Whether you are looking for a holiday home or a retirement property that may better suit your needs, Park Homes are proving increasingly popular as a viable option.
These properties may prove cheaper to run than a traditional dwelling and can serve as a way of freeing up capital to finance retirement.
By selling your existing property, you may be able to release capital, and a halfway house may be equity release. This option is becoming more attractive to owners, with statistics showing that £670m of housing wealth was withdrawn in the final quarter of 2016 and the trend shows little sign of slowing.
The popularity of this method of accessing capital has evolved over recent years, with new providers entering the market to offer an array of products. The market for Park Homes is also expanding and proving increasingly popular. An estimated 250,000 people have moved to such properties in the UK, attracted by competitive pricing and the possibility of generating cash. They also retain their appeal as affordable holiday homes.
Whether you are looking for park homes for sale in Bedfordshire, Yorkshire or further afield, you will find many sites offering properties via websites such as www.parkhomelife.com/park_orchardtwigworth.aspx.
Although park homes appear affordable, if you are borrowing to facilitate your purchase, it is not as straightforward as purchasing a traditional building. You will not be eligible for a mortgage, but there are some straightforward alternatives.
You may be a cash buyer, releasing equity as outlined above or simply accessing your savings or pension pot. Further options involve taking out a loan from traditional lenders or using one of the companies that specialise in park home loans or using a part-exchange scheme.
The rates on specialist park home loans will not match a traditional mortgage. The industry standard is an 80% loan over a period of up to 15 years. Always make sure your lender is regulated by the Financial Conduct Authority for peace of mind. The reason for these less favourable terms is that the value of a park home is likely to depreciate over time.
A further option is to sell your property to a part-exchange company. They will deduct the price of your park home from the proceeds of your sale property, and you will receive the balance as a lump sum.