![]() Quickmove Properties’ Sales Director, Mark O’Dwyer, explains: “The aim of Part Exchange is to take the hassle and up-front costs away from moving to a park home. ‘I worked out that although I may have achieved a bit more on the open market, when you take out the £6,000 estate agent fees and the £1,000 solicitor fees that you don’t have to pay with Quickmove Properties’ part exchange service, it suddenly became a relatively small price to pay for all the time, stress and risk we saved. ![]() I was aware that it would be below market value, but I was pleasantly surprised when an offer was made. I was slightly dubious and kept wondering what the catch was. Mr and Mrs King, who used Quickmove Properties’ Part Exchange service, said: ‘We looked into part exchange and liked everything about it, particularly the speed at which a sale could be completed. There are several companies offering park home insurance so do your research to ensure you’re getting a policy that meets all your needs. Instead, an insurance policy will need to be purchased from a specialist park home insurer. A park home is very different to a bricks and mortar property in many ways, and therefore a standard bricks and mortar home insurance policy would not be suitable for a park home. The park normally covers running costs such as the upkeep of communal areas, road maintenance, security and the continued provision of services and amenities. The park owner can propose changes to your pitch fee once a year, but they must give you 28 days’ written notice. Fees may be payable weekly, monthly, or annually (to be arranged with the park owner) and will vary from site to site, but you should budget anywhere between £100 and £260 per month. You will also need to pay ‘ground rent’ or ‘estate charge’ which is a payment to the park operator to retain your home on the plot. If you do require finance to purchase your new home, the park owner should be able to advise you on what is available through specialist finance companies.Īs with any home, you will be responsible for paying for gas, electricity, water, and council tax. This tenure is known as “Virtual Freehold” and means most high street mortgage lenders would be unable to offer you a mortgage to buy a park home. When buying a park home, you purchase the physical property and lease the land it sits on in perpetuity. Pre-owned homes are available from around £50,000 and can be refurbished by a park home maintenance and refurbishment company if required. Prices of brand-new park homes vary by location, size, and specification – typically from £100,000 up to £300,000+ for prime south coast sites. Please do take professional financial advice when considering your park home move. On downsizing, many buyers use residual funds to boost their pension pots or spend on a special holiday or new car. If you have an existing home to sell, your budget is largely dictated by the market value of the property and how much cash you’d like left over following the transaction. Step Three: Establish a budget for your new park home and how to finance the purchase Music: " Hedonista ," " Do Things Right ," and " Back Then. Today on the show, what happens when big investors like private equity firms spend billions of dollars buying mobile home parks, and make them less affordable for the people who live there - and how the government's helping them do it, with super low-cost loans that were meant to support affordable housing. Big investors are swooping in with billions of dollars to buy them up, because they think the parks could be more profitable. A lot of the mom and pops who have been running mobile home parks for decades. ![]() But even if you own your mobile home outright, you still have to pay rent on the plot of land that your house sits on.Īnd ownership of those plots has been changing. They can cost less than half of what other homes go for, and there are nearly 3 million households living in mobile home parks across the country. Mobile homes account for a lot of affordable housing. ![]()
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