Apart from the way they are constructed, a park home looks and feels almost exactly the same as a conventional bungalow. Modern park homes have gas central heating, double glazed windows, pitched roofs and are normally supplied fully furnished. Some even come with wide-screen plasma televisions as standard! They are able to have all the regular services such as phone lines and cable TV. Homes have a designated plot, generally with at least enough space for an outside patio area or garden. Depending on the park, well-behaved pets are normally allowed. In order to allow access to the underside of the home, it is usually raised 1-2 foot off the ground and surrounded with a brick skirting.
The value of a park home is reached when adding up two factors; the value of the home and the value of the land on which it is sited. The price of the home depends on the make, model, size and furnishings requested by the homeowner. This is often quoted as being the 'un-sited' or 'ex-works' price of the home.The overall price of buying a park home, however, also needs to take into account the cost of siting the home and the value of the home once it is sited on the park. Once again, this depends on several factors, such as the location of the park (both its location in the country, and its nearby amenities), the size of the plot and position of the plot.These two factors make up the overall cost of a Odds Farm Estate home, which is often very different from the price quoted by the manufacturer. The best way to find out how much a certain home would cost on one of our parks would be to contact us directly.
Just as the cost of buying a Park Home is made up of two factors, so is the value of a Park Home. The value of the land on which the home is sited rises in line with regional property values and thus the value of the home increases. However, another factor to consider is that Park Homes have a finite life of about 50-60 years. As such, the actual value of the house depreciates over that time span, slightly counter-acting the rise in value of the land.
Historically, because land prices in the UK have risen for the last twenty years, the value of the land has risen faster than the homes themselves have depreciated. The value of sited homes has therefore risen over time, and is closely linked to the value of property in the local area. So there are very few park home owners who have lost money when buying a park home. And as Park Home living becomes ever more popular, there is an increasing demand for homes which acts to drive up prices.
We would recommend that anyone purchasing a park home does so because they offer a high standard of living and an attractive, community based secure lifestyle and because they often allow purchasers to release equity in their own home. While the value of park home may go up over time and the home may be sold or passed on to close relatives in the future, it should not be considered primarily as an investment purchase.
The manufacturers of all park homes on our parks are members of the NPHC (National Park Homes Council) and new homes are all supplied with a 10 year warranty. We have homes on our parks that are well over 40 years old and are still in excellent condition. Modern park home technology has improved dramatically over the past few years and modern park homes are expected to last beyond that figure with proper care and attention.
A new home is likely to require little maintenance in its first 10 years, other than external painting every 3 to 4 years. Older park homes do require maintenance, and a home over 20 years old may well require a new roof or re-cladding. Those interested in purchasing an older second hand home on one of our parks should consider carefully the maintenance requirements that will be required to maintain the condition of the home. We would recommend that anyone purchasing an older home, especially a home more than 10 years old, has a full survey of the property carried out before buying it.
Yes, so long as the park has a permanent residential licence, you can use a park home as your main residence. Indeed, it is a requirement of most residential parks that the home is used as the home owners main residence.
The pitch fee payable varies from park to park and from home to home. At Odds Farm Estate the homeowners pay a monthly pitch fee for the right to keep the home on the particular plot, and also covers maintenance of the communal areas, roads and such factors as electricity for streetlights.
Other costs are much the same (or slightly less) compared to living in a bricks and mortar home. Council tax is payable on park homes, although this is usually the cheapest band, band A. Electricity is approximately half the price of a normal 'bricks and mortar' home, especially if the park buys electricity in bulk at commercial rates. Other services such a telephone line and satellite TV are purchased directly from suppliers such as BT.
Gas is sometimes piped in directly from the mains, depending on how far from a town or village the park is sited. If no mains gas is available, for example if the park is in a rural location, then LPG gas is generally used. On some parks, LPG gas is bought in bulk from suppliers and then piped to each home. LPG gas is more expensive than natural gas, and is one of the costs that is higher on residential parks than in traditional houses. However residents make a saving in other aspects such as the electricity so there is an element of one offsetting the other.
Water is often metered and charged by the park based on consumption and rates approved by OFWAT. In some instances, water is supplied directly from the local water utility company.
Modern park homes are well insulated and can require less energy to heat than bricks and mortar homes. As such the amount of gas and electricity used compares favourably with that used in bricks and mortar homes.
Yes. The pitch fee is initially decided on in your agreement with the park owner. It will increase at the rate of inflation each year. It can be raised at more than the rate of inflation only if
a) the park owner has invested in the park in the previous year in a way that benefits the residents and
b) the residents have been consulted on that improvement program.
The rules governing pitch fee increases are very strict, and they prevent the park owner raising the pitch fee in an arbitrary way.
Yes, Park Homes can be sold on the open market.
The park owner is entitled to a commission share of the sale, which currently stands at 10%. This figure is due to be reviewed and possibly amended in the near future. This transfer fee is not comparable with commission payments made to Estate Agents. Rather, it reflects the fact that the pitch and the amenities of the park add to the resale value of the home. It also reflects the fact that the value of the home is likely to have increased (because the land has increased in value) and the resident is paying the park owner for as share in that increased value. Transfer fees supplement the income the park owner received from pitch fees and without them, pitch fees would have to be higher.
Considerable investment is necessary to develop and maintain a licensed park home estate. A reasonable return on this investment is essential to ensure that the park continues as a viable concern in the interests of both the home owner and the park owner.
The homeowner may enlist the help of local estate agents or other marketing channels. However, Estate Agents' fees are payable on top of the transfer fee due to the park owner.
Yes, Park Homes can be passed on in a will. If it is left to a party currently not resident on the park, then they may only occupy the home with the consent of the Park Owner. This is especially important on residential parks where they may be a restriction on the age of prospective residents. The heirs may sell the home if they so wish.
If the home is left to the deceased's husband or wife (living with them on the park) then the surviving partner can inherit the home and the rights for the home and continue to live on the park.
Passing the park home on to heirs includes transferring the agreement to the new owner. However, the 10% commission payable on the sale of a home does not apply when ownership is transferred due to inheritance, as no money has changed hands.
No. You are granted a licence to use the plot with the home sited on it indefinitely. As the plots aren't freehold properties, you never actually own them, you only hold the licence. However, you do own the actual home. The licence lasts for the lifetime of the home, which by current manufacturer estimates is roughly 50-60 years.
The short answer is no, a park home needs to be your "only or main residence." This is not a park rule, but a legal stipulation in the Mobile Homes Act.
Holiday homes (or lodges), however, can only be used as your second residence and cannot be used as a main residence.
The price quoted by park home manufacturers is the price that one would pay to have the home manufactured and delivered to a privately owned plot of land (the ex-works price). If the home is sited on land belonging to a company or another individual, as happens in most cases, there is a value associated with the right to use that plot of land for the lifetime of the home.
Part of the difference between the ex-works and sited prices is due to the construction of the base for the home and connection of the home to services, but the vast majority of the difference in price is as a result of the value of the land on which the home is sited
This transfer fee is not comparable with commission payments made to estate agents. It reflects the fact that the plot and the amenities of the park add to the resale value of the home. It also reflects that the value of the home is likely to have increased, because the land has increased in value, and the resident is paying the park owner for a share in that increased value.
Considerable investment is necessary to develop and maintain a residential park home estate. A reasonable return on this investment is essential to ensure that the park continues as a viable concern in the interests of both the home owner and the park owner.
This varies between parks, although the majority of our parks are for the over 50s and do not permit children to be resident on the park. This does of course make provision for children visiting for periods of time and it would be perfectly acceptable for residents to have, for example, grandchildren to stay for a period of time. Most parks allow pets, although some only permit cats. All pets should be friendly and well-behaved and not cause a nuisance to other residents on the park.
Yes, previously owned park homes do come onto the market from time to time. When buying a resale home, the transaction is a private agreement between the vendor and the purchaser. The purchaser takes over the rights and pitch fee of the previous owner and has their name put onto the written statement. We would recommend that purchasers buying a home more than 10 years old request a full survey of the home.
Odds Farm Estate. Wooburn Common Road, Wooburn Common, High Wycombe, Buckinghamshire, HP10 OJY
Telephone : 07825 440289
Fax : 01628 530603
Email : email@example.com