Getting A Mobile Home Appraisal
Getting a mobile home appraisal is similar
to that of any home and necessary for the sale of your
house or if you are attempting to borrow against it.
An appraisal is simply a comparison of your home
against other homes in the area which have recently
sold to determine the fair market value of your
property. The appraisal must take into consideration
many things in order to compare apples to apples.
One big aspect of a proper mobile home appraisal is
the neighborhood. If your home is in a mobile home
park than this is a piece of cake, but if your home
happens to be on land and in a neighborhood with all
regular built homes then this could make it difficult
to find a similar home with a recent sale. In order
to make an accurate appraisal, there should be 3 homes
like yours that have sold in that neighborhood within
the last 6 months or so. You can see how this could
be problematic if you do not have any other mobile
homes in your neighborhood!
Comparing your home to another can be tricky for an
accurate mobile home appraisal. Of course, square
footage comes into consideration as does age. You'll
have to consider any additional pieces to the property
like a storage shed or summer porch and carport.
Upgrades make a pretty big difference as does the
overall condition and how well the property is
maintained. When buying, people are looking for more
than 1 bath and updated kitchens and bathrooms so this
can add a bit of value to your home.
If the mobile home appraisal is just for loan
purposes, the upgrades may not be such a factor. The
square footage and value of the property it sits on
might be the major things a loan appraisers looks for.
When I got a home equity loan on my regular home,
they simply looked at the last selling price and
tacked on a few bucks to bring it current and seemed
not at all concerned about the amenities or upgrades.
If you are selling, however, these things are a big
deal and can be the difference between someone buying
your mobile home or the one down the street.