Park homes are an affordable option for retirement, both to buy and run. Typically priced more favourably than their brick-and-mortar counterparts, they’re an attractive option for free up equity, all while improving your quality of living, moving into a brand-new purpose built home.
So, how much does a new park home cost? Well, it very much depends. In this article, we break down the associated costs and explore the key factors that influence the final price.
What makes up the cost of a new park home?
Made to order, there is no set to cost to new park homes. To get an idea of costs, you can contact a manufacturer directly who, upon request, will provide you with a price list for all their models. It’s important to understand that the manufacturer’s price is just the base cost of the home.
The prices quoted by manufacturers are usually lower than the eventual sales price. Additional costs to consider include:
- The cost of siting and delivery
- Connections to utilities
- Infrastructure required to host a park home
- Brick skirt
- Steps and railings
- Location
The buying process is usually handled by the developer of your chosen park from start to finish. Each site has different fees and requirements, for example, some insist that installation must be completed by their approved contractors. Finer details like these are important to consider, as it can have a big influence on the final price.
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.
Make the most of your retirement
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. With prices typically starting from around £180,000, downsizing to a park home allows you to free up equity, enjoy a brand-new home tailored to your exact needs, and make the most of your retirement years in a supportive, secure community setting.
Explore Parklands of Lincoln
If you’d like to learn more about life in a retirement village, we invite you to explore our site. With vacant plots available, you could have a brand-new park home built just for you in rural Lincolnshire, positioned in a prime location close to all the amenities you’ll need.
Open for visits every Wednesday. To learn more about our park homes, get in touch today.
