Mobile home question?

i have a 1998 doublewide mobile home 28x54 southridge it is on 1 acre of land i would like to sell this but it is currently not valued at what i owe. i would like to know what improvements or remodeling i can do to it to increase the value of it. the current payoff is 56000.00 so i need to make it worth that. what improvements can anyone suggest.

Mobile home question?
I've been there!! You don't say where it is (state, county or city etc.). In a time with real estate being so suppressed, it is likely the land is worth more than the mobile home. No matter what you do to it, it is still a mobile home. I'm sorry, but you will either have to just ride it out to pay off, default, and let the mortguage company forclose, or sell it at a loss.
Reply:you dont say how short you are in value. if a few thousand dollars then yes some updating would improve its value. if tens of thousands well then you might be stuck. see if you can divide the lot into two then maybe you can sell both parcels for that much
Reply:You might want to talk to a Realtor specializing in mobile homes and ask for their suggestions. You didn't mention the appraised value vs the mortgage owed. if the difference is substantial ($20,000+), unless the existing conditions warrant it, investing another $5,000 for cosmetics/updates probably will have little if any results. You may also talk with your bank and ask if there are any hardship programs available if your having a problem making the mortgage payments. this may include a refinance or extended payoff.
Reply:Not knowing anything about the county, or the market for mobiles there, I have some thoughts.





Living in one now, and having owned others, I want to agree in part with answer 1. First of all the value for you is in the land, not strictly the mobile, No offense meant.





You state it isn't VALUED at what you owe, which isn't at all uncommon, it is after all a 10 year old "Vehicle" I have no idea how long you've owned it, but have to believe as a buyer, a major part of the value to you was the land. I'd want to KNOW exactly what the tax assessed value is, or was last time you paid taxes, and registration/tag fees.





Also not knowing at all, the condition of the mobile, or the land I suggest NOT putting huge $$$ into either. As one answer alludes to, CURB APPEAL and cosmetics may help, but it is a mobile. To make major improvements or upgrades will never get you, your money back.





Part of the problem is getting financing for mobiles, especially now, with the Real Estate market in a slump, and the fact that it's an election year, and that we are approaching a recession, all contribute.





Certainly you can start small, such as upgrading 10 year old fixtures like sinks etc., Lighting fixtures, carpet, wall color or paneling, door knobs, cabinet handles, making cosmetic, practical improvements to the property, adding or offering in the sale, some small appliances, NEW, or furnishings, etc..





You're obviously "Upside down" in the mobile, but to spend thousands won't get you the 56 K. Whatever your choices in upgrades and improvements you should probably consider them sales points, but not profit increases.





Certainly when it's advertised, be creative, but honest. Play up the 1 acre, no neighbors within earshot, the value of the land, any improvements, even Freshly Painted. Shopping close, JOBS, recreation close, schools, etc. etc. State what the taxes are and adv. that as LOW. Consider Homeowners insurance even checking to help any prospective buyer know they can get Ins. without problems.





Other things such as Plumbing and electric will be things to check and possibly upgrade, NEW washer/dryer, New or repaired Decking, Screenrooms etc. Add a storage building, Pave the drive, even with gravel, create plant beds, Carport or garage, ROOF substance and condition??? The CURB appeal will be the initial HOOK, if anyone is interested.





Having no idea at all what your budget is, if you happened to spend 4K, bringing you up to 60K, you might consider you'll take a loss no matter, but at least be more able to sell, than advertising it AS IS.





Can you afford to RENT it? Hold the mortgage? Offer a Low down?





Steven Wolf


Just my two "sense"
Reply:It isn't clear whether you are talking about selling the mobile only or the land as well. You can't do a lot about the value of the land, usually. You also don't say how much the place is currently valued at, so we have no idea how much added value you're looking for. Whether you really get your money back when you do improvements depends on what you do, and how you do it. A major improvement such as a new kitchen will certainly get you a higher selling price, but it's unlikely to get you back more than you spent on it. It's like a car; if you have a $2,000 car and get $1,000 worth of repairs done on it, it doesn't mean you now have a $3,000 car, you probably have a $2400 car. If you do the work yourself, then you will effectively pay yourself for your labour when you sell. Think about projects low in materials costs but with your own labour used, such as painting. Clean and tidy the heck out of house and yard, that always helps and could be worth a 1000 or 2 at selling time, depending.





Kind of wish we had your real estate prices where I live. I've got an 18-year old mobile on 3 acres, it cost $250,000 almost 2 years ago and has gone up since which is nice but I'd rather have paid less to start with.
Reply:land scap curb appeal . focus on the Kitchen ,if the new buyer the wife doe not like the kitchen or the master bed room and bath, they won't buy no matter what the price is.


remember a fresh coat of paint on all walls is a pluss. No wild colors just a clean look , a pallate for the new owners to work with
Reply:Steven has given a very good synopsis of the situation.


Personally, I have always been against purchasing a pre-manufactured or Mobile home because of it's continual depreciation. It's like buying an expensive car. You can never re sell it for what you have invested. As a matter of fact, here in Georgia, a problem with disposing of unwanted mobil homes is developing. No one knows what to do with them.





Basically, it's like paying rent. If you are not concerned about building equity, that's your choice.





But, that's not solving your problem. My advise to you is to sell it for whatever you can, take that money and run! I hope you will learn from the lesson and buy a nice stick built home that builds equity.
Reply:I agree with Steven. Any money you stick in the property will get you very little in return. I would make it as attractive as possible. Plant some flowers and clean the place up real nice. Talk to a few successful real estate companies in your area who handle mobile homes. See what they have to say. Tell them what you need to get out from under it and go from there. Good luck.