Static Caravans... I guess this is a "warning" to a tiny minority of people... and also a rant.

maxmycardagain

vacheron said:

Every year the BBC seems to trot out a story like this expecting readers to be shocked or surprised.

BBC News - Buying a caravan left massive hole in finances

So this couple have bought a static caravan, (which for those who don't know is a limited life, depreciating item that costs £4,800 per year just to keep in one place, and which many sites clearly explain cannot remain on the site after a certain age)... and were then "surprised" that when they sold it years later that they got less than they paid for it!

They bought it as a holiday home "and an investment".  

"It's left a massive hole in our finances," said Mrs Kitching.

"That was all we had, we'd saved up everything."

How is the story of one deluded caravan owning couple who paid over the odds, didn't do any research, didn't read any of the contracts they were given, and apparently spent far more than they could comfortably afford, newsworthy? 

Would this be on the BBC News front page if they had instead bought a car.... or a boat..... or any other depreciating liability without doing their own research or understanding what they were getting into, but instead just going along with whatever the SALESperson told them? 

1. Whats the old saying about a fool and his money?
2. "Emperors new clothes"
3. All that glitters may not be....erm....
4. If it sounds too good to be true........

annielyn

A static caravan should never be considered an investment. When we bought one 6 years ago I basically wrote off the amount we paid for it thinking anything we do get back when we are ready to sell up would be a bonus. I understand that there are people who feel ripped off, and also that there are sites that will take advantage of those that haven't done their homework.
If you are going to buy a van you need to be sure you will get the use out of it. For us it is a lifestyle choice and one we definitely make the most of, spending several days each week there as it is only 40 minutes from home. The relaxing feeling we get as soon as we drive through the gate is, to us, priceless. 

Yarmy

Hi,

I'm in the process of buying a second hand static caravan and hope that I'm going into the transaction with my eyes open.

The site is on the coast, about 30 miles from where I live. I've stayed there in rental caravans since covid so know the site and am friendly with the site manager.

I'm aware that there is an age limit on the caravan and, at most, will have 11 full years of use before I'll need to do something with it - if I keep it for the full 11 years I'm expecting it to have little to no resale value.

A couple of years back I enquired about a new caravan that they had for sale, but the cost was too much for me at that time and the cost that I'm now paying for a second hand caravan is around half the price of the new one and was more in my budget, so I thought I'd give it a try.

I can't drive and another plus for me is that the village currently has a regular bus and train service so, at the current time, so it's easy for me to get out and about.

There is ground rent, currently about £3,800, which can be paid in 3 instalments. From what I've read I think that is possibly a mid range fee and some parks may charge £10,000+ depending on the facilities.

I'm not looking on this as an investment to make money, but rather as somewhere to enjoy - it's near enough for me to get to for the weekend if I know the weather is going to be nice and if my family fancy a short break then they are more than welcome to use it.

lincroft1710

Yarmy said:

Hi,

I'm in the process of buying a second hand static caravan and hope that I'm going into the transaction with my eyes open.

The site is on the coast, about 30 miles from where I live. I've stayed there in rental caravans since covid so know the site and am friendly with the site manager.

I'm aware that there is an age limit on the caravan and, at most, will have 11 full years of use before I'll need to do something with it - if I keep it for the full 11 years I'm expecting it to have little to no resale value.

A couple of years back I enquired about a new caravan that they had for sale, but the cost was too much for me at that time and the cost that I'm now paying for a second hand caravan is around half the price of the new one and was more in my budget, so I thought I'd give it a try.

I can't drive and another plus for me is that the village currently has a regular bus and train service so, at the current time, so it's easy for me to get out and about.

There is ground rent, currently about £3,800, which can be paid in 3 instalments. From what I've read I think that is possibly a mid range fee and some parks may charge £10,000+ depending on the facilities.

I'm not looking on this as an investment to make money, but rather as somewhere to enjoy - it's near enough for me to get to for the weekend if I know the weather is going to be nice and if my family fancy a short break then they are more than welcome to use it.

If the yearly maths stack up, transport costs, site fees, lighting/cooking/heating costs, annual depreciation (cost of van divided by 11) then it may be worthwhile

daveyjp

Yarmy said:

Hi,

I'm in the process of buying a second hand static caravan and hope that I'm going into the transaction with my eyes open.

The site is on the coast, about 30 miles from where I live. I've stayed there in rental caravans since covid so know the site and am friendly with the site manager.

I'm aware that there is an age limit on the caravan and, at most, will have 11 full years of use before I'll need to do something with it - if I keep it for the full 11 years I'm expecting it to have little to no resale value.

A couple of years back I enquired about a new caravan that they had for sale, but the cost was too much for me at that time and the cost that I'm now paying for a second hand caravan is around half the price of the new one and was more in my budget, so I thought I'd give it a try.

I can't drive and another plus for me is that the village currently has a regular bus and train service so, at the current time, so it's easy for me to get out and about.

There is ground rent, currently about £3,800, which can be paid in 3 instalments. From what I've read I think that is possibly a mid range fee and some parks may charge £10,000+ depending on the facilities.

I'm not looking on this as an investment to make money, but rather as somewhere to enjoy - it's near enough for me to get to for the weekend if I know the weather is going to be nice and if my family fancy a short break then they are more than welcome to use it.

And that is how it should be.  Buy memories, not things.  The problem is those who sell them as valuable things.

Yarmy

Hi,

We saw the program on the BBC about holiday parks. The couple who surprised me the most were the ones who bought a lodge as an investment, but only kept it for 6 weeks and then sold it back to the park at a big loss due to the lack of bookings. Surely you'd have kept it for at least a year to see how the bookings went before making a decision on whether to sell it or not ?

twopenny

But you see these property and DIY programmes with how much it can be let for or profit.
They never continue with what actually happened.
Some people believe that.

Perhaps we should revive the old adage "believe nothing you hear and only half of what you hear"