Parkhomes

[bluebird34]

I live in a very nice bungalow which was built about 50years ago and is therefore needing a lot of upkeep. There is a gated complex of about 32 Park Homes being erected some half a mile from where I live and I am trying to find out if they would be a good move for me. I would like to hear from people who have made this move and their experience both good and bad.

[ummmm]

My mum lives in one in Wells-next-the-sea. It's lovely. Only downside is she can only live there for 11 months of the year.

[Islay]

Just remember that you may lose money on a parkhome and they certainly don't last as long as a house or bungalow does.

My house is over a 100 years old, and only needs minimal basic maintenance - what does your home need?

[ummmm]

Islay is right, they don't go up in value but they are very cheap to run.

My mums has a kitchen/diner with integrated appliances, living room, two bedrooms, one with en suit, and a shower room.

[EDDIE51]

Ummmm, then your Mum must be in a home that is not registered for permanent occupation. It must be still classed as a holiday home.
Bluebird , modern parkhomes are very good ,warm and comfortable. I think they have a 30 year guarantee.

[ethandron]

A posh reed diffuser air freshener thing or a fancy scented candle. Something from m&s so she can take it back if she doesn't like it.

[ethandron]

Oops, wrong thread :(

[EDDIE51]

Yes, as said a Park Home will not increase in value the way a conventional house does. It will be worth less the older it is, so there is no investment potential to owning one.

[Peter Pedant]

it boils down to whether to swap an asset which will go up but needs upkeep which has an on cost for a wasting asset....

[ummmm]

Yes, Eddie, she just comes here and fits all her visiting in in a month.

[hellywelly4]

I knew some people who lived on a site like that, and they had to pay a large proportion of the price they got when they sold it to the site owner. It also didn't keep its value like a 'proper' house would. The site owner also told them what they could and could not do. I would hesitate, better to maintain her current home. Has she had it valued recently - she would perhaps be very surprised (and pleased).

[EDDIE51]

Yes with the present all time low interest rate , the cash you get from selling your house is not going to make much profit. Then add that to the loss from buying a park home and selling it when you need to move .It makes a substantial financial reason to stay where you are. You would be wise to look at the potential of getting a (low interest) loan against the value of the bungalow and using the cash to get it upgraded and made easier to maintain.

[bluebird34]

Thank you all. I asked this question on the local streetlife site and someone said they had been to look at the show home and it was lovely but there was a site fee of £150 a month for "care and maintenance". My one big worry is that I will jump out of the frying pan into the fire, I am 81 and have lovely but unobtrusive neighbours and who knows what i will get there. I can afford the maintenance on my bungalow at the moment so I think I will talk it over with the family and go and look for myself but i think in the end i will stay where I am, (unless I can persuade my friends to move there as well ha ha) at least for the moment. You have all given me things to think about so thank you.

[hellywelly4]

I hope things work out all right for you bluebird, and that you make the right decision. The park homes are really lovely, but they are very 'flimsy' for want of a better word. Also, if you have got good neighbours it might be a question of 'the devil you know'!

[EDDIE51]

Take out a loan against the security of your house and use it to go on a really good luxury holiday or a cruise. It will cheer you up and make a wonderful break.

[anneasquith]

A great idea from Eddie. Good luck

[BRIGHT SPARK]

Why not rent out your present home and use the income to rent a park home.That way you may benefit from lower running costs while still gaining any equity increase on your bungalow.If its not for you then you could return to the bungalow.

[ummmm]

At 81 I'd do what made me happy. I wouldn't even think about the financial side of it if I was in a position to have a quality life.

[ummmm]

My mum ummm'd and ahhh'rd about moving to a park home because she thought she would have to sell our inheritance. Both my sister and I made it clear we didn't want her house, or the profits from it.

Best move she ever made. She is so happy.

[bluebird34]

Thank you all for your nice comments. I thought I had made up my mind until I read ummmmmm post and now I am undecided again hahahahaha. I am so lucky really to be able to decide to do whatever I want to so no worries I will get there wherever it turns out to be thank you all.