Do park homes hold their value?

Buying a park home is a huge decision for you and your family—but arguably one that few regret.

Park home living can be very appealing to those of a certain age, but there are several things to consider before you decide to make the switch.

From ‘can you get a mortgage on a park home?’ to ‘do park homes hold their value over time?’, the process of buying a park home throws up a number of questions.

Do park homes hold their value?

The short answer is no. Unlike traditional bricks and mortar homes, park homes do not tend to hold their value over time.

Instead, park homes often go the opposite way—decreasing in value as time passes. This is mainly because they aren’t designed to last as long as bricks and mortar.

That said, most new-build park homes can still last around 70-80 years if they’re well-looked after and properly maintained. However, if you decide you want to sell your park home in the future, you may find its market value to be less than what you originally bought it for.

While this might not be too big of a deal if you’re planning to spend your retirement and the rest of your life in your park home, it’s important to be aware in advance so that there are no unwanted surprises further down the line.

Factors such as how old your park home is, its location, and even demand in the local area can impact how much or how little the value depreciates over time.

What is the lifespan of a park home?

As mentioned in the section above, most new-build park homes in the UK can last between 70 and 80 years if they’re properly maintained and have regular checks.

Most people that buy a park home do so with the view that they’ll be living in it for the rest of their lives, and since most buyers are over 50, the typical park home lifespan is more than enough.

Our blog on park home maintenance provides tips on looking after your park home to ensure its longevity and efficient running.

The benefits of owning a park home

Although park homes tend not to hold their value, owning one still has plenty of benefits. The benefits of living in a park home include:

• typically lower running costs
• increased security
• better accessibility for older people
• easier maintenance
• community park spirit

 We’ve written a separate blog on the pros and cons of living in a park home. Give it a read here.

Are park homes a good investment?

Only you can truly decide if a park home is a good investment for you, as it very much depends on your lifestyle—or at least the lifestyle you want to live.

If you’re buying a park home for your retirement, with a view to spending the rest of your life living there—the low maintenance, affordable, community-orientated living they promote can mean they’re a very good investment.

On the other hand, if you’re looking to move on in the future and make a profit from selling up, a park home may not be your best investment option, as they tend to depreciate in value over time.

Ultimately, it depends on your circumstances. So, make sure you thoroughly research the pros and cons before committing to a decision.

Related: Are park homes a good investment?

Specialist park home insurance through Ripe

If you’re making the switch to park home living, specialist park home insurance through Ripe can protect your building up to £500,000 and contents (including fixtures and fittings) up to £75,000.

At Ripe, we let you tailor your policy to match your specific requirements, and the Ripe Guarantee means you won’t find a better price for your cover anywhere else.

Learn more about specialist park home insurance with Ripe and get a bespoke online quote today.

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