Mobile home parks (MHP), also known as manufactured homes, are the right option for those who are looking for a temporary living. Your mobile home has provided you with top-notch comfort and luxury during all the seasons, but the time might have come to find a new owner for it.
Tips to sell your Mobile Home Parks
Today, the demand for mobile home parks is at its peak. Most property investors out there are looking to invest in a valuable source that can generate higher ROI. After all, MHP is the only affordable housing and non-subsidized option which actually increases as the economy tightens.
Mobile home parks are well-positioned to outperform the markets to hedge inflation for the foreseeable future.
So, if you are planning to sell your MHP quickly, you have landed in the right place. Here we will discuss some of the top tips that can help you sell your home quickly and get the best deal. So, let’s get started:
#1 Be Clear
First of all, you need to be clear about the purpose of selling your MHP. Selling an MHP is not an easy task, and you can expect a complicated process to come your way. To clearly define your goals, ask yourself the following questions:
- How selling your MHP can benefit your family?
- What do you want to achieve after selling your MHP?
- Is there anything that you owe on the property?
So, don’t get ahead of yourself. Answer these questions before you list your property for sale.
#2 Understand The Mobile Home Market
There are many factors to consider while selling your MHP – and one of them is understanding the market. Getting deeper insights into real estate can help you quote the best price for your property. Also, you will get to know the demand for MHP, both local and on a national scale.
The factors that will decide the value of your property include conditions like economic, social, political, and environmental.
Understanding these factors can make you confident and strategic when vetting the mobile home park buyer and selling your park. However, understanding the market can be challenging. This is where you should consult a professional who can help you understand the MHP market and use his experience and knowledge to shape your selling strategy.
#3 Enhance The Curb Appeal
No matter if you continue living in your property or want to sell it in the future, enhancing the curb appeal is always worth it. However, most MHP owners often invest in something that doesn’t add value to the property. A basic home improvement, such as improved signage, road sealing, cleaner roof, etc. can work. You will need to remove all the dead trees in your surroundings.
Also, decluttering your space is one of the best DIY methods to make your property clean and tidy. It is usually spotted in front of the house or on the lawn area. So, pay attention to it. Invest in something that adds value to your property and appeals to the potential buyer.
#4 Understand The Paperwork
As said earlier, the process of selling your MHP can be challenging. It can also become stressful at times. To ease your nerves, it is wise to understand all the paperwork required in the selling process.
If you are selling your MHP for the first time, it is wise to know it is not considered real property. The reason? It doesn’t have a permanent foundation. Mobile home titles are issued by the motor department of your state. When selling your home, you and your buyer will sign its title.
This is the core evidence of the sale of your personal property. If your MHP is considered your personal property, you need to provide this document to the buyer.
You also need to provide your buyer with your certificate of occupancy. Also, most states require MHP owners to pass fire safety inspections.
Just like any other property, MHPs are also taxed by states and municipalities. You also have to provide the buyer with evidence of paid state or municipal property taxes. Assembling all your ownership documentation before legally selling your mobile home can be a wise move.
So, it’s better to be prepared with the documents mentioned above to streamline the MHP selling process.
#5 List Your Property Like A Pro
As we live in a digital world, leveraging the power of the internet can work wonders for you. There are tons of property listing services online where you can put your property for sale to make it reach a wider audience.
Also, you can connect with the brokers in your state if you want to sell your property on time. They can help you connect with investors and potential buyers who are interested in buying your property.
#6 Pick The Best Season
You will be surprised to know that most buyers often look for MHP during the summer and spring seasons. So, it is wise to put your property on sale during these seasons to make it sell quickly. Also, during summer and spring, chances are more that you will get the best deal on your property. After all, the demand for MHP is more during these seasons.
#7 Reduce All Ongoing Expenses
Reducing your ongoing expenses doesn’t mean canceling your landscaping contract. You can’t put the burden of cutting grass on your tenants. Don’t expect your tenants to get the job done with the neighbors. However, a new buyer will penalize you for this.
Instead, cut down on your overpriced cable connection or OTT subscription. It can have a positive and dramatic effect on the pricing. These changes can let you focus on other aspects of your property that hold greater significance.
#8 Leverage Traditional Marketing Techniques
While we live in the modern world, leveraging traditional marketing methods is still worth it. However, it can be a little expensive, but it has the potential to generate better outcomes. Here are some of the traditional marketing techniques which you can embrace to sell your MHP quickly:
- Newspapers – Advertising in local newspapers can help your property reach a wider audience. Make sure to list your property in the “For Sale” section in the newspaper.
- Yard Signs – You can invest in the yard signs at your local home-improvement store. Use a 1-inch, chisel tip, and permanent black sharpie.
- Place A FSBO Sign – Make sure to add a “For Sale By Owner” sign on your windows. Also, don’t forget to add the valid number on the sign to make it easier for potential buyers to get in touch with you.
Traditional marketing is still worth it, you just need to leverage it in the right manner.
#9 Verify Buyer Has Funds
If you are selling your property for cash, make sure the buyer has enough funds to close the deal. It will also make the buyer serious about the buying process and won’t waste your time.
Selling your MHP can be challenging. But that shouldn’t stop you from selling your property. When you understand the selling process and seek professional help from experts, you can easily streamline your MHP selling process.
Also, while selling your mobile home park, make sure to have all the required documents with you.