Park homes tend to be priced more favourably than their bricks-and-mortar counterparts, making them an appealing option for those considering retirement living. In this article, we cover the costs associated with park homes and what factors can influence the final price.
What makes up the cost of a new park home?
If you contact a park home manufacturer directly, they will provide you with a price list for all their models upon request. However, it’s important to understand that these prices are not the final amount you will pay to move into a park home. The prices quoted by manufacturers are usually lower than the eventual sales price due to several additional costs, including:
• The cost of siting and delivery
• Connections to utilities
• Infrastructure required to host a park home
• Brick skirt
• Steps and railings
• Location
The effect of location on the price
In-demand locations inevitably come with higher price tags, much like conventional housing. Generally speaking, the further south you go in the country, the higher the price. For these reasons, it’s always sensible to discuss pricing with the park operator of your preferred park home development. They can offer you a final price for any of their park homes.
What should you expect to pay at ready-to-move-in specs?
Using Parklands of Lincoln as a real-life example, we currently have a 45×20’ Omar Colorado for sale at £230k. This turnkey price includes all furniture and fittings, such as beds, a three-piece suite, a dining table and chairs, a fridge/freezer, and a washer/dryer, to name a few. If you prefer to customise, any of these items can be removed, and the final price will reflect the deductions accordingly. One of the fantastic benefits of buying a park home is the flexibility they offer.
When buying a park home built to order, you can design it to accommodate your budget. The home can be resized, kitchen units can be removed, carpets altered, and the en-suite may be unnecessary, for example. These are just a few ideas to help keep costs down. At Parklands, park homes typically range from £180k and go up to £350k and beyond.
How much does It cost to run a park home?
Running costs for park homes are generally more favourable compared to bricks-and mortar homes. Their modern construction ensures energy efficiency, and residents are often pleased with the low cost of their heating bills. As park homes are legally termed ‘mobile,’ they are usually categorised under Band ‘A’ Council Tax, which is the lowest band. At Parklands of Lincoln, this amounts to around £1,000 per year.
You should also consider the pitch fee, which you will be expected to pay on a park home development. At Parklands, this fee is currently £157.23 per month. The pitch fee helps fund the upkeep of the grounds, communal lighting, secure gated access, CCTV, and a caretaker.
Additionally, it’s worth factoring in home insurance for a park home. While premiums are generally competitive, they tend to be slightly higher compared to a bungalow. It’s also recommended to have the exterior of the park home repainted every three years, which costs approximately £1,000.
Conclusion: Is retiring to a park home more affordable?
Overall, park home living is more affordable than buying and running a brick-and-mortar property, offering you an exciting opportunity to live an upgraded lifestyle. By downsizing, freeing up equity, and getting the best value from a park home, you will be in the best position to make the most of your retirement.
If you’d like to learn more about life in a retirement village, we invite you to explore our site. We have vacant plots available, perfect for your new park home. If you have any questions, please feel free to get in touch with us today.
