Real estate

Three ways to finance a residential park home

Park homes are less expensive than traditional houses

Over a quarter of a million people currently live in park homes, as they offer many benefits over traditional homes. If you enjoy living a peaceful lifestyle in a more rural location amongst like-minded people who have made similar moves, the park home life could be for you. They tend to be less expensive than traditional homes, but despite this, it’s essential to consider how you will pay for the move.

There are three options: taking out a loan, using a part-exchange scheme or park home loans, or buying the property outright using your savings or releasing equity.

It’s important to remember that you can’t obtain a mortgage to fund a park home, as they don’t have the same legal status as a traditional bricks and mortar home. Many companies will offer loans that permit you to borrow the cash, using the property as security. the park home life could be for you. They tend to be less expensive than traditional homes, but despite this, it’s essential to consider how you will pay for the move.

The rates will be higher than regular mortgages as the homes can depreciate in value, unlike standard houses. Be sure to check that the lender is regulated by the Financial Conduct Authority (FCA). When choosing a loan, shop around or seek the services of a professional.

The buyer will not fall through

A part-exchange scheme involves the sale of your home to a part-exchange company. The value of your current property will be subtracted from the cost of the park home. This is an attractive option for those who find the moving process stressful. A possible buyer will not, therefore, fall through.

According to Out and About Live if you are more adventurous and you fancy owning a holiday home on water, you can have just that with a house on a pontoon. If you’re looking for the safe option and want to relocate to a more peaceful way of life, Gloucester park homes for sale will suit your needs. Park homes such as Gloucester park homes for sale tend to be less expensive than traditional homes and they offer a sense of community.

Purchasing the park home outright is a good option for those who have planned for their retirement. In this way, you won’t need to worry about the burden of a loan. If you are fortunate enough to be in positive equity, the easiest route is to sell and move.

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