Cost of Living Crisis and Downsizing

Despite beginning in 2022, the cost of living crisis is still a problem, pushing up prices and making it harder to get by for the average family.

As a result, UK residents want to know about ways to save money more than ever before. Downsizing homes for something more affordable is one such solution. Park homes offer this downsizing option and so many people are wondering if such a move is the right one given the current economy.

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Upfront costs

As with a traditional brick home, there will still be upfront and ongoing monthly costs. Upfront costs are those that need to be paid straight away before moving in. For Park Homes Gloucester, visit www.parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/

Cost of the property

As mortgages are not offered for park homes, most people will need to make the purchase from the proceeds of selling their bricks and mortar home first. However, there are some finance options available. The cost of the home will vary depending on location and size.

Deposit for a plot

New homes that haven’t been sited yet will require payment of a plot deposit. This won’t apply to pre-existing homes that have already been sited. Moving an older home to a new site will, however, incur a plot deposit charge.

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Surveyor Fees

It is always recommended to have a survey completed before purchasing a park home, although this isn’t essential. This is wise to discover the true condition of a pre-owned property and enable the buyer to factor in the costs of any works that need doing.

Solicitors Fees

When carrying out any conveyancing, it is prudent to hire a solicitor to conduct the legal details. How much this costs will depend on the conveyancer, so it’s wise to shop around.

Utility Bills

As with any residence, utility bills will need to be factored in. However, the benefit of park home living is that water, gas and electricity charges are charged by the site owner with guarantees that residents will not be charged more than the current market rate. The home being smaller also means it will be cheaper to heat.

Pitch Fees

This is one fee that only applies to park homes and it concerns renting of the land your home sits on, use of any facilities on offer and to cover maintenance of the site on your behalf.

Council Tax

This is a charge that must be paid, just like a bricks and mortar property. However, the advantage is that park homes are charged at Band A, the cheapest tier.