Mobile homes for permanent living are becoming increasingly popular – from ultra-modern residential bungalows in London, to attractively designed lodges in rural York, park homes are perfect for individuals, couples and families.
If you are considering investing, here are the answers to 5 questions you should ask before buying a park home.
What are the benefits of buying a park home?
Costs – Many people choose to downsize to a park home, often releasing capital. Purchase costs can compare well to traditional housing but, of course, vary according to the park home and its location. Our Thames Retreat Residential Park for example, fairs incredibly well against similar properties in the area and would allow residents to release equity from their home to do the things they’ve always wanted to, while maintaining a luxurious standard of living
Aesthetics – Park home exterior and interior aesthetics can be chosen, custom built and fully bespoke. allowing residents to decide exactly what their new home looks like. Therefore, whatever your preference, a park home can accommodate.
Lifestyle – Moving to a residential mobile home park enables residents to swap a busy, hectic and potentially stressful urban life for a peaceful rural life within a ready-made, like-minded residential mobile home community.
Environmental – The low running costs of owning and running a park home are a huge benefit that many residents have no idea about until after they’ve moved in. Our Park homes are built to new building regulation standards meaning that they are incredibly well insulated and economic with have a low environmental impact
Do I need the site owner’s permission to buy a park home?
If you are buying a park home from the current resident you do not need the site owner’s permission. With residential park homes for sale, you buy the home but the site owner still owns the pitch. Therefore, you rent the plot upon which it is sited, alongside owning your home.
However, different rules apply between buying a home from the site owner themselves. If you are planning on buying a park home from the site owner directly, it is recommended that you get advice from a solicitor throughout the process, just as you would when buying a more traditional property.
What costs are associated with buying a park home?
If you are buying the park home from an existing resident, you must pay the seller 90 %of the sale price when the sale is completed. The remaining 10% commission must be paid to the site owner but the site owner is not entitled to any other payments in relation to the sale of the home.
The site owner is responsible for maintaining and managing the site so there is a pitch fee to be paid for the use of the land its services. This means that as you get older you won’t have to worry about maintaining the garden and surrounding land but will still be able to enjoy its beauty and benefits.
The site owner should provide you with information relating to other associated costs in writing, which should include:
- The proposed pitch fee and the next review date;
- Details of utility services, including council tax, and their estimated charges;
- Details of any other charges e.g. for a shed or a garage;
- Details of white goods and furniture/furnishings to be included in the sale.
Which park home location is right for me?
Only you can make this decision based on your personal park home preferences and needs. There are many residential mobile home sites throughout the U.K. so these factors may help you decide which park home site is perfect for you:
- Style and price of a park home – are you looking for luxury or practicality?
- Facilities offered – what are the maintenance, management and security features of a site?
- Local areas of interest – would you like to live in a rural or urban location?
- Site rules – are there restrictions on age of residents, keeping of pets or parking of vehicles, for example?
- Personal ties and commitments such as family/friends/community
What else should I investigate before committing to buying a park home?
You should confirm the park is a licensed residential park and has relevant planning permission for residential use, and check the extent of the site owner’s land ownership.
A park home survey is optional, but if the seller hasn’t arranged one you can request that a survey be carried out.
Always check the written rules of your chosen site carefully before committing to buying a park home, as these may differ slightly.
Check you are in possession of all necessary legal paperwork. The seller is required to supply you with certain documents using a ‘buyer’s information form’to help you to decide whether you want to purchase the park home. If you then wish to proceed with the purchase, you and the seller will need to notify the site owner of the purchase by completing a ‘notice of proposed sale form’.
As with any major property purchase, research all options thoroughly and you will be enjoying your new park home, as well as peace of mind, sooner rather than later.
If you have any questions we haven’t answered here or would like more information about Thames Retreat Residential Park, please call us today on 01784 65 36 36 for free impartial advice from our expert team