- APPRAISAL OF MANUFACTURED HOMES (MOBILE HOMES)
The appraisal of mobile homes attached to foundations on individual lots relies on the approaches outlined for other residential properties. The appraiser needs a technical understanding of mobile home construction for differences in cost studies. The market data approach works best in this appraisal effort.
Mobile home coaches in parks are on rental spaces or fee-owned spaces in a mobile home park subdivision. Again, the general principles of real property appraisal apply, except the appraiser needs the technical background in coach construction to best evaluate quality and features.
In many respects, the appraisal of a mobile home on a fee-owned space is similar to residential condominium appraisal. This includes consideration of homeowners association services and fees as well as CC&Rs covering operation of the park and space improvement requirements.
Mobile home appraisal is becoming another specialized opportunity in the appraisal profession. This is particularly true in the expanded market for mobile homes as low and moderate income housing.