Mobile homes are trendy nowadays, and it's the reason they are easy to relocate to a new place. Talking about the cost, they are quite reasonable and also easy to sell when you are shifting to another place. But do you know how much a mobile home cost? In this article, we will be discussing various factors that affect the cost of a mobile home. We will also be discussing how you can calculate the mobile home cost.
Factors Affecting Mobile Home Cost
There’s not a single factor affecting the cost of the mobile home. Multiple factors determine the mobile cost. Given below are a few factors which will affect the cost of the mobile home.
Size Of The Mobile Home
The most crucial factor influencing the cost of the mobile home is its size. With size, the cost of your mobile home will also vary. The more the size of the mobile home, the more will be its value. The value is based on the square foot and the number of rooms your house is having. There are three types of houses, or you can say mobile homes can be categorized into three sizes- single wide, double wide, and triple wide.
Single Wide
This is the smallest size of the mobile home. The size of such a house ranges between 600 to 1300 square feet. These houses are popular opinions for couples or single person. This is the reason, they have around four rooms and not more than. They are small in size and cannot accompany more people. These types of mobile homes can have one or two bedrooms, a kitchen, and a bathroom. The cost of such houses will be quite lesser when compared to other sizes. In general, the average cost of these houses is $50,000.
Double Wide
Double wide is the intermediate size of the mobile home. They are larger when compared to the single wide mobile home. They are around 2000 to 2500 square feet in area. Because of being bigger, their price will be much higher. They cost between $70,000 to $80,000.
Triple Wide
There isn’t a specific size of this category of houses. The average size of these types of houses is 4000 square feet. The size of these houses is double the size of a double-wide home. Similar to their sizes, the price of the house will also be double the price of double wide houses. Their average price for the triple wide house is $100,000.
Age Of The House
The age of the house is another important factor affecting the age of the house. As per the facts, a mobile home is considered livable for around 55 years. The value of the mobile home can depreciate over time. A small depreciation in the value of the mobile home is inevitable. However, there are various measures one can take to prevent the depreciation in the value of the house. Upgrades now and then, appreciation of the land or the increasing property value can cut the depreciating factors of your home.
Also, the modern your house looks, the more will be its value. One has to change with time, and so does one belonging. You will have to do upgrades over time, such as property upgrades, appliances upgrades, furniture upgrades, and many such. If you try making your home look more modern, rather than looking outdated, then you will probably get higher value for your home.
Exterior Appearance Of Your Home
The exterior appearance of your home will also affect the cost of your home. The more attractive your house looks, the more will be its value. You will have to work on the exterior if you want the value of your house to increase. The initial impression laid by the house impacts its value directly. One must work on the roof, walls, and level of the house. Even minor upgrades in these things can affect the complete exterior appearance of your home. Try doing some additions to your house over time. Like you can add beautiful door frames, window frames, chimney, or something like that. Even these small additions to the house will affect the value of your house.
Interior Of The Home
Not only your house should look appealing from the outside, but inside as well. The first and foremost thing that you will have to work on is the kitchen of the home. The kitchen is the heart of the home, and people nowadays demand a modern kitchen. Not only the kitchen, but you should focus on having a modern bathroom, living room, and other rooms as well. Also workaround the appliances you are using. For instance, if you are having a smart home, then it will be valued higher. A smart home involves using smart lights, fans, and all the appliances such as a clock, television, washing machine, even windows that can be controlled with your phone and also with your voice.
Area
Developing areas when compared to developed areas will cost less. If you are having your mobile home in a developing area, then the cost will be lesser compared to the completely developed area. The area is considered one of the most important factors affecting the value of your home.
Financing Of The Mobile Home
Another factor affecting the mobile home cost is the financing options available. There are various types of financing options available for mobile homes such as FHA loans, USDA loans, VA loans, and Chattel loans.
FHA Loans
With this type of loan, you will get a loan for the development of the house through the federal housing administration. FHA loans are not much risk, as the government will be covering your debts, but you will still have to secure outside financing. To get FHA loans, you must have land of your own, where the development of the home will take place.
USDA loans
For a permanent foundation, that requires financing both the land and the home, then you can go for a USDA loan. To get the loan, you must first fall into the eligibility criteria.
VA loan
This type of loan is only applicable to people who were former members of the military, and have prior served in any kind of military service. The loan works the same as an FHA loan, but the only difference is, the loan is limited to people who have served in the military. With VA loans you will be able to finance around 95 % of the value of your home, and also the land.
Chattel Loans
This type of loan is the most popular loan you can go for when deciding to finance your home. This type of loan has high interest, you can easily apply for them.
Final Words
These were some factors affecting the mobile home coast. Factors such as home loans, easy down-payment, modular home, manufactured home, housing and urban development directly impacts the mobile home cost. Homeowners must take care of the appraisal of their house value. You as a homeowner will have to take care of everything such as home loan, refinancing, conventional loans, rate mortgage, high and low interest rate, mortgage loan, mortgage insurance, loan amount.