Buy park home on my own or with partner of 5 years

[FlakyViewer]

I'm so not sure what to do..I've come into enough money to purchase a 1 bed park home for myself..my partner doesn't want to buy a home as he is 60 and he's happy to rent. But he keeps saying I should stay here with him and spend the money on things and just enjoy myself..and he will pay for us both. But I'm scared of not having my own home ever again as I lost my home years ago. And what happens to me after I basically waste my money and it doesn't work out with him.
He's making it difficult to make a decision. He's always been a bit jealous and smothering. Sometimes I just want to go.
Im a bit of a worrying type and worrying what if I financially struggle on my own..I work so that's OK but you just don't know the future.

I'm in my early fifties..

Buy it for yourself and lock it down tight as yours. That's it really, that's my advice for everyone! Be independent and enjoy the peace of mind and safety that brings.

Yeah definitely don't just fritter that money, it could give you some security. Only he stands to gain from his proposal.

But with park homes you are at high risk of them suddenly hiking site fees and they can cost a lot to maintain

Would shared ownership be an option?

(Edited as note he is renting)

Also (as an early 50s independent woman with her own home and all the joy that brings me) if he makes you feel smothered and confuses your decisions, move in to your lovely home without him and make sure he knows his place in your life is dependant on him not acting like a twat.

A caravan park home do you mean?

They depreciate very quickly. Do not buy one.

Buy it and rent it

https://www.bbc.com/news/articles/c4gmy7xjewko

I'd give this a read. There's many other horror stories.

Before deciding anything - have you owned a Parkhome before?

What's the expected life of them? Are you going to be 70 and in a wreck?
What are the park maintenance fees?

It's not a choice between Parkhome or fritter it away, there are a million choices in between.

Can I ask - have you just seen an oppertunity to get away from your partner?

https://www.blackpoolgazette.co.uk/news/people/lancashire-park-home-residents-who-faced-tripled-pitch-fees-now-hope-for-fairer-deal-after-tribunal-win-4123673

There are a lot of similar horror stories.

I am sorry, I know it must seem like a good idea but there are a lot of problems with it.

In a few years you would be eligible for an over 55s retirement flat. Some of them are problematic with service charges but there are cheap, good ones too. Might be worth considering.

I have a very close relative with experience of owning a park home

She would say don't do it
The fees, the admin, the depreciation, the times each year you have to vacate, bad weather living...

House share may be a good shout
Or put it into high interest savings if you might buy with your partner in the future maybe

But keep it safe for your future and security

Thank you all. My parents owned one for about 10 years. So aware of a fair bit. but I can't afford anything else..it would be a shitty flat with no garden in a bad area.
Ive found that most flats have ground rent anyway.
Yea I think he's thinking of himself.

Definitely do something that secures your future. Could you buy a flat and rent it out long term?

The report is about static caravans they are totally different to a residential park home.

All have essentially the same issues though.

I think it is worth doing your research. The parks can vary wildly.
Our local council actually own some of the local ones (and by and large I think their ones are much better run and at least they aren't going to defraud you)

That had crossed my mind..its a thought to consider.

That’s a good idea in theory but you need to do the maths, as often the rent doesn’t cover the mortage plus your costs. So you’d need to have the spare income to subsidise it.

Are you looking to set up in a park home imminently or just want it as a back up in case things don't work out with your partner in the longer term?

If it's the latter - Could you invest your money until you need it? Less likely to be depreciating over time as a park home most certainly would, and it doesn't involve the hassle of renting out a flat.

I wouldn't buy a park home at all - either by myself or with someone else. But if you are thinking of buying a flat, then definitely buy it solo and protect your investment.

I vote 'neither' to your inital options. A jealous, smothering partner is no partner or future prospect. And park homes tend to be a poor long term option as well.

Secure the money - don't fritter - and have another look at your options. Shared ownership, over 55s flats, moving areas (now or at retirement) ...

It's the same premise. And it's a bad idea.

Get rid of your partner too.

They don't actually my mum bought one 10 years ago for £150k it just sold for £250k

Park homes aren't caravan parks or statics or holiday lodges. Totally different.

I've bought a beautiful detached house 'up north' for the cost of some park homes,is that an option

Don't give up your independence and don't fritter your money away