Over the last five years, the UK park homes market has grown significantly, with around 250,000 prefabricated single-storey houses sold. Perhaps this is not surprising, given the high cost of traditional houses that keeps many people off the property ladder. Park homes are more affordable, making them an attractive option for first-time buyers or people on low incomes. They are also popular with older people looking to downsize because they are low maintenance. Are they a good investment? The answer depends on your personal circumstances, as there are pluses and minuses when it comes to owning a park home.
Location
Where your park home is based goes a long way to determining whether it is a good investment. There are currently around 800 residential park home sites across the UK and not all are in desirable locations. Before you make a decision, visit potential sites to get a feel for the facilities on offer and how clean, safe and secure they feel. If you have the chance, talk to other residents and ask what the park is like and how responsive the management company is; for example, are repairs completed in a timely manner?
Ownership
All sites need a licence to operate. The type of licence could have an impact on what you can and can’t do, so make sure you understand this fully. One of the main considerations is whether you can stay in your home all year or will need to move out for a short period of time because the park is seen as a holiday park.
Purchasing
Buying a park home is not the same as buying a traditional house; for example, you don’t need a solicitor. What you do need is a good park manager guiding you through the process. With park homes for sale in Gloucester, a provider such as http://www.parkhomelife.com can answer all your questions. There is also advice available online.
Resale
Finally, remember that you are buying the park home and not the land, with the home designed with a lifespan of around 60 years. Unlike traditional houses, this means that the value of your park home will go down over time. This takes us back to location – a desirable location helps your park home to maintain its value because people will want to live there.