In this crazy real estate market that we are all in right now many mobile home Sellers throughout the Sarasota area are looking to see how they too can reap the benefits of a hot Seller’s market.
Mobile homes on leased land throughout the Sarasota area are a unique asset class in that they are titled as motor vehicles in the state of Florida and not as real estate because the mobile home comes with a title and not a deed attached to the ownership of the property. As such, a mobile home sale is not required to be posted anywhere for anyone to see so it is awfully difficult to pull accurate sales comps for any mobile home that has been sold.
Traditionally, mobile homes on leased land do not benefit from the tremendous surge in price that single-family homes do, Similarly, they do not depreciate the same way a single-family home does when the real estate market goes through a slump as it did at the start of the Covid-19 pandemic that swept the nation throughout much of 2020.
The question is, how does one make more money on the sale of their mobile home if they are not able to see the appreciation of that of a single-family home?
What we have seen at The Mobile Home Dealer is in order to capture the most money out of your home you may want to consider selling the home fully furnished, right down to the kitchen table and chairs.
If you look to do this, it really won’t bring you more money at the closing table but it will bring you more money in the speed at which the home is sold.
Do I have you confused yet?!
Let me explain.
Preowned furniture that comes with the mobile home will not have any real value to it whatsoever. However, the speed at which a home is sold when it is fully furnished is much quicker than that of a totally empty home. One reason for this is that many mobile homes throughout Sarasota are bought as second homes or vacation homes for new owners. Here, these Buyers are looking for an affordable way to live their Florida dream without having to buy a new mobile home and look to spend several thousand dollars on top of that to furnish the property.
Why buying furniture and furnishing your mobile home can save you a lot of money?
Sounds weird right? No! Let me explain.
A fully-furnished mobile home can be sold in a few weeks while an empty mobile home can be sold in six months or even more. Yes, you heard it right so how can you save money?
Assuming you spent $3,000 on furniture and sold your mobile home in just 3 weeks, you avoid losing thousands. Why? If your mobile home is not sold within 6 months, this means that you continue to pay lot rent for every month that your mobile home is sitting there waiting to be bought.
Assuming the lot rent is $700 per month, for six months you will be paying a total of $4,200 without any assurance that your mobile home will attract any buyer. But what if your home sits longer? Every month you are going to lose $700 more.
Can a fully-furnished mobile home really sell fast? Based on our years of experience selling mobile homes, YES!
Remember that the majority of mobile home buyers in the Sarasota Florida area are from other states and buying furniture, or bringing one, is not really part of their plan. Of course, a fully-furnished home will sell faster than an unfurnished one if both are at almost the same price.
If you want to sell your mobile home fast and avoid paying monthly lot rent, consider our suggestion. If, however, you want to pay monthly lot rent and wait for a miracle to happen, then do not buy any furniture.
In addition, take note that buying furniture to fill the mobile home so the next owner can use it, is totally different from mobile home upgrades.
For example; if you are looking to paint the home a fun beachy color, change the over-flooring, add custom shelving or change out the bathroom fixtures these certainly can liven up the home. However these upgrades, although nice in nature, are based on the owner’s personal preference and do not upgrade the structural integrity of the mobile home itself.
Sure, these will make the home look newer or “beachy” but it does not mean that the upgrades you put in here will bring you any more money when you look to sell the home.
The reason why is that there is no tangible value that can be passed on to the next owner.
Most mobile home Buyers are looking for a turn-key property where they can buy the home, toss their keys on the counter, and get to the outdoor activities that they have been dreaming about!
No, going to the furniture store does not factor into this excitement.
When looking to sell your mobile home for the most money look to provide it fully furnished as we have seen the home will sell faster saving you several thousand dollars in possible lot rent payments. This additional income on the sale of your mobile home won’t exactly come to you in a cash payment but it will stay in your bank account which is all the more reason to consider selling your Sarasota mobile home fully furnished!
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.
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