Parents want to buy a park home

[Wizzyanne]

Hello all.

Long story short, my parents are approaching 60 and my mum has just been made redundant ☹️
My dads work isn’t bringing much money in now either so they are both very worried about money and losing their home.

They currently owe about £65k on their house which is worth about £160k.

My sister who lives in wales is pregnant and due in 2 months.
My parents have told me they want to sell and move to wales to be close to her and buy a park home to live in permanently.

They have been very clear on no longer wanting a mortgage or to rent. They have had money issues all their life and general bad luck so I really want this to work out for them and said I would help them try to find somewhere.
My sister lives in South Wales (Ogmore by sea) and they want to be within half an hour. But looking at prices I think that’s very optimistic myself!

I have suggested a little terraced house (I found some for around 80k) but they absolutely insist on a park home. It’s been my mums dream to own one for the last 30 years.

Does anyone on the dibb own one or know someone that does? Is it a wise choice?

Every time I have suggested a house instead I am very firmly told that it must be a park home and I really want to try to help them.
Thanks.

[maidmarian]

Originally Posted by Wizzyanne

Hello all.

Long story short, my parents are approaching 60 and my mum has just been made redundant ☹️
My dads work isn’t bringing much money in now either so they are both very worried about money and losing their home.

They currently owe about £65k on their house which is worth about £160k.

My sister who lives in wales is pregnant and due in 2 months.
My parents have told me they want to sell and move to wales to be close to her and buy a park home to live in permanently.

They have been very clear on no longer wanting a mortgage or to rent. They have had money issues all their life and general bad luck so I really want this to work out for them and said I would help them try to find somewhere.
My sister lives in South Wales (Ogmore by sea) and they want to be within half an hour. But looking at prices I think that’s very optimistic myself!

I have suggested a little terraced house (I found some for around 80k) but they absolutely insist on a park home. It’s been my mums dream to own one for the last 30 years.

Does anyone on the dibb own one or know someone that does? Is it a wise choice?

Every time I have suggested a house instead I am very firmly told that it must be a park home and I really want to try to help them.
Thanks.

See more...

My MIL lives in one and loves it, she made lots of cash by selling her bungalow and lives really well.
She loves the park home community as they all look out for each other too.
I'd recommend it no problem 👍

[simbamad]

Theres a you tube channel called the lodge guys who live on a holiday park, might be worth checking them out to get an in sight as to what like is like on there.

[JudyC]

I think the main issue with park homes is that they decrease in value whereas as bricks and mortor generally increase. If they are happy with that that's ok. There may be service charges or ground rent to consider as well.

[COL41]

The Only ones I know about locally can only be lived in 11 months of the year I believe to negate paying council tax. Also spoke to someone who lived in one who said they could only buy the heating gas from the park management and it was a bit more expensive than buying elsewhere so possibly things to consider?

[vhm672]

A few tips from knowing the industry not living in one

Are sure they are looking at park home sites as these unlike holiday parks can be lived in as a primary residence.

Check how often the home has to be replaced and factor that into affordability as you may need to buy 2 or 3 over the remainder of their lives (not meaning to be morbid)

Check annual fees and how these can go up as they have historically been a major issue

If either parent needs to go into care will they be able to afford the payments on a single income.

This is all in addition to diligence about any actual site. I have to say that with under 100k ( based on the equity you have mentioned) I would have long term affordability concerns.

[maidmarian]

Originally Posted by COL41

The Only ones I know about locally can only be lived in 11 months of the year I believe to negate paying council tax. Also spoke to someone who lived in one who said they could only buy the heating gas from the park management and it was a bit more expensive than buying elsewhere so possibly things to consider?

See more...

No that's incorrect, you're talking of the holiday park homes, it's completely different to residential site's and yes the gas is LPG through the park owner, LPG does cost more but the homes are cheaper to heat due to size.

[Rac20]

My in laws live in one. It cost them over £100k. They pay £200 ish a month fees which covers site maintenance. There are restrictions on what they can and can’t do. E.g. They had to get permission to paint the fence grey. They seem to really like it there.

[Twin mummy]

I know friends of my mil have one and wanted to sell but have to pay a percentage to the site owner which is marking it almost impossible for them to afford elsewhere. Fine if they are 100% sure this is where they want to be for the rest of their lives or have additional savings to call in. Look into site fees as well.
I’m sure the right site for the right people are amazing but they need to make sure they have considered with their head not just their hearts.

[lizzie145]

parkhomes.lease-advice/a...to-consider-2/

This may help