Most high street lenders won’t give you with a mortgage to finance your purchase because of the unique tenure of a park property. Because park homeowners don’t own the land on which their home is situated, lenders cannot obtain a mortgage on the land’s value. If you are not a cash buyer, a specialised finance business may be able to help you arrange financing for a park home.
Park homes are far less expensive than standard residences, you may be able to finance your purchase with a personal loan. Personal loans can act as mobile home loans since they are flexible loans that can be used for nearly any purpose. However, most park homes are purchased outright, commonly with the profits from the sale of a typical brick and mortar property.
When it comes to buying or selling a park home, there are a variety of expenditures involved, but all of these costs are significantly lower than those associated with purchasing a conventional property. These rates enable many retirees to sell their family house and downsize to a park home, which they purchase outright, leaving them with cash in hand to fund their lifestyle.
Due to the variety of park homes on the market, there is a property to fit most people’s budgets. Because of their popularity, the majority of parks enforce a minimum age of 50 years for buyers in order to build a community of like-minded people. This also adds to the attractiveness of not having noisy youngsters running about during typical weeks.
Their value follows that of the normal housing market! Meaning after buying your property you won’t have to worry about it having a faster decline in value than if you bought a conventional property. As long as the proper maintenance and care are taken to look after the property. Insurance broker Gold Shield stated, “a newly built park home could last as long as 70–80 years if maintained properly, they aren’t designed to have the same longevity as a conventional home.”
What about financing for trade customers?
Unit Stock Financing from DF Capital is a straightforward and effective approach to fund and manage your company’s working capital cycle by releasing unrealised cash held in stock. This financing option allows you to optimise cash flow, free up working capital, and increase sales by having the goods you need when you need it. This provides you the freedom you need to fulfil the demands of your business.