We have had a lot of enquiries recently from clients who are considering purchasing a park home rather than a house or flat. Park homes (also known as mobile homes) tend to be modern chalet style properties which are usually located on private estates.
Park homes are typically considered to be a low maintenance option with many people being attracted to the sense of community and a “village within a village” feel offered on many of the sites. Another benefit drawing people to park homes is the additional security and peace of mind afforded by living in a secure community.
How does purchasing a park home differ from purchasing a traditional house?
Park home sites are considered to be energy efficient and affordable. Prices are usually considerably lower than that of a traditional home. In 2013 a new Mobile Home Act came into effect. This offers enhanced protection for park home owners and provides standard documentation when a park home is sold. Unlike a traditional home sale and purchase the seller and buyer of a park home mutually agree a price. The buyer is also contracted to pay a percentage of the agreed price to the site owners. This is usually 10% of the purchase price. However, the buyer won’t incur stamp duty or registration costs as they would with a traditional house purchase. Making it an attractive proposition for a number of buyers.
There is also structure and harmony within a park home community created by a list of regulations. This covers all owners ensuring the site and property owners are all governed by the same set of rules.