A number of factors go in to properly valuing a manufactured home. Is the home on rented land or is the land part of the property? What is the location and condition of the home? All of these contribute to the final number, and some of it is ultimately a judgment call by the appraiser. But following these guidelines will help you find the correct valuation for your home.
Determine the tax valuation of the home. Nearly all cities and/or counties do regular assessments of homes to determine the level of property taxes to charge. While the assessed value is typically lower than the actual market value, this figure does provide a starting place for the evaluation.
Accurately judge the condition of the home. Do a thorough examination of the manufactured home, both inside and out. While some minor cosmetic flaws may not affect the valuation, any major structural damage or problems with the plumbing or electrical systems could have a marked effect on the final number.
Find comparable properties and compare their prices. One of the easiest ways to determine market value is to look at what similar properties in the neighborhood are selling for. When compiling this information, it's important to distinguish between asking price for a property and the final selling price. The selling price offers a more accurate number. By looking at the selling price, and comparing the age and condition of those properties to the one you are attempting to value, you should be able to get a reasonably accurate idea of the valuation.
Determine if your property has any unusual factors that might influence the price. Is the land the home is located on larger or smaller than the average lot size? Is it near a school or some other amenity that might influence the price?
Use a professional appraiser. If you are unable to determine a price, or are looking for a second opinion, there are professionally trained appraisers who specialize in manufactured homes. In fact, if you are planning to eventually sell your manufactured home, the bank or credit union will probably require that you get a professional evaluation.
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