Additionally, we research comparable sales of mobile homes in your area to get a better understanding of your home's worth. With this information, you can make informed decisions about selling, refinancing, or making investments in your mobile home.

FACTORS THAT INFLUENCE MOBILE HOME WORTH IN OHIO

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AGE OF THE HOME

This is probably one of the biggest factors when it comes to the price of your mobile home. Unlike traditional stick-built homes, mobile homes tend to depreciate in value. The exception being if you are selling the land and the home together. The appreciating value of the land might offset the homes depreciation entirely.

Mobile homes in Ohio are seen less as real estate and more as personal property, such as a car. Therefore, the more you make your home like a piece of real estate, the better. If your home rests on a permanent foundation of any kind and is permanently affixed to the property, it’s already a huge improvement and depreciation will be less noticeable.

Another absolutely critical factor is if your home was built pre-1976 or after. This is when the new HUD-code came into effect that dramatically improved the quality, safety, and standardization of mobile homes. It also led to the use of the term “manufactured home” as these newer homes deviated even more from their trailer-like predecessors.

The average depreciation for a mobile home is about 5% but depends slightly on the factors we mentioned above, as well as the market and area you live in. At this rate, a mobile home that cost $60,000 will be worth $57,000 after the first year, and $54,150 after the second and so one. That is also taking into account that the home is kept in very good condition and repairs are made as needed.

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HAS THE MOBILE HOME BEEN MOVED BEFORE?

You might be wondering why this matters right now as it is a mobile home after all? Why would it lose so much value if you move it in Ohio? Well as we quickly mentioned above, mobile homes still face a lot of cynicism when compared to real estate. The more like a stick-built home it is, the better for your pocket.

Moving your mobile home is a very risky and stressful process for the home to go through. A million small things can go wrong that only rear their ugly heads later on. Bending or damaging of the structure is a real danger. Many lenders refuse to finance for a home that’s been moved two or more times. Once already puts a dent in your chances as well as increasing the chance of damaging the mobile home.

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MOBILE HOME SIZE

Just like any type of home, the more rooms and the bigger it is, the more it’s worth! Mobile homes are no exception. Except that there is an extra dimension to it. Mobile homes come in three main types of classifications:

• Single-wides: These homes are typically 14-16 ft. in width by 42-90 ft. in length 

• Double-wides: 30-68 ft. in width by 42-90 ft. in length range.

• Triple-wides: Are usually 50 ft. in length but the width varies dramatically. These homes can have any size below 4,500 square ft.

Though it might seem straightforward, there are many other reasons that cause double-and triple-wides to hold their value much better than single-wide homes. For one, the demand for double-and triple-wide homes are usually high or on the increase as families are looking for more space.

This is because American families are growing and single-wides are very restrictive in size. They usually only have two bedrooms and at most two bathrooms. This doesn’t accommodate larger families at all and is even a tight squeeze for a small one. But for retirees or young couples single wides offer the perfect amount of space.

Single-wides and larger homes are popular because they offer the size and lifestyle of a traditional family home but at a much lower price. They also have a much broader target market.

The final factor is that it’s very hard to finance a single-wide mobile home, especially with a mortgage.

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THE WAY YOU ARE SELLING IN OHIO 

This is another factor very often overlooked when evaluating your mobile home value. Largely because the effect it has on the ultimate price you get for your home is usually underestimated.

There are two main choices: Retail or wholesale.

Retail can be done in a number of different ways. You can hire a local or national agent to help you sell the home, sell it yourself, or sell it back to the mobile home park it is located on. Through this way, you might run into many unqualified buyers with their own biases and demands that can make it challenging. You will need 3rd party inspections, open houses, park approvals, and have your home picture perfect every day until you sell. 

Wholesale is when you sell it to a company, such as Spartans Properties, that is a licensed mobile home reseller. They have their own algorithms and methods to fairly and consistently evaluate mobile homes in Ohio. There might be less room for bargaining but you’re also assured of a fair and consistent price, less back-and-forth, and less hassle. No park approvals, no open houses, and no getting your home show ready. The moving of the mobile home will also be less of an issue since Spartans Properties takes care of all permits, titling, and transport of them home.

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HOW TO GET A PROFESSIONAL OPINION

Getting a professional, no obligation quote, is easy and fast! Spartans Properties can assess your home and give you a fair price with no hassle. Get your quote here now!