Many people view mobile homes as a worthwhile way to invest their money. The image and standard of mobile homes improves with each year that passes, and more people are now considering "fix-n-flip" tactics in relation to their investments. Whether you plan to flip the home for resale or live in it yourself, it’s important to have a plan. There are a number of things to consider that can be pivotal to the success of the investment.
It's worth spending time viewing mobile homes before deciding to buy a model with the ultimate goal to fix-n-flip it. Some mobile homes may have structural damage that will weaken it as a unit. You will waste money if the correct precautions are not taken beforehand. Thoroughly view any mobile home before buying it. If possible, seek the opinions of an experienced mobile home owner or inspector before making a purchase.
It's important to plan a budget and stick to it. Because these are not permanent homes, it's unlikely to be cost-effective and it’s easy to exceed the budget. Figure out what work needs to be done and how much it is likely to cost. Keep a record of it and adhere to the budget. Also work in a cushion for unexpected costs.
Research the latest materials that are being used in mobile home construction. If there is a particular type of wood, plastic, or metal being used for areas of mobile home design, use it when fixing any damage. Doing so will modernize the mobile home. Making upgrades while remodeling the mobile home will also make it appealing for potential buyers.
Do as much work as possible personally, but hire a professional to do any specialist jobs. Doing so will prevent damage to key areas of the mobile home; moreover, it will mean that when someone views the final project, proof that intricate work has been correctly performed by a professional will be available. Some professional repair work is usually unavoidable. Although it will cost money in the short-term, it can be made back later on the sale. Common areas for professional work include electrical and plumbing.
5. List Carefully
Once the mobile home has been repaired and all adjustments have been made, it's worth listing the new home conservatively. People are not going to spend a lot on a refurbished mobile home when they could spend a little more and buy a brand new one. Making a profit in a fix-n-flip is important, but do not get blinded by the prospect of astronomical figures. Have a fair price in mind and stick to it.
6. Target Buyers
Experienced buyers and users of mobile homes may be more reluctant to buy a refurbished home. For that reason, it's important to target the right type of buyer. Your target market will commonly be people operating on a tight budget or people looking to buy a mobile home for the first time. Don’t waste time or money on offering the home for sale to a set of buyers who will be reluctant to meet your price.