Are you thinking about selling your big house and moving into a park home?
Park homes are terrific options for retirees or empty nesters who are tired of maintaining large houses. Before you take the plunge and buy a park home, though, you probably want to know some of the pros and cons of park home living. What are people like you saying about their retirement park homes? Read on to find the answers.
Pro: They are economical. Park home manufacturers build houses in a factory rather than going through the extensive construction process associated with other types of homes. Because of this fact—as well as the small, compact size of park homes—they are typically much less expensive to buy and maintain than larger houses. Perhaps your retirement savings aren’t as extensive as you had hoped they’d be, or maybe you just want to spend your money on something more exciting than living space you aren’t using. Either way, the economic nature of park homes will appeal.
Con: You will probably experience a downgrade in living space. Park homes are famously small and compact. If you are accustomed to having ample extra space for entertaining, furniture, storage, or the like, it might be jarring to downsize to a park home. You will likely need to discard some of your belongings, whether by selling them or giving them away to friends or family members.
Pro: You will get the opportunity to decrease your living space. The small size of park homes can be both a pro and a con. On the one hand, as we discussed above, it can take some time adjusting to a compact living space after years spent in a larger home. On the other hand, you will have much less space to clean, heat, power, decorate or maintain. Plus, park home manufacturers typically give buyers significant flexibility in design and layout. You can have input on which types of rooms or spaces are included in your park home. You can design a home that perfectly suits your needs while jettisoning the features of your current home that you never use.
Con: You don’t own the land. When you buy a park home, you typically only own the home itself, not the land on which it sits. Instead, the land remains the property of the residential park. Because of this arrangement, owning a park home is slightly different than owning real estate. The lack of land ownership has its benefits, of course. For one thing, it’s part of the reason park homes are so cheap. If you don’t own land, you are also not liable for stamp duty. Some buyers, though, prefer the more traditional idea of owning land and will view this point as a drawback.
Pro: Modern park homes are exceedingly well-built. Just because a park home is affordable doesn’t mean it is flimsy. On the contrary, park homes are still beholden to many British standards and regulations. As a result, you should have no problem getting a park home that is energy efficient, well insulated and 100% comfortable to live in all year-round.
If you are looking for a small, low maintenance and no fuss home, then a park home may be the perfect solution. While not for everybody, park homes can be an excellent lifestyle choice for people at specific points in their lives. Indeed, if you are looking for a retirement park home, you should be able to find a residential park filled with people at the same stage in life as you. Provided you locate the right residential park and the ideal park home design, you should expect a relaxed, tranquil lifestyle without all the stressors of maintaining a vast house.