What are the costs of buying a park home?

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If you are thinking about buying a park home, it is important to plan your budget carefully to ensure you will be able to afford both the initial costs and the ongoing costs before you commit to the purchase.

What are the costs of buying a park home?

Upfront costs

The upfront costs that you need to consider include the price of the park home, the plot deposit fee, the cost of surveys and legal fees, and your moving expenses. As park homes lose value more quickly than traditional homes, you will find that pre-owned homes are considerably cheaper than newly built ones. Location is also important; for example, park homes Gloucestershire may vary considerably in price from those in other areas. Although you will not be able to get a mortgage for your park home, there are other ways to finance the purchase.

If you choose a newly built park home, a plot deposit will normally be required. This may be around 10 per cent of the total purchase price or a flat fee decided by the park owner.

Surveys are advisable if you decide to buy a pre-owned park home, although this is not a legal requirement. Many people decide to use a solicitor to help them buy a park home; however, as no deeds or land are exchanged, this is not a legal necessity either. Companies such as http://www.parkhomelife.com/ will provide buyers with a written statement that provides details of the park home, your rights, and how you are covered by the Mobile Home Act 2013.

What are the costs of buying a park home?
The moving costs are similar to those of any house move, with the cost of removal vans depending on the distance and the amount of furniture and possessions to be transported.

Continuing costs

You also need to budget for other fees and costs that apply to life in a park home. Age UK has produced a useful fact sheet about park homes and can offer advice to residents.

Although you own the park home, you will need to pay pitch fees or rent for the land on which it is located.

Other costs include those for utilities such as electricity, gas and water, which will be managed by the owner of the site, and charges for the ongoing maintenance of your park home. Council tax is also payable by park home residents.