Determining the value of a mobile home depends on a lot of different variables that all play a role in measuring whether or not it’s worth remodeling it. Knowing these variables is essential before you decide to invest money in remodeling as some properties lose more value to depreciation than they earn from remodeling. That doesn’t mean you shouldn’t remodel your mobile home; it just means that you need to understand the influencing factors of property value to determine if it would be worth it.
The History of the Mobile Home
Mobile homes that have been moved several times tend to be worth less than the ones that have been around the same spot for a long time. This is mostly because of the damages that occur during the moving process. The history of your mobile home also includes its age, as the longer that it has been around, the more depreciation it faces. The older your mobile home is, the riskier that the remodeling becomes as it would require a large investment to remodel it while it’s still constantly losing value over time.
Newer mobile homes face this issue less often as the quality of real estate has improved significantly over the years, making modern mobile homes a lot more durable. Predicting how the value of the newer mobile homes is going to change over the years is difficult, but they’re definitely going to keep their value for the next generation.
The Location of the Mobile Home
The land that the mobile home is currently on can influence its value, much like a regular home. Having your mobile home placed somewhere that has a great view can increase its value while having it in a very loud and busy neighborhood might decrease it. When thinking of remodeling your mobile home, you should think about whether your current location helps your property value.
Remodeling Your Mobile Home
Once you’ve figured out the other factors that might nullify your remodeling efforts, you can start looking at how remodeling your mobile home can increase your property value. Many mobile homeowners have a fair few questions that they always ask to determine whether it’s worth it to remodel their homes and these common questions generally ask about where to start with remodeling. The truth is that there are a lot of different angles you could take towards remodeling your home as you could improve the interior, exterior, or the power supply to gain value.
1. Fix Any Pre-Existing Damages
Repairing pre-existing issues with your property can improve your property’s value by investing some money in repairs to damages to the roof, the floor, or the walls. Issues like these generally take an experienced plumber or contractor to fix, but they’re worth the investment.
2. Modernize Your Home
Sometimes, all you need to do is to change the general look of your home to remodel it from the inside. That means repainting, refurbishing, and replacing a lot of things that are currently there in your home. If your home looks a little too outdated, it’s probably going to be valued less than if it looks modern and cozy. This also means taking as much care of it from the outside as you do from the inside as repainting your mobile home can make it look brand new.
3. Plan for the Future
Your mobile home might be in its prime state right now, but that might not be the case in a few years if you aren’t prepared to deal with the incoming weather damage and energy costs coming your way. Ensuring that your house is going to withstand whatever weather conditions that are coming during the next few years will prevent you from spending anything else on repairs. The same can be said about going green with your mobile home, as the energy costs that you’ll be saving yourself in the long-term won’t necessarily increase your property’s value, but your wallet will definitely feel lighter without the need to spend as much on electricity.
Trying to determine whether it’s worth remodeling mobile homes is a highly debated topic, but general improvements to it can never really go wrong as they improve your home’s durability which either saves you money or increases its value. Have an experienced real estate agent take a look at the property to see if making improvements to it or remodeling it will increase its overall value. If the changes will add more value than the budget that you set, then remodeling your mobile home is definitely worth it, and vice versa.