Mobile homes are becoming more popular every day in South Carolina thanks to their affordability and flexibility. The most common question among homeowners is whether mobile homes appreciate in value. There’s a common misconception that mobile homes only depreciate in value after they are sold. But that’s only sometimes the case. According to FHFA, mobile homes appreciate value just like stick-build homes. Several factors determine the resale value of a home, such as condition, location, age, and the type of home. A new home in a good location will have a higher resale value than an older home in a suburban location. In this post, we’ll explore how mobile home appreciates value in South Carolina.
Let’s dive in.
Mobile Home’s Worth In South Carolina
South Carolina is an incredible option if you’re considering to move into a different state. It is a beautiful state with a cozy and welcoming atmosphere.
In South Carolina, the average price of a mobile home is $108,000, contrary to the price of a traditional home at $225,000. Even the resale value is quite good there. But it depends on various factors like size, structure, age, and further adjustments to the home.
Factors That Impact The Resale Value Of A Mobile Home
Several factors can influence the appreciation value of a mobile home in South Carolina. Here are some of the factors that determine the appreciation value of the home:
Age Of The Mobile Home
The age of your home plays a crucial role in determining the appreciation of your home. It could be the make-or-break factor. In contrast to traditional homes, mobile homes depreciate when they get too old.
Mobile homes are often considered personal property rather than real estate. So, the value depreciates over time unless it’s built on a permanent foundation.
Another factor is if the home was built before or after 1976. Homes built after 1976 followed the enhanced HUD guideline, making them better quality, so their resale value is significantly better than the homes built pre-1976.
Mobile Home Type
The type and design of your home play a crucial role in determining the appreciation value of your home. There are 3 types of mobile homes: single-wides, double-wides, and multi-wides. Usually, a single-wide home costs about $40,000 with a kitchen, a bathroom, 2 bedrooms, and a living room.
Double-wides go for around $75,000 for 3 bedrooms and 2 bathrooms. Multi-wide homes can have up to 5 bedrooms and 4 bathrooms.
Generally, the more space and amenities the home has, the more desirable it becomes to potential buyers. For that, double-wides and multi-wides tend to have a higher appreciation rate than single-wides.
The Location Of Your Mobile Home
Its location is a significant factor in dictating the appreciation of a mobile home. South Carolina is incredibly desirable, thanks to its good schools, good neighborhoods, low crime rate, and amenities. This contributes to a higher appreciation rate here.
However, homes in less desirable areas have a lower appreciation rate. Locations with a high danger of natural disasters like hurricanes and floods don’t value much either.
The Condition Of The House
The condition of the home is the most crucial factor in deciding the appreciation value of the home. Mobile homes that are adequately maintained and reasonably priced will attract more potential buyers and demand a higher price.
On the contrary, homes in poor condition need a lot of repairs, reducing the appreciation value of the home.
The Community In The Mobile Home Park
The community in which the home is located is a huge factor in determining the appreciation value of the home. Most mobile homes in South Carolina are in parks. Some of those parks offer amenities like community centers, swimming pools, and playgrounds. These increase the appreciation value of the home.
Safer and friendlier communities with good benefits make a home more desirable. Moreover, some communities or parks have conditions on homes that also affect the home’s value.
To Wrap It Up
Mobile homes in South Carolina in good condition, well-maintained, and located in desirable areas have good appreciation values.
If you’re moving to South Carolina and want an excellent appreciation value in the future, then this post will help you know what to look for.