Appraisals are an essential part of the home buying and selling process. Trained experts come onsite to offer a property value based on criteria. Ohio prefab homes are subject to similar scrutiny by assessors, but location, age of residence, and other factors come into play. Find out whether Ohio prefab homes are appraised differently and how to get a good appraisal.
What is an appraisal?
An appraisal looks at the valuation of a prefab home to determine a reasonable asking price at sale. Homeowners may also get appraisals when they look to refinance for equity purposes. Appraised prefab homes are inspected by approved appraisers using guides like the NADA Manufactured Housing Appraisal Guide. This guide looks at values based on construction, depreciation, and the process of getting reasonable retail value for a prefab home. Ohio is a growing market for prefab homes, with individuals and families moving here for the ever-increasing economy, good schools, and lower cost of living.
Choosing an Appraiser
Before the housing market crash, homeowners could select their appraisers. Then the federal government took over the state’s appraisal process of appraising homes and authorized banks to use an approved list. Appraisers will review construction plans, design, and more. An approved appraiser is a person who covers the state (Ohio) and the region where the home is located.
Modular vs. Site-Built Homes
The federal government regulates the appraisal of homes in Ohio. Banks offer their approved list of appraisers who inspect the home and draft their reports. Ohio prefab and site-built homes are the same when evaluating construction, as they are held to the same code standards. The U.S. The Department of Housing and Urban Development (HUD) considers them the same type of structure. Reporting is the same for appraisal purposes. An appraiser is typically going to look at the following:
- Size of lot
- Presence of a garage
- Exteriors like siding, roofing, and foundation
- Interior spaces like bathrooms and kitchen, the presence of a basement, overall square footage, and construction materials used.
Ohio Prefab Homes
When it comes to Ohio prefab homes, they are evaluated much the same as site-built homes. The key difference is where (neighborhood, city, town) and how they were built (construction materials used, etc.). Prefab homes are holding their own against traditional brick-and-mortar homes in value and investment potential. Since Ohio is an up-and-coming market for prefab homes with great places to build, there is excellent potential in buying or selling a prefab home with retained value now and in the future.