Homeowners are aware that certain improvements and regular upkeep will raise the value of their homes, but what about mobile or prefabricated homes? It is common knowledge that prefabricated or mobile houses lose value over time as opposed to other types of residences, which increase in value. The explanation is that since mobile and manufactured homes aren’t anchored to the ground permanently, they aren’t considered to be “real property.”
The only distinction between a mobile home and a manufactured home is the date of construction, hence the terms are frequently used synonymously. Whatever you choose to name it, its value continues to decline. What are some strategies for raising your manufactured home’s value?
#1: Verify your home’s classification
As was already established, the majority of manufactured homes are regarded as “personal property” rather than “real property.” This is why they lose value over time, just as vehicles and other privately owned properties. The only drawback to altering the classification is that you’ll probably have to pay more in taxes as a result.
It must be permanently affixed to a foundation on property that you own in order to successfully change the classification of your prefabricated home. After that, you’ll be able to register your house as “real property,” which will immediately raise the value of the property.
#2: Think about expanding your home
A manufactured home can benefit from an addition in the same way that a conventional home does by adding more space. Other types of additions can raise the value of a house, though adding more usable space has the biggest impact. Think about including any of the following:
With these additions, you may also get creative. For example, you could put a bar in your garage or a pool in your sunroom.
#3: Energy-efficient improvements
Improvements that promote energy conservation can raise a home’s value. Switch to energy-efficient appliances, LED lightbulbs, and smart plugs as a starting point. These modifications are more for your advantage because they will enable you to make longer-term financial savings. Next, replace your current thermostat with a smart one to assist with temperature control and save your energy costs.
Making adjustments to your doors and windows is one of the most energy-efficient improvements that boosts property value. For instance, vinyl windows are ideal for keeping heat inside your house in the summer and preventing it from escaping in the winter. Additionally, they are reasonably priced, simple to maintain, weatherproof, and have a 20-year lifespan.
#4: Improve Curb Appeal
Regardless matter the type of residence, the exterior is just as significant as the interior. A home or building’s curb appeal is what people first notice when they approach it by car or foot, and it automatically lowers property value.
The exterior of prefabricated homes can be significantly improved by replacing worn-out siding and skirting, which also improves the home’s insulation and makes it more energy-efficient. Another approach to make your manufactured house stand out is with a fresh coat of paint. Finally, keep in mind that maintaining your grass is one of the easiest methods to improve curb appeal.
#5: Conventional Home Improvements
Traditional house improvements, especially the more modest ones, shouldn’t be discounted either. An interior paint job may dramatically freshen up the room, just as a new coat of paint on a house’s outside makes it appear new. Don’t forget to update the plumbing and replace any outdated light fixtures if you want to raise the value of your home.
Additionally, you have the option of spending extra money on upgrades like renovations for your kitchen and/or bathroom, which need not be exorbitantly expensive. Installing new hardware and upgrading the countertops qualify as minor renovations.
Determine the value of your manufactured house before you start making big renovations to raise the value of your property. By doing this, you’ll be able to determine the best way—or ways—to raise your property’s worth, if you need to do so at all. Do what works best for you because not every owner of a prefabricated home will be able to do all of these things to raise the value of their home.
Additionally, keep in mind that making too many changes to your manufactured home (or any sort of home) will cost you more money than the home would be worth.