Are Residential Parks an Alternative to Retirement Housing?
Where to live in your retirement?
Residential parks, are they the answer?
They generally allow over 55’s to rent land for their homes to be sited on. Some park operators have different age restrictions but over 55’s is the general rule of thumb.
Not only are Park homes usually cheaper to purchase than a standard bricks and mortar home, they are generally cheaper to run too.
These (mobile) homes nowadays are large and luxurious in their fixtures and fittings, often having more modcons than normal homes. Fully insulated and double glazed with up to date central heating systems which are more efficient and use less energy than contemporary systems. These homes can more often than not provide a large comfortable living space, sumptuous bedrooms, luxury bathrooms and superb kitchens which are cheaper to run that any normal home.
Some operators also provide cheaper electricity and water rates as they purchase the energy upfront at business rates, which translates into cheaper electricity and water rates for these Customers.
Other plus points are:
You are living in a community of like minded people in the same age range, on a secure park close to local amenities with onsite park managers in the age range.
Safety, Security, Community. Retirement really can be fun, cost effective and safe.
Many Websites have very useful free information on all residential parks as well as links to manufacturers, other websites with retirement advice and more. There are many park operators and many manufacturers to choose from. The direct gov website has some great retirement advise with a section on park homes.
Can I get finance on these homes?
Yes – there are many many finance companies put there that specialise in this area. All these companies offer various services and plans to finance a park home purchase. Its worth shopping around to get the best deal for you. The top few finance companies structure finance to suit your unique circumstances and I would recommend one of these companies. BPHF actually also offer a part exchange service where you can part ex your current home to either fully or part finance your home. Others have slightly similar services but none I’ve seen are as competitive.
So are residential parks the answer to cost effective retirement living, for the most part Yes. Such a wide variety of homes from varying manufacturers and many parks from different operators to choose from. Ill let you make your own mind up.