We, here at The Mobile Home Dealer, constantly get asked by Sellers of mobile homes in the greater Sarasota Florida area if it is financially worth it to spend money in order to upgrade their mobile home.
The answer is, a resounding, it depends!
Let us explain.
Before we get involved in whether it is worth it or not worth it to spend money to upgrade your mobile home, we feel the best starting point is to have proper expectations of what you are looking to upgrade and what you hope to accomplish.
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.
If, on the other hand, you are looking to upgrade the AC unit, update the subflooring of the entire home, add a new roof, add brand new appliances, upgrade the plumbing or update the electrical then, yes, these items will certainly see a real-time return on your investment.
The reason why these items will help bring a higher sales price as opposed to the list above is that this list adds structural upgrades to the property that, many times, will have warranties that can be passed on along with years of trouble-free living with some of these major structural upgrades.
To further the example, let’s go ahead and say you spend a few thousand dollars painting the home, it looks great and it was professionally done but the new Buyer does not like the color and wants to change it. Here, the money that was spent to update the property is not a transferable item of value for the new owner and they will not be willing to pay for your personal color taste, regardless of how well it is done.
Now, let’s say you take that same amount of money and put on a brand-new roof for the mobile home. Let’s further state that this new roof has a transferable warranty that can be passed on to the new owner. Sure, this upgrade is not as “fun” as the new paint job but it will certainly bring value to you when you look to sell the home. The reason why is that this upgrade provides a structural component to the home that will bring the new owner years of trouble-free use since it comes with a new warranty.
The paint job?
Not so much.
Upgrading your home is one of the most fun parts of home ownership because you can always put your touch on the property to truly make it yours. However, with this excitement comes a word of caution as too many custom details to a property may not only not return any money in your pocket when you go to sell the mobile home but it also could deter any Buyers from wanting to buy your mobile home in the first place.
If you are buying an old mobile home and plan to upgrade and sell it, consider the following.
Buying a mobile home to upgrade and sell it can be a feat or great chaos. It all depends on how you take the feat of having to carry out a whole series of important works in the house before selling it. Like everything, it has its positive points but, also, a series of disadvantages that it is better to take into account before acquiring the property.
Why flipping a mobile home can be a bad idea?
The price is an important issue since it can play against whether the upgrade you made can make the mobile home’s value rise. It will not be worth buying a mobile home if it falls apart and you must invest large sums of money to upgrade it.
You have to take into account the human factor of the upgrade. Are you prepared to make an upgrade with the headaches and stress associated with it? You have to reflect long before venturing to make a reform with the level of stress that it supposes.
Some buyers distance themselves from newly-upgraded mobile homes because they know that the price of the newly-upgraded mobile home could be more expensive. People who are fond of DIYs, prefer buying mobile homes that needed some minor repairs because they know these could be cheaper and they can do the repair by themselves.
When looking at upgrading your mobile home, always weigh the options between using your renovation dollars on items that are personal in taste to those that are structural in nature.
The Mobile Home Dealer are licensed mobile home brokers in Sarasota Florida and the surrounding areas. We provide professional buy and/or sell assistance to our clients. If you have any questions, please contact us by clicking this link. You may also visit our Facebook Page and send us a message.
This is Mark Kaiser with The Mobile Home Dealer which helps mobile home Buyers and Sellers get to a better place in life.
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