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Are you handy and looking for a side project you can make a profit on? Or are you considering selling your current mobile home? Flipping or reselling a mobile home can be a profitable project within today’s current housing market. So whether you intend to sell your existing manufactured home or are looking to take part in a promising project, flipping a mobile home could be something of interest.
With popular shows such as Mobile Home Disaster, and Fixer Upper, flipping a home for profit has become increasingly popular. Flipping is the act of buying a property with the sole intention of making updates and selling it at a profit. But, as with every investment, flipping can be a gamble. Flipping is a ‘make or break you’ kind of project. It can provide you with a nice net of profit if done correctly. To help you avoid the home improvement projects that may not pay off, we have gathered below the most important upgrades, including appeal, functionality, energy efficiency, and value of the property to resell or flip your mobile home.
Flipping A Mobile Home and Real Estate Market Trends
Mobile homes are a very affordable form of housing, making flipping them a little more complicated than flipping a traditional house. The price per square footage in a manufactured home can cost about half of a conventional home. This can skew the profit margins for those who are inexperienced.
As with flipping any housing property, there is a fine line between updating the structure and not outpricing the real estate market. Therefore, knowing the area’s real estate market analysis is an absolute necessity when considering a mobile home flipping project. For more information on determining an area’s real estate market, read this article from Mashvisor.
Not only should the local real estate market be taken into consideration, but what work needs completing. If you want to receive a good profit from the mobile home, increasing the property value for sale and the home’s overall aesthetic for potential buyers is essential.
Return on Investment
The area’s housing market trends are just as essential to understanding as to the return on investment to prevent wasting money. An older mobile home is less likely to make financial sense when remodeling or adding upgrades. You may end up with a high cost from hiring professionals or making repairs than on the property’s resale. Renovations for the mobile home will need to be less than the overall cost for construction to result in a profit. You may want to get some advice from professionals or friends that are DIY experts in remodeling to better understand the cost for the remodeling before investing in the mobile home.
Start by examining the overall quality of the mobile home. The lifespan may be shorter than what you originally anticipated. Some mobile homes begin to deteriorate within an average of a decade. Inspecting the house for existing damages from previous homeowners can help determine what renovations will need completing. The labor and the cost of materials need to be calculated to retain enough equity in the home.
For homes that are just in need of a cosmetic makeover, updating the major surfaces of the manufactured home is always an excellent method of returning on investment: significant interior and exterior surfaces, including walls, ceiling, landscaping, and energy-efficient insulation. We will cover the essential cosmetic remodeling upgrades you can make to your manufactured home to increase the home’s overall value.
Interior Updates
The interior of your home is just as important as the exterior. You will want the home’s interior to reflect the current aesthetic of the housing market within that area. For example, is the home surrounded by homes with a contemporary or modern design? Beach themes? Rustic? Having a comprehensive understanding of the neighborhood composition will provide insight into what home buyers are looking for in that area.
Considering Less Expensive Upgrades
Some relatively inexpensive upgrades to the home can drastically improve the overall value. For example, refreshing the interior with a new coat of paint or updating flooring can help update the overall appearance.
When considering paints stick to neutral colors rather than bold or loud. Neutral colors can help to make the home feel warm and inviting. If color is vital to the community’s aesthetic, rely on pops of color through furniture or accessories within the house.
Flooring is an essential upgrade for flipping a mobile home. Would you want to purchase a home with old dirty carpeting or stained hardwood floors from the previous owners? Of course not! Be prepared to spend time and money placing in new flooring. Having the same flooring throughout the home can make the home appear larger, especially for mobile homes. Some homebuyers prefer carpeting in the bedrooms, where some favor a more seamless transition from room to room. The neighborhood aesthetic can help you determine the right style, color, and materials for the home.
Bathroom and Kitchen Upgrades
With older mobile homes, bathroom and kitchen updates should be included in your budget list. By replacing light fixtures, and cabinets the appearance of these rooms can significantly improve. Not every bathroom or kitchen needs upgrades. Replace only what is required. Remember, the area of profit decreases the more costly upgrades you make.
The Small Details Can Make the Difference
It is all in the details. Don’t skimp on vent covers, light switches, outlet covers, and cabinet hardware. This is a cheap and straightforward replacement that not many consider essential with flipping. People notice these things. Several small details work together to impact the space. A fresh coat of paint sitting next to a discolored, yellowed outlet cover stands out. Replace covers and hardware that are damaged, dirty, or discolored.
Energy-Efficient Door and Window Upgrades
One thing to consider is installing energy-efficient upgrades to the manufactured home. Energy-efficient upgrades can immediately increase the value of a mobile home and provide the long-term value of utility cost savings for the future homeowner. Improvements such as replacing the home’s old windows and doors with new energy-efficient products can reduce air drafts, allowing a more consistent temperature within the home.
Exterior Updates
The exterior of the home is the first impression possible homeowners receive. Therefore, it is essential to ensure the outside is just as welcoming as the interior. Landscaping, replacing old skirting or siding, and insulation can increase its roadside appeal.
Landscaping
New landscaping can provide the home with additional value. Privacy fencing has a great return on investment. Building a deck or patio can increase the overall value of the home by 75% recoup average. Placing well-kept trees, bushes, or flowers around the skirting of the house can also provide future homeowners with the impression the home is cared for. In addition, landscaping can also provide the home with shading to assist with cooling the interior of the house during hot months.
Replace Old Skirting and Siding
New skirting and siding can dramatically enhance the exterior of your manufactured home while lowering the heating and cooling costs for potential buyers. If the home skirting is in bad shape, replacing it with insulated skirting should be considered. Insulated skirting can control the temperature under the manufactured home much better than regular skirting by eliminating updrafts, reducing moisture-related issues, and preventing pipes from freezing in the winter. However, if the additional cost is not considered in your original estimate, just replacing the beat-up skirting with decorative skirting that matches the home’s overall look can significantly improve the exterior appearance.
Add Insulation
Insulation is not something to be considered if the home is new. Newly factory-built homes must comply with the latest insulation standards established by the HUD Code. Adding insulation to the walls, underbelly, and roof cavity can increase the resale value if the mobile home is older. After installing insulation, it is critical to check it periodically for gaps, cracks, and any other damage that could lower the importance of this upgrade. If you are not comfortable performing this upgrade yourself, it is best to consult a professional.
Use This Calculator
If you decide what upgrades the mobile home will need to resell or flip, the first thing you will need to do is figure out the potential return on investment. A detailed house flipping calculator can be beneficial when determining the overall profit region of your project. However, if you would instead do the calculations manually, that is also an option. The important thing is to formulate a reliable estimate of how much money you could potentially make before investing in the mobile home.
Summary
With an increase in the housing market and a rise in flipping homes for profit, this weekend project could interest you. Regardless of why you are interested in flipping. Choosing the right upgrades to boost the value of the manufactured home is essential. Flipping is a ‘make or break you’ kind of project, but it can provide you with a nice net of profit if done correctly. We hope these tips and tricks for the essential upgrades for your mobile home help with your new project. Let us know if you need any help finding the parts you need to complete your project!
Tags: flipping a mobile home, mobile home, mobile home diy, mobile home repair
