As later life approaches, many of us seek new ways to enhance our lives while keeping a watchful eye on our finances. Embracing a new lifestyle doesn’t have to mean embracing financial strain. That’s where the appeal of park home living sweeps in and how Park home living can save you money- presenting an attractive option for those looking to settle into a more relaxed way of living without the weight of unnecessary expenses.
We’re delving into the exciting prospect of buying a residential park home and how it can benefit you. We’ll explore all the features you need to know about, such as the lower initial costs, reduced monthly expenses, community amenities, insurance and equity release.
Lower Initial Costs
One of the delightful perks of moving to a residential park home is the lower initial costs.
Park homes won’t break the bank compared to your average bricks and mortar property, instead offering a splendid opportunity for people aged 50 and over to become homeowners for a fraction of the price of traditional properties. While the average price tag for a conventional UK property hovers around £286,000 as of May 2023, park homes graciously accommodate different budgets, as the prices vary depending on the size of the property and which of our idyllic locations you’ve chosen.
And here’s the icing on the cake: when purchasing a residential park home, you’ll find yourself exempt from stamp duty fees, which usually range between 5 and 12% of the purchase price. Taking the park home path welcomes you with open arms, without these extra financial burdens.
Remember that the park home lifestyle requires upfront payment since mortgages don’t apply to this type of property purchase. However, the relaxing charm of park home living, coupled with the cost savings, all contribute towards a hassle-free lifestyle in a community that embraces a simpler, friendlier way of living.
Reduced Monthly Expenses
Downsizing property can brighten your financial outlook, with smaller spaces inviting lower monthly expenses.
Just imagine the cosiness of a park home, with lower energy required to keep your space warm compared to the cold clamour of larger properties. Park homes are cheaper to run, providing a welcomed goodbye to hefty electricity, gas, and water bills.
And here’s a point worth embracing: the utility costs of a park home flow through either the park site or the suppliers, depending on the location you’ve chosen. You can rest assured that you won’t be charged more than the market average, which helps to infuse simplicity into your new lifestyle.
Community Amenities
At Berkeleyparks, all our sites are vibrant communities with tight-knit and welcoming neighbourhoods of like-minded individuals. Each park has been designed to foster social interactions and a sense of belonging.
Your wallet will thank you, too. With friendships formed and active participation in community amenities, you’ll reap the savings while enriching your social life.
Insurance Costs
Let’s get into the nitty gritty about important costs: home insurance. In reality, there is no law in the UK requiring homeowners to pay home insurance, but it does provide a protective shield on the off chance the unforeseen decides to pay a visit.
There’s no doubt that property expenses can eat away at your hard-earned savings, but here’s where residential park homes can be kinder to the wallet than traditional properties. Thanks to replacement value and risk factors, park homes are, more often than not, lower to insure which means park home living can save you money in many ways.
With lower premiums, this can effortlessly accumulate into substantial savings over time, leaving you with peace of mind and a little extra breathing room.
Equity Release
Many of us have been blessed to experience the wonderful chapter of parenthood with larger, valuable homes filled with children and memories. Turning the page to your new park home living adventure can open the door to financial freedom you may not have previously had, with released equity. This surplus of funds can be a cushion in later life, offering greater financial flexibility and peace of mind should you need to navigate any unforeseen twists.
Secure Your Future Savings with Berkeleyparks
Embracing the park home living lifestyle unveils a trove of perks, from those inviting initial costs to reduced monthly expenses. So why wait? Enjoy the ease of life in a comfortable and cosy home without compromising on your savings.
At Berkeleyparks we’ve helped thousands of residents find their dream home. Whether you long for the tranquillity of the countryside or the invigorating sea breeze, we have parks situated in the most coveted locations.
Contact a team member today, and we’ll be happy to guide you towards your journey to park home living bliss.
