Park Home

Ms_Chocaholic

I was chatting to a friend today who sold their bricks and mortar property around 2 years ago to buy a park home; although the lodge they bought is lovely and in beautiful grounds, she told me today that it will need to be replaced in 25 years so "we need to sell it before then", also that they pay over £4k a year ground rent (they do get council tax and water included).

I'm struggling to understand why anyone would buy one of these unless they are rolling in money, it seems as if it is a constantly depreciating asset and the yearly ground rent works out at about £350 pcm.

FreeBear

Also, most of these park homes have restrictions on how many weeks per year you can live in them.

hazyjo

Some people like community living. There are often functions and events, good facilities, plus everything is on site.

Some want to release cash - they're generally cheaper than bricks and mortar. Not everyone wants to leave an inheritance or has anyone they want to leave money to.

Not for me, but they're right for some.

NameUnavailable

If you're retired and have a home worth, say, £500K, but not a large pension or much savings you can sell up and buy a detached home on a tidy park, surrounded by similar people to yourself, and have much lower maintenance costs and a few hundred K in the bank to boot.

No, not a sensible investment but they do make sense for some people's accommodation needs.

calleyw

It all very much depends on the site you buy on.  I know someone who lives in a park home but its residental and they are allowed to live there all year round.  Ground rent is £23 a week.  And there is no age limit to the mobile home but you have to be over 40 to be live there.  Paid £32k for in about 9 years ago and are very happy with there little home.  They are happy and could never have got a mortgage.  Would have had to rent other wise. 

coffeehound

NameUnavailable said:

. . . a detached home on a tidy park, surrounded by similar people to yourself, 

Yes having a detatched home is a major benefit and would cost quite a lot to rent privately

seven-day-weekend

Also, it means some people can live in a much nicer area than they could otherwise afford.

Not a good financial investment, but sometimes a good lifestyle investment.

gwynlas

Yes there are a number of park home sites in my area and some lodges cost more than standard flats. It is really a lifestyle choice to buy one rather than the other and definetly not a good financial investment.

lincroft1710

FreeBear said:

Also, most of these park homes have restrictions on how many weeks per year you can live in them.

True residential park home parks are for year round permanent occupation and there are plenty of them. Any park that offers less is a holiday park. Some people do have their only home on one of these "11 months occupation" parks, but it is not strictly a legal occupation.

pinkshoes

A friend of mine bought one and lived in it with her husband and then toddler before selling up 5 years later.

Although they need replacing every 25 ish years (more if looked after well), the price will reflect this. Theirs ended up going UP in value 5 years later, and compared to renting their mortgage was tiny and allowed them to save up for a nice 3 bed semi.

It wasn't the most ideal home for 2 people and a toddler, but worked out really well in the long term.

coffeehound

Seem to remember reading here that charges are levied by the site management for just about anything you do such as changing the static, or selling on.  So whole-term costs would need to be checked carefully