Be Realistic about your new Park / Mobile / Leisure Home
Moving home is believed to be the second most stressful thing someone can do in their life (second to only experiencing bereavement). You must be realistic in not only what you can afford to spend, but also how much do you need to retain from the proceeds from your house sale, to pay for those unforeseen eventuality.
Purchasing a Park Home is less complex in purchasing a traditional ‘bricks and mortar’ property, with allot less red tape, no legal costs, no stamp duty etc, however at the same time it is different to purchasing a traditional property.
Should you Opt For a Mortgage To Purchase a Park Home?
Although it is not possible to obtain a mortgage to purchase a park home, it is possible to obtain ‘mortgage style’ finance products from specialist lenders like Park Home Assist. Although you may have the necessary funds from your house sale to purchase your park home and be ‘mortgage free’ you should consider still obtaining some form of funds to purchase your park home. Why?
You must ensure that if you are utilising your own funds to purchase your park home outright, that you have sufficient funds also put aside for the unexpected eventuality such as paying to replace your car, that dream cruise you’ve been promising yourself, paying for private medical treatment, or paying your outgoings in the event of losing your job, this is because it is not possible to release equity or re-mortgage/refinance a park home after you have moved in, like you can when purchasing a traditional ‘bricks and mortar’ property. Once you have locked your funds into your park home, the only way of releasing them is selling your home.
Don’t just consider how much you are willing to spend on your park home, also consider how much you should put to one side for that unforeseen eventuality, and how long that should last you and what would happen if you underestimate the amount you will need? Also consider that if you had just a little more to spend, what that mean you can have the home of your dreams, on the park of your dreams, with the spectacular views of your dreams, if so then find out just how little that little extra amount would cost you.