If you are looking for a low-maintenance housing option, a park home may be a good choice. Park homes are single-storey homes located in parks. Park homes are also cheaper than traditional homes. And this is a good option for retired people.
However, like any other thing in the world, park homes also have their advantage and disadvantages. Therefore, in this article, we briefly discuss about advantages and disadvantages of a park home.
What is a Park Home?
A park home is a type of prefabricated home that is designed to be placed on a semi-permanent or permanent site. They are built in a factory and then transported to their park location. Basically, you buy the home and lease the land.
Park homes are usually located in a private park, which is owned and managed by a park owner. The park owner handles the maintenance part of the park. It includes the roads, communal areas, and any other facilities. You can buy or rent a park home from park owners.
Pros or advantages of buying a Park Home
Park homes are often a good option to live. Still, some people say buying a park home is not a good option. Then what about these pros of a park home.
1. Affordability
Park homes are more affordable than traditional homes. Therefore, low-income or retired people love these types of homes. Park homes are usually smaller, which means you need fewer resources to keep them running. Also, they have lower property taxes.
2. Community Atmosphere
Park homes are often located in community parks. These parks are fully designed for one type of community. Many parks also offer swimming pools, clubhouses, social events, and many more. It can help you to live an enjoyable life.
3. Maintenance
Another advantage is less maintenance. Park homes are built for easy living, so you won’t have as many repairs as in a traditional house. Mainly, the park owner maintains shared areas like roads, gardens and recreational facilities. Many parks also offer optional maintenance packages. You can buy it for your home.
4. Flexibility
Park homes provide flexibility and mobility too. If you need to move for work or family reasons, you can sell your home. Some parks make it easy to rent your home to generate income when you’re not using it. Also, you can move your park home to different locations.
5. Energy efficiency
In the past, compared to traditional brick houses, park homes were less energy-efficient. But currently, newly built park homes are more energy-efficient compared to brick houses. This is happening because the manufacturing company improved its production quality over the years.
6. Safety and Security
Parks offer a very secure environment to live in park homes. Most parks offer gate security, CCTV service and other on-site security. That means you stay away from unwanted visitors. Therefore, there is very little chance of having crime and disturbances in the park.
Problem or Disadvantages of buying a Park Home
Park homes often come with some significant downsides. Before buying the park home, you should consider these.
1. Pitch fee
You have to pay the pitch fee for leasing land from park sites. The park owners decide the pitch fee. At the current time, this is the number one problem for park homeowners. Because the park owners can change the pitch fee amount anytime without any notice. Sometimes the increase percentage is more than the inflation.
2. Mortgage
Lenders consider park homes riskier investment. Therefore, it is hard to find a good mortgage option for a park home. Sometimes, the lenders may offer you a mortgage option, but the interest rate will be high.
Pro tip: connect with your local real estate expert. They may connect you with the right lender, who can give you a low-interest mortgage.
3. Depreciation
Another disadvantage of owning a park home is it rarely increases in value. So, it’s like buying a car. When you drive the car, it will lose its value. Like same way, the older your park home, the lower the value. This means that if you sell your park home in the future, you may not get your initial investment.
4. Regulations and Restrictions
The park owner can make his own rules and restrictions for his park. It includes restrictions on pets, age limits, exterior modifications and many more. Also, the park owner sometimes doesn’t give you direct entry to this park. You have to apply for it to get a location in his park.
5. Yard space
Most park homes offer a very small yard space. You may not fit everything you want in your yard space. Also, some parks have restrictions on what you can do with your yard space.
6. Neighbours
Living near your neighbours means less privacy. You’ll likely hear their conversations, arguments, and daily noises through the walls. And they’ll hear you too. Also, sometimes you may not find good neighbours.
Where can I buy a park home?
You can buy a park home from private sellers and manufacturers company. You can also find listings on websites like Park homes for sale, Park home living, and Omar. Some park home estates also have resale programs to help current owners sell their homes.
Things to consider before buying a park home
If you are considering buying a park home, there are a few things you should know.
Costs Involved
Park home prices vary widely depending on the size, age, location, and features. You can expect to pay starting from £40,000. New models from manufacturers typically start around £100,000 up to £500,000 for a luxury lodge. The initial price is always lower than a traditional house. But still, you have ongoing ground rent and utility payments.
Legal Considerations
There are some legal considerations to keep in mind when buying a park home. Firstly, it’s important to ensure that the park you’re buying on is licensed by the local authority. This will ensure that the park is operating legally and that you have certain rights as a resident.
Pre-owned home
If you buy a pre-owned home, it’s important to ensure that the home meets certain safety standards. Park homes should be built according to British Standard 3632. If the park home did not follow the British Standard 3632 then don’t buy the house.
Location
Your park location is also an important thing to consider. Rural parks are often located in quiet countryside locations. On the other hand, urban parks are often located near towns and cities. So if you want a peaceful living without too much noise, you can choose rural parks.
If you choose rural parks, you may need to travel to get essential amenities. Like supermarkets, medical facilities, and public transport. On the other hand, if you opt for urban parks, you can easily access these amenities.
What are the fees will I pay to live in a park home?
You can expect to pay the following fees:
- Pitch fees: £2,000-£5,000/year to rent the plot
- Utility bills: Electricity, water, sewer, phone, internet, etc.
- Estate fees: Maintenance, landscaping, communal areas. Around £500-£2,000/year
This amount vary depending on the size and location of your park home.
Conclusion
Now you’ve got the full picture of what to expect from a park home. Parks homes have some appealing aspects like the affordability and community feel. And the downsides like low resale value, high pitch fees, and less flexibility.
In the end, purchasing a park home is a personal decision. It requires careful consideration of your personal needs and requirements. If you are looking for an affordable and low-maintenance house, a park home can be the perfect for you.
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Disclaimer: All the information provide on this article only for informational purposes. Please don't take it as a park home buying/selling advice. Please do your own research before taking any park home related decisions.
