Homeowners know that certain upgrades and proper maintenance on their homes will increase their property value, but what about mobile or manufactured homes? It’s a known fact that mobile or manufactured homes depreciate in value compared to other homes, which appreciate in value. The reason is because mobile and manufactured homes aren’t seen as “real property” because they aren’t permanently attached to the land.
The difference between a mobile home and a manufactured home is simply the date that it was built, so the terms are often used interchangeably. Whatever you call it, it still depreciates in value. So what are some ways that you can increase the value of your manufactured home?
#1: Check the Classification of Your Home
As mentioned above, most manufactured homes are not considered “real property”, but they are instead considered to be personal property. This is what makes them depreciate in value, similar to the way cars and other privately owned properties do. The only downside to changing the classification is that you’ll likely end up paying higher taxes.
To effectively change the classification of your manufactured home, you’ll have to have your home permanently attached to a foundation on land that you own. After this, you’ll be able to register your home as real estate, or “real property”, immediately increasing the property value.
#2: Consider Adding on to Your Home
Just like adding on an extra room to a traditional home increases property value, the same thing can be done for a manufactured home. While adding on another livable space increases property value the most, other types of add ons can bring up the property value. Consider adding on any of the following:
- Carport
- Deck
- Garage
- Porch
- Sunroom
You can also get creative with these add ons, such as adding a bar in your garage, or adding a pool in your sunroom.
#3: Energy-Efficient Upgrades
Upgrades that help save energy can increase the value of any home. Start by updating your appliances to energy efficient ones and switching to LED lightbulbs and smartplugs. These are more for your benefit, as these changes will help you save more money in the long run. Next, switch to a smart thermostat to help regulate the temperature and keep the energy bill down.
The best energy-efficient upgrades that increase property value are making changes to your doors and windows. For example, vinyl windows are perfect for preventing heat from escaping your home in the winter and entering your home in the summer. They’re also affordable, easy to maintain, weather resistant, and can last over 20 years.
#4: Enhance the Curb Appeal
The outside of a home is just as important as the inside, and that goes for any type of home. Curb appeal is what people see when they first drive or walk up to a home or building, and property value automatically decreases with poor curb appeal.
For manufactured homes, replacing old siding and skirting can dramatically improve the outside appearance, and this is also an energy-efficient upgrade because the home becomes better insulated. A new paint job is another way to get your manufactured home to really stand out. Finally, always remember to take care of your lawn— it’s one of the simplest ways to increase curb appeal.
#5: Traditional Home Upgrades
Traditional home upgrades shouldn’t be ruled out either, especially the more affordable ones. Just like a fresh coat of paint on the outside of a home makes it look new, an interior paint job can really freshen up the space. Don’t overlook switching out light fixtures and updating the plumbing, as these are also good ways to increase property value.
You can also opt for more expensive upgrades, such as kitchen and/or bathroom renovations, which don’t have to be insanely expensive. Renovations are as simple as installing new hardware and updating the countertops.
Before you begin making significant changes to increase your property value, you should first determine how much your manufactured home is worth. This way, you’ll know the best way or ways to go about increasing your property value, if you need to increase it at all. Not everyone who owns a manufactured home will be able to do all of these tasks to increase their property value, so do what works best for you.
Also, keep in mind that it’s not good to do too much to your manufactured home (or any type of home), as increasing the value can cost you more than what the home would be worth.
