Whether you’re relocating abroad or just want to enjoy a relaxing holiday in a park home (mobile home), there are plenty of benefits to owning your own caravan or luxury lodge.
If you’re considering taking the plunge and buying your holiday home outright, here are 10 things to consider.
1. How does it work?
There’s one big difference in owning bricks and mortar. You’ll own your home but not the land it sits on. While that means you won’t be able to get a mortgage there are lenders who will finance your purchase. And if you’re buying abroad you won’t have the hassle of currency exchange as you can buy in pounds sterling.
2. Can I live there year-round?
It’s vitally important you check this out if you intend to make a permanent move to your park home. Get a solicitor to look over the agreement you sign to make sure you don’t get caught out and have to move out for a few months every year.
3. New vs old?
The factors affecting your purchase will mostly come down to personal taste but one decision is dictated by budget. Buying a new park home will depend on size, location and park facilities. But whereas used homes can be cheaper, you’ll need to consider the state of repair and ongoing maintenance costs which can be much higher on an older home.
4. What are the pitch fees?
These include the ground rent for your home and general upkeep and maintenance of the park. These are usually charged monthly so don’t forget to budget for them as they can be expensive depending on the park.
5. Are there any other fees?
Just like a brick and mortar home, you’ll pay electricity, gas and water plus council tax which usually falls into the cheapest category, band A.
6. Are there any legalities?
If you’re buying in the UK you’ll need to sign the Written Statement under the Mobile Homes Act, which usually includes information on ground rent plus duties and obligations of you and the park owner. If you’re buying a holiday home abroad you may avoid legal issues but you can still be liable for local taxes.
7. Are you happy with the rules?
All parks have their own rules and it’s important you know what they are before you take the plunge. There may be limits on pet ownership or a minimum age for residency. Make sure you’ve read through them carefully before you take the plunge.
8. What are my neighbours like?
Being part of a community is one of the big plus points of buying holiday homes and park homes, so it’s worth chatting to the neighbours before you buy. If you’re buying abroad you’ll often find your neighbours are like-minded people from all over the world.
9. Will I be able to sell?
If you decide you want to trade up to bricks and mortar or buy elsewhere, you shouldn’t have any problem in selling your park home.
10. Should I buy a holiday home abroad?
Definitely! It’s a great way to enjoy holidays all year round at a fraction of the cost and your home can be self-financing if you rent when you’re not there. There’s never been a better time to buy a holiday home and it could be the start of a big new adventure!
