Buying a park home do's and don'ts

oystercatcher

systemshq said:

Here's the thing. I pay £900 in rent + bills where I am now. So if I can buy a cheap park home even if it's just for 10 ten years I'll save a fortune. 

I think you would find a park home would cost you £400/500 a month in ground rent , bills are usually higher, they are dreadful to heat and too hot in summer. Plus you have to raise the price of a small flat to pay in cash to buy the place and when you sell it the site owners will take 10-15% of the sales price which may well have depreciated over 10 years so the site owners may not allow it to stay.
If you are planning to leave in a coffin it can be a better option than living in a grotty flat but no way will it be a good investment.

rachel230

There is very little regulation in this area of "housing". Where there is little regulation, the sharks move in.  Don't touch anything connected to Wyldecrest or any of their associated companies.
Better still, as other posters have advised - don't do it! 

Pixie5740

If you work in London how much extra will it cost you to commute from the park home to work in comparison to where you live now? 

RAS

Do you absolutely have to live where you currently do?

Any chance you can relocate your job somewhere housing is cheaper?

systemshq

That is a very good point!

Davesnave

RAS said:

Do you absolutely have to live where you currently do?

Any chance you can relocate your job somewhere housing is cheaper?

Exactly what I was thinking. A plan to stay in the same hamster wheel for 10 years, living in sub-standard accommodation with the vague hope of out-saving inflation strikes me as perhaps not the best the human brain can achieve.

I know other parts of the country will often have lower wages and unpleasant neighbourhoods to go with their lower prices, but there are certainly sweet spots for those with the nous to do their own research. That's what we did for a different type of property. Note the 'we' as well. Buying on one's own is difficult and so is persuading a potential partner to live in a caravan. Even if the OP has no plans in that direction, they could supplement income as a single neighbour of ours does via Air B'nB (or 'Rent a Room.')

systemshq

I live in a rented park home now and for me the standard of accommodation is ok. It’s nice and quiet with excellent commute links. Apart from the standard of accommodation are there any other “gotchas” or things to look out for please?

GDB2222

systemshq said:

Here's the thing. I pay £900 in rent + bills where I am now. So if I can buy a cheap park home even if it's just for 10 ten years I'll save a fortune. 

The key words there are 'cheap' and 'save a fortune'. Have you found a park home that actually is considerably cheaper than £900 pm? 

Bear in mind there’s park fees of say £300 pm.

Council tax and bills are say £300 pm, especially as these are not well insulated, and bottled gas is expensive.

And, if you can buy an old caravan for say £20-30k, you’ll need to allow for replacement after say 10 years, so that’s another £300 pm.

Essentially, it’s a good idea, until you do the sums. 

GDB2222

This is an interesting alternative:

https://barryandsandra.com/the-costs-of-living-on-a-narrowboat/

Skiddaw1

I was going to suggest the same (think about narrowboats or houseboats as an alternative). I think they'd hold their value more and whilst you would have to factor in mooring charges, it might be a better option overall.

Having said that, I have known people who have very happily lived in park homes. It can work, but its very much on a case by case basis.