Park homes can offer an amazing lifestyle – a modern home which is easy to manage, a ready-made community, and in most cases, a secure environment on a tranquil site. They are incredibly popular with older, or retired people, and a good buy for those who released equity from a more expensive brick property. However, park homes don’t suit everyone, and living in one is not always a problem free experience, so before buying it is worth seriously considering the following points:
1. You own the park home, but not the land it is on
This is good if you sell as there’s no stamp duty to pay, but the negative is you have fewer legal rights over the space than you would otherwise.
2. Not all park home sites have a licence allowing year-round occupancy
The licence should be clearly displayed in the site office, and it is vital you check it and make sure it allows permanent full residency on the site. Breaking these rules could lead to you losing the park home completely.
3. Location first, second and last!
Park homes are situated in both rural and small town areas, near the sea or deep in the countryside. Check out Gloucester park homes for sale by specialist companies such as http://www.parkhomelife.com/. for an idea of what is available in that location. If you plan to live in the park home for the rest of your life, it is worth thinking ahead. If the closest shops or doctors are a 20-mile drive that may not be a great idea as you age.
4. Who owns the park home site is important
Although the majority of park home owners are happy and content, there are some who sadly are not. Mostly, this is down to the site owner, who basically can control everything from how much ground rent you pay, to who does any repairs or additions you plan for your home. Take time to visit a potential site several times and chat to a variety of residents, and find out how happy they are with the way things run.
5. Selling on has an extra fee
The site owner is entitled to 10% of the sale price if you sell your home. This is a long established practice which would need to be budgeted for.