When you begin living in your mobile home park, you will feel cozy and happy to lead a modest lifestyle. It is a retreat for all seasons, and the best part is that they never go out of style. So, if you have had your thing and want to pass it on to others, you should follow some steps.
You can have whatever reason to pass on such an asset to other people, but you can sell your mobile home park at a profitable figure with the following steps:
● Spot The Difference Between Personal And Real Property For Sale
Some people consider mobile homes as their possession. They are identified as chattels in the legal term. However, others consider this as real property and treat it accordingly. The sale of the mobile home park depends on how the owner sees it.
Now, if you cannot decide your side, you should know the difference between these properties.
It falls into the category of real property when you own the immovable part of the house, which means the base or the land on which it is situated. So basically, in such a case, the mobile home park needs a foundation. Even if some house is close to having a foundation, they will fall into this category.
However, if the mobile home park is not fitting this criterion, it will automatically fall into the personal category. Hence, this such a situation, it will be considered a movable asset.
In the latter case, the title is transferred to the new owner. The transaction is similar to selling any other possession, like your car. However, in such a case, if you own the land, the situation will be different. So, it would help to decide how you want to go about it.
● Preparing And Pre-Listing The Home For A Sale
A recommendation is to get a pre-listing appraisal for your property before you get it listed for sale. It is another step towards preparing your property for sale, which will also help calculate that home’s value. An appraiser examines the area of your home, its topography, and other factors. You can obtain the certificate showcasing that the home has met all the legal housing requirements like ductwork and others like HVAC, plumbing, electrical works, and drainage systems.
When you have such documentation in the right place, you will save time later on, and you don’t have to run from here and there after the sale date is approaching. You should always cater to maintenance issues and hire professionals for an inspection. They can help spot the red flags and fix issues like faulty wiring, termites, and potential plumbing leaks.
There are many myths related to the maintenance of mobile home parks. One of them is that there is no chance that such homes can have termites. These homes are prone to termites, so you should take precautions beforehand.
● Get In Touch With Experienced Selling Professionals
Indeed, selling your mobile home park won’t be an easy task. But you can contact professionals who can help you and reduce your pressure. The experienced professionals can help you navigate potential issues while trading, like disclosures, contract negotiations, upgrading tips and techniques, housing improvement requirements, etc.
Also, amid all these things, you should pay attention to marketing strategies. You cannot close the details until people do not know your intention to sell your possession. It will help if you contact someone with a track record of selling such homes.
● Explore The Financial Options That You Can Offer
All the mobile home parks that fall into the category of real property can be financed by government-insured and conventional forms of loans. However, if your home falls into the personal property category, other loans, like chattel loans, can come into the picture. Also, in such a case, the owners can consider opening other options they deem fit.
● Market-Based Property Pricing And Buyer Demographics
You should know that a manufactured home costs a price that is less than half per square foot, which is offered by a stick-built home. Hence, it is affordable for many buyers looking for a lavish yet in-budget option.
As a seller, the good news for you is that there is a low inventory in the housing market, which adds to the market price of such properties. According to the US Census Bureau, in 2020, the average price of a manufactured home increased to USD 87,000.
However, such properties’ pricing depends on more than a handful of factors. The primary factor is the location, while others are making a difference, like the marketing, facilities, market, climate, etc.
Did you know that out of the total, the top eight cities in the US have emerged as the most popular locations for mobile homes? So, location is more than just a consideration in buying and selling these homes. Also, you should ensure that you understand your buyer pool which will play a major role in developing your marketing strategy, followed by the buying and selling decisions.
● Consider Adding Some Features
Let’s take two situations to understand this one. On the one hand, you have a simple house with a basic build and structure; on the other hand, there is a nice deck, porches, and a modern building. The latter will have an advantage as it will add more aesthetic value to the look of that home.
The latter removes the box-like look of your home and adds to its attractiveness. Also, you can focus on adding other features like energy-saving appliances, hardwood cabinetry, new lighting fixtures, panel doors, energy-efficient roofs, doors, windows, and others.
Not all these things need to be added. You can see what your budget allows and decide accordingly.
These tips can help you you can help your home to get the right buyer within no time. Also, it would be best if you focused on the seasonal buyers so that you can make better gigs. When you plan to sell your home, you should be prepared for various pros and cons; with these tips, you can better prepare for the same.