If you have just bought a manufactured home, or are thinking of buying one, one of the things you would like to know is the value of your investment down the road. Homes are investments, and if there is any way you can increase your home’s value, you stand to benefit financially. Here then are some factors that influence your manufactured home’s value.
The value of your manufactured home is greatly influenced by the real estate market in your state or nationwide. Real Estate value fluctuates immensely depending on a variety of economic factors or even government policies. One can get a feel of the real estate market by looking at properties listed locally, how they are priced and how quickly they move. If the prices seem low or the listings are taking weeks or months to move, then the market might be depressed.
location plays a large part in the value of your home, although for most homeowners, there is little that can be done about it. Location factors include whether the house is near nice schools, shopping centers, or transport infrastructure such as convenient access to highways. These tend to make a property more desirable to buyers and thus drive the price upwards.
if any upgrades have been done to your home, they may contribute to increasing the value of your property. For example, adding new appliances such as dishwashers or features such as porches and fireplaces may all add value to your home. In many cases, the increase in your home’s value after these additions may outstrip the cost of the upgrades themselves.
Such upgrades may also include fixtures such as sinks, top-grade faucets, and even paintwork.
Equally important are the aesthetics of your house. If your manufactured home has curb appeal, perhaps due to a well-manicured lawn or a renovated roof, you may see its value increase dramatically.
Manufactured homes come in different sizes, and this has an impact on the value of the house. Generally speaking, the bigger the house, the higher the price will be. Manufactured homes come in three general dimensions: Single wide, double wide, and triple wide.
How long have you had your manufactured home? The year of manufacture plays a large role in the value of your home. This is because buyers assume that the longer the house has been in use, the more it will have depreciated. Even though maintenance and upgrades may mitigate this depreciation, you can expect your manufactured home’s age to impact its value.
The way your home is styled plays a big role in the value that it commands in the market. When it comes to styling, a modern look is obviously more desirable than an old look. For this reason, modern-styled homes tend to have a higher value than homes with a dated look. That being said, this is not a rule of thumb, and some classic-styled homes may actually fetch higher prices. However, this is a very niche market and generally rare.
This is where maintenance of your home comes into play. Basically, the more habitable your home is, the higher the value will be. This makes one of the best cases for maintaining your manufactured home in great condition as the value increase is usually higher than maintenance costs.