Does anyone have any experience of living in a "Park Home"

[DirectionsForUse]

Like a caravan site only small bungalows.

I'd really like to downsize, but all small property round here is terraced and/or in a grotty area. I can't face the thought of attached neighbours ever again I want a smaller house, but I don't want a less nice environment.

I do like the idea of a small plot, low maintenance property and some amenities on site.

There must be some downsides though? They seem very expensive for what they are and there's the maintenance charges, but they seem quite reasonable considering what's included.

Do you or maybe your parents live in one?

i am not sure if you are talking about static homes/caravans or small homes for the over 55s

there is a new plot near me, used to be a caravan store place or something but they have gone into Park homes, adults only it says on their website, that is the drawback i guess.

Just a comment about depreciation. My Mums park home will likely sell for as much or more as she bought it for. It’s in a very good location and the best pitch in her park but others who have sold and moved on have also broken even at least.

@DirectionsForUse

So where do people downsize to that is still "nice" if all the retirement home type places are full of pitfalls?

I honestly can't find anything within a 10m radius of here. Two and three bedroom houses are terraced, in the less nice part of town and the few remaining bungalows are on huge plots and get bought up by developers. A handful of remote cottages in outlying areas but that's not a good option as you get older either.

I don't mean I can't find anything on the market, I can't find anything at all. These properties don't seem to exist.

I think you have outlined perfectly why people of retirement age more often than not stay in their large detached family homes, people don’t want to downsize to a small terrace or flat and be at the mercy of neighbours in their retirement years, I know I don’t. The obvious option is a bungalow but often they have been converted to houses and are relatively rare and often more expensive than a house.

No harm living in one and I can see the attraction. But rent it, DO NOT "BUY"! If you rent the costs are transparent. Buying one is a clever way for the site-owner to dress up a horribly depreciating asset with all sorts of onerous charges attached to it, and no open market to sell it into as a "property investment".

Invest the equity from your proper house somewhere else to produce an income (or don't sell it, rent it out).

Fair point about expecting to lose money but my parents were in theirs for less than two years and lost 80% of their investment in it.

Sounds like there are some that may be ok from previous posts but my advice genuinely is avoid at all costs.

The way I see it, owning something that's difficult to move and is on land you don't own is not a good idea.

Just to present the other side, my grandparents were happy in their park home for around 15 years but they were relatively well off financially and didn't buy it as an investment. They were also quite canny and wouldn't put up with sny nonsense from anyone on the site! They had a house abroad that they went to for some months of the year which helped. They wanted to live on a site with other retired people and they chose the site VERY carefully, including the site manager. If you do it with your eyes open, it could work. Personally, i prefer brick but agree it's hard to downsize. Are there any nice over 55s flats in your area as an alternative maybe? Maybe one with a balcony/small garden. We had a look at those with them. Some are really nice.

Surprised by the responses on here. I’m in Wales and they’re hard to come by, hardly ever come on the market. Lovely little static caravans, on the coast, near pubs/churches and all well taken care of. They don’t get ‘scrapped’.
There’s a ground rent charge, usually covered by benefit if your on a low income. They aren’t particularly cheap to buy though, but far cheaper than housing in that area.

Are there any nice over 55s flats in your area as an alternative maybe? Maybe one with a balcony/small garden. We had a look at those with them. Some are really nice.

Over 55 flats seem to have similar pitfalls though. Also vv expensive. I could sell my large 4 bed detached and buy a one bed retirement flat.

My parents actually went to look at some yesterday, which is why I'd thought of them as a solution for me. They talked to some of the residents who all accepted that it wasn't maybe the best financial solution but loved the life it gave them.

For my parents, the £200k or so it would cost would barely scratch the surface of their estate. Whilst they don't generally like to waste money, they are happy to spend it on a good quality of life.

Actually, thinking about it, my dad has always been very clear about not treating a home as an investment. Decisions about moving, renovations etc have never been made based on the house value but on what they want from where they live.

My friend bought one when her husband had a terminal illness. They sold their house and bought outright so no mortgage . Her husband thankfully went into remission. They enjoyed the community and clubhouse but the site fees were expensive. New owners took over and want to concentrate on holiday business. My friend was told she had to update her van. They decided to move closer to the hospital when husband needed regular treatment. A relative wanted to buy the van but site owner would not allow the sale! They ended up having to sell to site owner for a pittance and he wanted all the white goods included so he could let it to holidaymakers. Friend’s flat purchase was delayed so she need to stay for another month and he insisted she pay him the holiday rate of £1000 a month !

Yeah, I know of people who have lost a lot, too.
This is a very interesting thread to me as I yearn to live somewhere else. I originally wanted to live abroad, but I can't leave the dog, and he wouldn't cope with a hot climate ( though I am contemplating a cooler climate). My dream was to live in a caravan type place, but they're too expensive ( the rates, etc).

@DirectionsForUse my parents have lived in a park home for over 20 years. It is residential site for over 50 yr olds. It is not a caravan.
They love it, and have had no issues living there all this time. I would happily live in one. They have a large "house" [ living room, dining room, kitchen, bathroom and kitchen plus two bedrooms ]. It has a nice garden. It is all low maintenance.
They pay maintenance costs of around £120 per month.

I stay regularly with them as do other family and there are no issues with anyone, including children, staying at their home.

This was never bought as an investment. It was bought for them to live out their older years with no hassle and they have been really happy with it.

Look at lots of different sites and speak to residents to see if there are any problems. Most of these sites tend to be a little remote, so make sure there is public transport in the area they can use.
My parents live in Cambridgeshire and there are quite a lot of park homes in that area.

@Londonnight, thanks for this. Really good to know. Positives finally !

There is a site near me and I know someone who downsized to one. She loves it but does have to move out for two months a year over Christmas. Fortunately she has her sister’s to go to but I imagine that could be a pain for some people.

www.mccarthyandstone.co.uk/retirement-properties-for-sale/
Would something like this be suitable OP? You can own or rent a flat but there are also communal areas and facilities

www.theguardian.com/lifeandstyle/2001/may/19/weekend.andrewpurvis

i read this article

@RJnomore1

Fair point about expecting to lose money but my parents were in theirs for less than two years and lost 80% of their investment in it.

Sounds like there are some that may be ok from previous posts but my advice genuinely is avoid at all costs.

My main objection would be that this isn't a fall in value due to market conditions. This is just a big transfer of money from elderly people to site owners, quite cleverly-disguised.

You pay much more than the thing is worth in the first place (to the site owner, you can't buy on the open market so the usual mechanism of "price discovery" doesn't work). People are inclined to compare the price to a bricks and mortar flat - but that's not what you're buying at all, and that comparison is very inaccurate.

You're then a sitting duck for all sorts of fees while you live there and you can't negotiate them. You have to pay what you're told to pay, and this can extend to things like hiked up charges for gas and electricity.

And when you come to sell again there is no open market. You usually have to sell back to the site owner, and they name their (very low) price - take it or leave it.

Overall it's a clever way to extract from older people, who don't really see through all this until it's too late, a large chunk of the housing equity they've built up over a lifetime.

I wonder if there are any parks run by charities of housing associations? It all sounds a bit nightmarish from what naughtynana says.

An elderly relative of mine has a park home. She enjoys living there and will probably stay there until she can't. She's a widow with no children so not worried about leaving a legacy. She can drive, but it's in a small seaside village but with but has plenty of buses to the nearest big town, and nearest city/hospital. From what I can work out she has had a similar experience to @Londonnight 's relative.

Not this place but similar. Looks like site fees for this one are around £200 a month. www.keatfarm.co.uk/properties/omar-oulton-excel/

@Takingabreakagain

www.mccarthyandstone.co.uk/retirement-properties-for-sale/ Would something like this be suitable OP? You can own or rent a flat but there are also communal areas and facilities

McCarthy and Stone get slated often for being rip oof merchants too.

@DirectionsForUse

Like a caravan site only small bungalows.

I'd really like to downsize, but all small property round here is terraced and/or in a grotty area. I can't face the thought of attached neighbours ever again I want a smaller house, but I don't want a less nice environment.

I do like the idea of a small plot, low maintenance property and some amenities on site.

There must be some downsides though? They seem very expensive for what they are and there's the maintenance charges, but they seem quite reasonable considering what's included.

Do you or maybe your parents live in one?

I am not an expert at all, but there are some horror stories. I genuinely wouldn't touch it with a bargepole unless you are prepared to lose every penny.

i have seen a fair few for sale recently, so chain free they say

Theres a vast diference between mobile homes on holiday parks and residential parks.
Holiday parks close part of the year due to their terms of land use, they tend to have higher maintinence fees and restrictions on age of home but you dont pay council tax.
You are often restricted to buying gas, electric or other heating from the park.
The mobile units tend to depreciate in value quickly

Residential parks are open all year, you pay council tax and a site fee to rent the land the mobile home is on.
Some you have to get electric through the park office but are free to use whatever firm you want to get oil or gas for central heating and gas bottles for cooking.
Some are retirement villages but others are any age
If the park is sited near a major town the units increase in value.
There are residential parks on the outskirts of Edinburgh where the price of a unit has shot up in recent years. Theyre on bus routes and near supermarkets.
They look like bungalows bricked in. Bit of garden or car driveway.
Some are insulated and clad ,with double glazing and central heating.
Since a change in the law in the last decade or so mobile home park residents now have more rights and protection
I know people living out there who are happy with the village feel

the park homes near me are fairly rural, not near a good bus route but have their own shops/clubs