There are many financial benefits associated with buying a park home, but do they represent a good investment? They are certainly a more affordable option than more traditional properties and if you sell a larger, traditional home to buy a park home, then you could make a profit on the transaction.

Park homes are low maintenance, cheap to run and will most likely save you money on heating bills as they are well-insulated and retain heat well, being made of timber. In addition, council tax bills tend to be lower, further reducing your monthly outgoings.

Should you want to find out more about buying a park home, this guide will help you: And if you are interested in exploring Gloucester park homes for sale, all your questions will be answered at www.parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/.

Things to consider when buying a park home

As well as the financial benefits, there are costs that you need to be aware of. Although you own the home, you don’t own the land it is on, so you will pay a pitch fee. This could cost between £1,000 and £3,000 per year or possibly more.

It is often difficult to get a mortgage for a park home because they are neither freehold nor leasehold properties. You might be able to take out a loan, but payments and interest rates will be high.

When you come to sell your park home, you won’t keep all the equity and will have to pay a commission fee to the owner of the site. This is because you don’t own the land your home is on.

Will my park home hold its value?

Park homes usually have a lifespan of about 60 years and often begin to depreciate as they age and need more upkeep. There are exceptions, such as well-maintained park homes in sought-after locations. You may even be able to sell at a profit if your home is well-maintained.

To summarise, there are pros and cons of buying a park home and whether it represents a good investment will depend on your unique set of circumstances.