Have you ever wondered “how much is my mobile home worth?” If so, you may be considering a trade-in program that will help you buy a brand new prefabricated home. Figuring out how to trade-in a manufactured home is one of the first steps.
How to find the NADA value of your home
NADA Value Report of a Mobile, Modular or Manufactured Home
To get an estimate of what your mobile, manufactured or modular home’s current value is, you can purchase a NADA value report at www.nadaguides.com. This report either costs $26 or $50, depending if you order a basic report or professional report. There are two ways you can order this report. You can go online to the NADA website and go to the Manufactured Homes Page, then click “Get a Used Value.” The other way to order this report is to print out the form from the same site listed and either fax, mail or email it in.
There are a few differences in what information is included in the basic version of the report and the professional version of the report. The basic version is limited to the most common manufactured home floor plans and features, and it is designed for the average consumer. The basic report only includes rectangular floor plans, so if you have a non-rectangular floor plan you would need to purchase the professional report to obtain a value estimate. You can use the professional version of the report to value two-story floor plans as well. The professional version also has a far more comprehensive list of additional features that can be used in estimating a manufactured home’s value.
NADA can give you an estimated value, or “book value,” for your manufactured home—similar to finding the book value of a car. What is the “book value” of a manufactured home you might ask? The book value of a manufactured home is a bit different than what most people would think. The “book value” for a manufactured, mobile or modular home is considered a depreciated replacement cost in retail dollars. In other words, the NADA value assigned to a home is the approximate cost to replace the home. NADA’s methodology for determining an estimated home cost also considers that factory-built homes don’t always depreciate. The values indicated on value reports generated by NADA are intended to be used as guidelines only. Before purchasing a value report, view a sample manufactured home value report to be sure you will get the information you need.
Get an Appraisal
If you would prefer a third-party opinion about the value of your manufactured home, look into hiring an appraiser to take a look at your home. When searching for an appraiser, you can contact a local real estate agent or simply search online to find qualified appraisers in your area. Before deciding on an appraiser, be sure to make sure they have experience in manufactured or modular home appraisals. Typically, manufactured home appraisers have taken a manufactured home appraisal course or have received a manufactured home appraisal certification and have a state appraiser license.
Once you have obtained a value report or received an appraisal, you’ll know the estimated value of your home if you are considering selling it. If you’re interested in buying a new manufactured home, visit your local Clayton home center to tour model homes and speak with a home consultant about trading in your current home!