Owning a mobile home is a great alternative for anyone who doesn’t have access to enough money to put a down payment on a traditional home. With the current housing market, home ownership remains nothing but a dream for many Canadian. Plus, a mobile home that is located in a trailer park may lose value over time. But did you know that a mobile home located on a plot of land instead can increase in value? There are a few upgrades you can make to your mobile home that can actually increase its value. Read on to find out what you can do to make sure you invest in your mobile home the right way so it can increase in value over time.
Is a Mobile Home a Good Investment?
A mobile home can be a good investment for many Canadians if it purchased and placed on a plot of land. It looks like a more permanent structure and can increase in value over time, much like a traditional home. In this scenario, yes, a mobile home can be a good investment. If the mobile home will be placed in a mobile home lot, it is more likely to depreciate over time. This not only makes it a poor investment, but also means you shouldn’t invest in upgrades.
With a mobile home on land, you can see appreciation over time so upgrading things every now and then can be a good thing and can make your investment grow slowly over time. Of course, a mobile home as an investment will also depend on how much money you have to borrow and how soon you can pay it off. If you aren’t sure how that works, you can meet with an expert at BHM Financial to find out what types of mobile home loans we offer and how our flexible repayment plans work. Even if you have bad credit, we can still lend you the money you need to grow this investment.
To really ensure your mobile home grows in value over time, you can and should upkeep it. This can include making repairs, upgrading materials, and modernizing the style. You don’t need to invest in quartz countertops and hardwood cabinetry, but you should definitely consider choosing materials that clean, new, and presentable so your mobile home can be desirable to a future buyer. Small, regular maintenance of your mobile home will be easier on your pockets and can help you build some real equity in your home over time.
Make the Right Renovations to Your Mobile Home
To make sure you get your money back – and then some – with your mobile home investment, choose upgrades or renos that fit. If you keep to a cheap price point, your home won’t increase by much. If you overdo your modifications, you may not find a buyer who can afford to take it off your hands when you’re ready to sell.
Try to focus on upgrades that are functional, practical, and come in at a moderate price point. Here are some upgrade options than may help increase the value of your mobile home.
1. Invest in Energy-Efficient Technology
A commonly known disadvantage of mobile homes is their lack of energy-efficiency. This can make for higher utility bills, which doesn’t suit many mobile home owners. If your home is more energy-efficient, it will attract way more buyers. Plus, it’s a great way to minimize your own carbon footprint. There are a few ways of adding energy efficiency to your mobile home. You can start by adding solar panels to the roof to help power your home and reduce electrical bills. This will save you money in the long-run and increase the value of your home.
You can also invest in energy-efficient shades that will help keep warm air out in summer and in during the winter. If you are in need of new appliances, choose energy—efficient models to help keep utility costs down, as well.
2. Increase Curb Appeal
Take the time to beautify the outside of your mobile home. This can include investing in a deck to use as stairs, and planting lovely bushes and flowers around the base of the home. This will cover up that that home is elevated off the ground and make it look much more like a permanent, traditional home instead. Investing in the outside landscaping may be an ongoing project that you continue to improve year after year. Beautiful landscaping requires work and regular maintenance. But if you’re ready to put in the work, it will help you increase the value of your investment.
3. Replace the Flooring
The flooring and subflooring of a mobile home is usually done on the cheap by the manufacturer. This type of flooring can be prone to water damage and isn’t known for its longevity. If you upgrade the flooring and subflooring to a sturdier floating wood option, you will increase the value of your mobile home significantly. In fact, you will instantly see more interest in your mobile home from potential buyers when you mention you have renovated and improved the flooring materials with a sturdier and more reliable product.
You don’t need to invest in expensive tiles or the highest quality wood either. You simply need to find good, affordable flooring that can make your mobile home safer and stronger. This is a selling point that many buyers will love, increasing the value of your mobile home.
4. Upgrade to Vinyl Siding
If you don’t have vinyl siding or id your vinyl siding is damaged, be sure to repair it. Vinyl siding can add curb appeal to your mobile home, but it also increases the value of the home since it is durable and reliable. Upgrading to vinyl siding is a great way to maintain the look of your mobile home and also helps to make it more secure. Upgrades like this can be relatively cost-efficient, especially when you consider the long-term benefit of increased value to your mobile home.
5. Repair the Roof
If the roof the manufactured home came with is not very sturdy or is damaged, replace it. Placing sturdy shingles to cover up the roof of the mobile home will certainly add more value to your home. It also serves to maintain your mobile home by preventing damage caused by poor weather and heavy rainfall. A proper roof can save you from some major water damage over the years. It’s wise to invest now in a strong roof than to get stuck with loads of repairs a few years down the line. When the time comes for you to sell your mobile home, the proper maintenance and high-quality roofing materials will add to the value of your investment significantly.
6. Remodel the Kitchen Wisely
Remodelling the kitchen is a tricky renovation project for a mobile home. You want it to look great but you can’t over invest. Otherwise, you won’t get the money back when you sell. Instead of focusing your efforts on a fancy or expensive kitchen, focus on a well-organized kitchen. Small spaces can be tough to manage and get cluttered very easily. To make your kitchen renovation project increase the value of your mobile home, make sure it is functional and has adequate storage. Look for double duty items that can save space and serve more than one purpose. The functionality of the tiny kitchen space will outweigh the cost of the materials.
7. Add More Insulation
Mobile homes tend to arrive manufactured with minimal insulation. If you live in a very cold climate, the insulation provided likely won’t be sufficient. By adding some more insultation to the mobile home, you will minimize energy costs. It will be much more cost-effective to heat the home if it comes with more insulation that can help preserve heat. During the coldest months of the year, energy bills can skyrocket. Investing in proper insulation can make a tremendous difference and add instant value to your mobile home.
8. Make it a Smart Home
Consider adding smart home devices like Alexa. This a cost-effective way to modernize your mobile home and make it more convenient for potential buyers. You can invest in smart plugs, smart thermostats, smart blinds, and smart lighting. Smart home devices use voice-activation technology to make controlling electronics in your home a breeze. This modern addition to your mobile home will instantly add value to it and it doesn’t cost too much to do. The goal with a mobile home is to choose upgrades that add maximum value for minimal cost.
9. Refresh the Skirting Around Your Mobile Home
The skirting around your mobile home can be upgraded to a material like vinyl, aluminum, or steel. This can conceal the concrete slabs the home stands on and make the home look like more of a permanent fixture. The advantage to this is that sturdier skirting can also add insulation to the home. This double-duty upgrade is a budget-friendly way to invest in your mobile home and increase its value significantly.
10. Invest in Quality Window Treatments
Consider shopping around for new blinds or shades. They can add a layer of elegance to the home and are also very practical. You can try solar shades or energy efficient shades to minimize energy costs. Or you can opt for motorized blinds that can help add to the smart home devices you add. Quality window treatments look good and make the home look much sleeker and chicer.
Why Invest in a Mobile Home?
If you want your mobile home to increase in value, it’s highly recommended that you invest in upkeeping and upgrading it as necessary. If you do, you’ll successfully increase the value of your mobile home over time. If your mobile home increases in home, it is no longer just a place to live. It is also investment, much like a standard home. Many people don’t realize how small changes can make such a big difference when it comes to value of their mobile home.
The key to maximizing your mobile homes is to maintain it over time so it never costs you a small fortune to fix. Regular maintenance will lengthen the life of your mobile homes and make it more affordable for you to upkeep over time. Making small changes can add big value to your home if you go about making those changes wisely.
What Not to Do When Upgrading Your Mobile Home
When upgrading your mobile homes, be sure you have a good understanding of what potential buyers would want. Your mobile home can only increase in value if you add value the housing market wants. Here’s a list of what not to do when it comes to increasing the value of your mobile home:
1. Do Not Over-Invest
Putting in the highest-end appliances and finishings will not bring you a huge return. The buyer of a mobile home is not likely to overspend for these things. Instead, stick to a good value item that is durable but not overly expensive.
2. Do Not Choose Big Pieces
Investing in large appliances of furniture isn’t always the best choice. Big pieces can make the mobile homes look smaller. Instead, invest in items that are functional and appropriately-sized for the space.
3. Do Not Skimp
You may think you can get away with it but putting in lesser quality items to save on costs will not add much value to your mobile homes. Avoid high-end picks, but avoid low end picks, too. Instead, opt for something in the middle. Mobile homes buyers will want the most bang for their buck.
4. Do Not Ignore Real Problems
While it is great to add to the curb appeal of your mobile homes, you can’t do it at the expense of very important repairs. If you find out there is major structural damage to your mobile homes, invest in that before you invest in anything else.
5. Do Not Wait Until It’s Too Late
To make the upkeep easier on your mobile homes – and your wallet – don’t wait to make much-needed repairs. If you wait until things are falling apart, it will cost you much more money and, in some cases, repairs may not save your home.
How Do I Fund My Mobile Homes Upkeep?
To upgrade your mobile homes, you’ll need some quick cash. Meet with a financial expert at BHM Financial to find out how we can give you the loan you need to maintain or upgrade your mobile homes today. Considering that you are turning your mobile homes into an investment, borrowing the funds is worth it. If you have bad credit, don’t sweat it. We can offer bad credit loans and even get you your cash within a single business day.
Meet with one of our experts today to find out how we can help finance your investment and help you build your wealth. Plus, we can help you repair your bad credit. Our financial experts will help you create a repayment plan that is flexible and that meets your needs. This way, you can actually afford to make your payments. Each time you make your payment on time, your credit score increases. Over time, paying off your investment debt will help rebuild your credit while you build your wealth.
Not sure which loan product is right for you? We offer loans specifically for mobile homes, but we also offer other loan products that may work better for you. Even if you have bad credit and no collateral, we can help you make your financial dreams a reality. Call us today to see what each of our loans products are all about and which ones are the absolute best for you.
Why BHM Financial?
If you have bad credit, not many institutions will loan you anything. But we can! As a direct lender, we don’t need approval from any third parties either. Instead, we can assess you loan request on our own. This permits us to get back to you with an approval within one day. Yes, that means even with bad credit, you can have cash in your hands today with BHM Financial.
Plus, our expert financial advisors can also help you understand your options better and help you build your financial portfolio. Navigating your finances can be a struggle. That’s why we are committed to helping you understand everything. This way, you can make an informed decision and remain in complete control of your finances. Don’t let debt or past credit mistakes stop you from building up an investment. Ask us how we can help you today. Or fill out a loan application today to see how quick and easy it can be to access funds for your mobile homes project.
BHM Financial has helped thousands of Canadians get out of debt and build a strong financial future. Call us today to see how we can help you do the same!