Is Park Home Living Right for Me?

Are you considering the prospect of a park home lifestyle? Discover our key points for consideration, before buying a park home.

Many people in or approaching retirement are looking at alternative lifestyles, so they can enjoy life to the full and park home living is proving to be a popular choice. According to Government data there were 85,000 households living on 2,000 parks in England in 2019 and these numbers are rising. But is it right for you?

Just like moving to any other type of property, your decision making will be partly down to personal preference, while other factors such as your financial circumstances, lifestyle, health, and age, will ultimately play a part in the outcome.

There are pros and cons when moving to any type of property, and park home living won’t be for everyone, so we’ve highlighted a few things that could help you to decide if the park home lifestyle is for you:

One Level Living

Park homes are single-storey structures, which can be built to requirement. This makes park home living ideal for those who find staircases challenging.

Gated For Your Security

Park homes are sited on registered, gated estates, which can only be accessed by residents. Many sites have CCTV in place, and some have security staff to give you peace of mind that you’re safe and secure in your home.

A Community of Like-minded Souls

The park home community is great for those who like to socialise. The minimum age requirement is 55, so you can rest assured you’ll be surrounded by people who are just like you. Most parks have a resident’s association which organise activities and social events, giving you something to look forward to throughout the year.

Compact Abode

If downsizing is one of your priorities, then park home living could be the way forward. Measuring less than 20 metres in length, and 6.8 metres in width, they are smaller than conventional houses, which makes cleaning a less laborious task.

Reduced Monthly Outgoings

In addition to a more compact living space, park home living can reduce your monthly outgoings, leaving you with more spare money to enjoy the finer things in life.

Affordability

Park homes are significantly cheaper than traditional homes or bungalows of an equivalent size, with prices starting from around £40,000 for a second-hand park home, and newer models starting at around £70,000. Despite being cheaper to buy, park homes are luxurious, with all the mod-cons you’d expect to find in a high-end property. Their affordability also means your budget could find you relocating to an area that would have previously been ruled out, if buying a more expensive bungalow or traditional property.

Freedom to Move Your Home

Park homes can be re-sited to another location if you wish to move. You may have to stay on the site for a specific period, as per written agreement, but once this expires you are free to re-site your home wherever you wish. Don’t forget there will be costs involved to move your home, as a specialist remover is required to re-site park homes.

Regular Maintenance is a Must

If your park home is registered under a warranty scheme, then you will have to carry out regular maintenance to keep it valid.

Often, what you need to do will be specified in your site agreement, but typical maintenance will include repainting the external walls, ensuring your roof is kept in good condition, cleaning the gutters and air vents, and re-sealing the windows and doors. If this is beyond your capabilities, you can always get someone else to take care of the hard work.

Gradual Depreciation

Park homes aren’t designed to have the same longevity as conventional homes and therefore tend to decrease in value over time. However, because most park home residents are only looking for a property that will last 25–30 years, this is rarely an issue.

A Mortgage No-no

Park homes are neither leasehold nor freehold properties, meaning the land on which they are sited belongs to the site owner, not the resident. Mortgage lenders will not provide a secure loan against a property with no formal legal title, at the land registry.

Sell Up and Pay Up

If you decide to sell your park home, you will have to pay up to 10% of the purchase price to the site owner. Therefore, you will only receive 90% of the total sale price.

While these are not the only things that you should bear in mind, they are something to think about before you sign on the dotted line.

Don’t forget, you will also need to insure your property. Our park home policy is underwritten by a leading UK insurer and is rich in features that matter to park homeowners, so you can rest assured that you park home is in safe hands.

Why not give us a call today on 01480 402 460 for your no obligation quote.

[1] Taken from the gov.uk website, ref: Park (mobile) homes: Selling or giving away a park home: selling. Information correct on 19th July 2022