Selling a Mobile Home Park is complex and comes with various challenges. Evaluating your home’s market price is another task at hand for any seller. Selling a mobile home built in a park site comes with a lot of legal formalities involved. But despite that, mobile home parks have a high demand. This is due to the fact that these are budget friendly and modern.
Finding a mobile home park buyer yourself needs more attention than through a third party. In this article, we will go through all the needed steps to limit the risk involved in selling your mobile home park; read along to know more about the same.
1. Understanding Your Target Market
One of the reasons why mobile homes are a much more affordable option is because they are manufactured homes, unlike stick-built homes. This makes your home a great choice for buyers on a strict budget. However, due to the storage of materials issue, the prices of these homes also seem to be on the rise, which is a piece of good news for sellers.
The price of these homes depends on several factors, and one major factor is the location. Another important factor to keep in mind is the kind of buyers that will be approaching you in that location.
2. Repairing The Mobile Home Park
Bringing your home to the best possible state, so it makes a good impression on presentation is a must. The final deal on your mobile park home would always be made after visiting it in person. So make sure you do the basic to much-needed repairing before putting it up for sale.
3. Beautification, And Other Additions
After finishing the repair work, there is still a lot that you can do to increase the value of your mobile home park. Consider installing a quality deck, sunrooms or even a porch. Mobile homes look boxed up in a general sense, and the addition of a nice porch can make it look beautiful.
On the insides, you can consider getting some good furnishings done along with crockeries that look subtle and modern. Whatever might be on your mind, make sure to follow the local aesthetic of the location and surroundings of the mobile home park.
4. Listing On Various Platforms On The Internet
The more you list your mobile home park, the more attention it will get. You must list on many online platforms if you want to sell it privately. The first thing any buyer would do at the thought of purchasing a property is to search online. Another great tip is to list it as furnished to attract more site visits by potential buyers. Make sure you list on verified and safe portals only.
5. Expanding Target Buyers
You can at all times expand the pool of buyers you are targeting by providing them with various options to fund this purchase. Purchasing a home is not an easy thing for anyone and managing the financials at that time is also a task.
Why not provide your buyers with flexible and several financing options? There are distinct kinds of loans that can be opted for different properties, so do your research well.
6. Inspection Of Your Mobile Home Park
You can get a detailed home inspection done of your mobile home park professionally. This step will help you be sure of the price, required maintenance, area trends, and more of your mobile home.
Many more faults as issues with plumbing, termite problems, etc., can come to light by following this step. There is a misconception that mobile homes cannot have termite problems, but that is not true.
7. Submetering
This step can be one of your priorities and is preferable to be done before listing your mobile home park for sale. Residents do not like to spend on bills for amenities that they are not using.
So, if your mobile home park has separate meters for individual readings, it is a plus on the good side. Water and sewer are one of the heftiest living costs, and if you have taken care of that, your mobile home park will sell off effortlessly.
8. Look Around
Give a good look all around your mobile home park. See if there are any potholes, gardening damages, hanging wires, and more. Get the repair work done, and you will notice that the place has a new look.
You must also give a good look at the paving around homes. Keeping a check on little things can fetch you high prices. Properties that please the eyes can are quickly sold compared to unmaintained ones.
9. Documentation Ready
Keeping all the original documents handy but safe with you during the selling procedure can be very beneficial. If the deal seems half done, and you are unaware of some of your property document’s location, it gives a negative impression.
For safety reasons, you must know where all original documents are. You must be aware of the taxes on your land so that handing over the titles and possession becomes a secure and smooth process.
10. Know The Other Party Well
The last but vital step to limit risk in selling your mobile home park on your own is getting a background check done on the final or potential buyers. Whether professionally and in-depth or in a general manner, this can help you make a secure, safe and legal transaction.
You wouldn’t constantly be scared of whether to trust the other party or not. Check their documents, funding papers, and everything you feel is necessary. Hesitation in such matters can sometimes lead to irreversible damage in the long run.
Conclusion
Even though there are many things to be kept in mind while selling a mobile home park privately, there are benefits attached. You get saved from the middle costs of brokers and agencies and learn so much in the real estate sector. Thus, make your decisions wisely when it comes to selling your mobile home park.