Downsizing

Norrin Radd

Norrin Radd

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Having recently split with the wife and now firmly entrenched in the new luscious lady ,we are thinking of downsizing and getting a place on a park site , you know the thing ,static mobile homes I think they are called. It would free up a rather nice sum of money as we want to go on a cruise around the world with some of the I'll gotten gains.
Has anyone done the downsizing bit or know of any pitfalls in doing so
 
I haven't but the one thing to be aware of and factor in is the ground rent which can be as much as a mortgage...
 
AmandaJR said:
I haven't but the one thing to be aware of and factor in is the ground rent which can be as much as a mortgage...
Click to expand...
The park we are currently looking at is very reasonable in ground rent.
We are both due to retire in a couple of years and with our joint income we are looking at being quite comfortable as the rent is well within our budget for such things .
 
Norrin Radd said:
The park we are currently looking at is very reasonable in ground rent.
We are both due to retire in a couple of years and with our joint income we are looking at being quite comfortable as the rent is well within our budget for such things .
Click to expand...

Great. My sister did it although they went to Spain. They have moved off the park but think it was the close proximity of so many ex pats that put them off. So I guess it can be a bit of an issue if the "ethos" of the park doesn't suit as they seem to be quite communal - great if that's your thing. Maybe the other consideration is your rights if they want you to leave the park.
 
Friends of the in laws did exactly this, were very happy too until illness took over but that had nothing to do with the move, downsizing etc. These homes are brilliant to live in, the standard is superb.

The comments I would make based on talking to them about it:

Check the site fees, also how much they are able to increase each year
Is there a restriction on the age of the static before you have to replace it. Some sites specify 10yrs max
If it doesn't work out, bear in mind you will probably have to sell through the site and they will take a major cut.
You will have to leave for one month a year, either Jan or Feb. Factor that in.

Apologies if the above is nannying, I'm sure you will have covered this. I mention them just in case though.........

In terms of downsizing, most residents have an external plastic container with locks on to store stuff.
You will need to be very realistic in what you keep and what you will have to ditch. Storage will be an issue, no point pretending otherwise.
Check out the cost of storage facilities or containers near you. It may be something worth considering


If the above all works for you then best of luck with it. It looks a great idea for retirement, I'd certainly consider it as well.
 
As per LT

One aspect of 'Park Life' that I have seen come up on some TV reports is that you are expected to keep the van up to date. The TV reports were saying some owners have been made to leave the site because their van was too old.

Some sites I know of have the 28 day rule. I.e you are not allowed to leave on site for the full 365 days, this a local authority rule and is something to do with Council Tax and banding and site classification. My wife and I were going to buy a flat in Burnham and the same rule applied to the flat.
 
I think the ones that don't allow full year stay are classed as holiday parks and you need to show proof of a permanent other home. Others are classed as residential and have no time restrictions.

There are now legal rights for owners of residential parks and good sites are registered in an association that guarantee resedents rights. Check out the leasehold agreement regarding ground rent and how services are supplied. If alls good then enjoy a restful retirement.
 
Thanks for the replies guys.
The site we are looking at is residential and has a lot going for it .
It has an on site pub and restaurant open to all , including public.
It has a convenience store and post office,and would you believe,a doctor's surgery.
It isn't a site that has an age discrimination against the homes .
It is called Deanland wood park in East Sussex. We have walked around it a few times now and had a chat with a few of the owners ,it's more and more likely that we will be buying something there.
It really is a great location for us and the general ambience of the place feels just right
 
Norrin Radd said:
Thanks for the replies guys.
The site we are looking at is residential and has a lot going for it .
It has an on site pub and restaurant open to all , including public.
It has a convenience store and post office,and would you believe,a doctor's surgery.
It isn't a site that has an age discrimination against the homes .
It is called Deanland wood park in East Sussex. We have walked around it a few times now and had a chat with a few of the owners ,it's more and more likely that we will be buying something there.
It really is a great location for us and the general ambience of the place feels just right
Click to expand...

The only drawback is, and it is a biggy, you're a bit too close to Smiffy for comfort :whistle:
 
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