What is Your Prefab Home Worth?

Whether you’ve decided it’s time to sell your home, or you’re just curious about the current value of your home, getting an estimate is important for any homeowner. There are tons of sites and programs that claim to be helpful in estimating the value of your home, but which ones can you really trust? If a new prefab home is next in your journey, then we want to help get you there! So, what’s the first step? Let’s look in to how to get your trade-in process started.

What is a NADA Report?

A NADA report can be used for many things, but for our sake we’re going to stick with its manufactured home properties report. To get an estimate on your prefab home, otherwise known as a manufactured home, you can purchase a value report.

The cost of this report varies depending on if you’re wanting a basic report or a professional report.

The basic version is limited to the most common prefab 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 may want to purchase the professional report to obtain a value estimate. You can also use the professional version of the report to value two-story floor plans as well. The professional version also offers a more comprehensive list of additional features that can be used in estimating the value of a home.

Which Estimate is Right for Me?

NADA can give you an estimated value, or “book value,” for your home—similar to finding the book value of a car. So, what is the “book value” of a home?

The book value of a prefab home is a bit different than what most people would think. It is considered a 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 method for determining the estimated home cost also considers that off-site built homes don’t always depreciate. The values indicated on value reports generated by NADA are intended to be used as guidelines only.

How Do I Get an Appraisal?

If you would prefer a third-party opinion about the value of your home, look into hiring an appraiser. 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 they are licensed in prefab home appraisals.

Once you have obtained a value report or received an appraisal, you’ll officially know the estimated value of your home! That’s right. You are one step closer to stepping foot into your dream home. Exciting, right? Now, what’s next?