Gloucestershire Park Homes like the ones available from parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/ are becoming an increasingly popular option for people looking for a place to move to during retirement. In many cases, this means downsizing from a family home, which can also mean the release of some equity that then allows the owners to take holidays and enjoy some hobbies in their retirement.
There are a number of ways that the purchase of a park home can be financed, and it is important that you consider the option that is most suitable for your circumstances. You also need to consider any other costs, such as ground rent, that you may need to factor into your overall budgeting. Here are a few of the options for you to take a look at.
Cash purchase – if you have sold your home or are in the process of finding a buyer, you could you the proceeds of the sale to purchase the park home. This would, in effect, mean that you are a cash buyer. Whilst you might still be subject to the conveyancing chain, in that you may have to wait for people to sell their property before they can move into yours, you won’t have to wait for a mortgage agreement to be put in place. In order to be a cash buyer, you would need to sell your property at a figure that would cover your new home costs. You would also need to be sure that you retain enough money to be able to pay for annual costs such as ground fees.
Mortgage – it can be difficult to get a mortgage on a park home as it is not a standard construction, and it is sold on a leasehold basis. This means that you do not own the land that your park home is situated on. There are some lenders that may consider this as an option, but it is important to do your research and make sure that this is the right way for you to finance your home
Loan – as mortgages are not as standard as possible on a park home, some people look to apply for a standard loan to pay for any shortfall that they may have in the purchase price of the park home. Again it is important to ensure that you can make the repayments on this.