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To move or not to move.

(17 Posts)
Gardenman99 Thu 15-Dec-16 20:36:09

Thank you for your suggestions folks I think the general consensuses is stay put and over pay our mortgage. We now pay £758 per month. we could afford to up it to £1000 a month. What I like about this site is the feedback can be very helpful. Thank you.

Jalima Thu 15-Dec-16 16:50:59

There is new legislation in place to safeguard home owners, but, as with any purchase of a new home, a good solicitor should be employed.
www.gov.uk/government/news/new-resident-rights-for-park-homes-will-root-out-the-rogues

I'm not saying we would buy one - DH would not like any restrictions - but my relatives have been extremely happy and never regretted their choice 25 years on.

Theirs has been updated with new windows, doors, conservatory, kitchen etc and is probably worth at least twice what they paid for it.

Anya Thu 15-Dec-16 16:20:21

The problem with park homes, as highlighted on Watchdog last night, is that they can change hands, and the new owners may not honour existing contracts.

Jalima Thu 15-Dec-16 16:12:22

There are so many variables, ie area, property prices and the size of your present home etc, it is difficult to advise.

J52 Thu 15-Dec-16 15:54:18

I would definitely downsize to bricks and mortar. But, I would not do this until you are both ready to retire. That way you will maximise the value of your home.

When faced with a delemma like this, ( and only you know the financial and personal implications) I write down the pros and cons, both in the short and long terms, of each choice. By doing this, sometimes the less obvious appears the route to take.
Good luck.

Jalima Thu 15-Dec-16 15:32:00

I certainly wouldn't sell then rent.

I would downsize or try to pay off the mortgage on your present home.

Ana Thu 15-Dec-16 15:27:25

If your present property is worth approximately £250,000 would you not be able to downsize? (Sorry, I may be way out here, have no idea where you live!)

Buying a smaller house/bungalow or flat would at least give you some security.

Jalima Thu 15-Dec-16 15:20:54

Ps a £50, 000 park home on a 20 year lease does sound a bit dodgy to me - as far as I know there is no set term lease on the site I know and some of the latest homes are well in excess of £200,000.
I would beware of buying an older one because you could be asked to remove it or completely update it if it became an eyesore and brought down the look of the site.

Jalima Thu 15-Dec-16 15:16:34

I did not know that the leases had a time limit; I've never heard of that but it is something a good solicitor could sort out for you should you go down that route.
Some of my relative's neightbours reached their 90s before they died and then the homes were resold very quickly.

Jalima Thu 15-Dec-16 15:05:48

I wouldn't dismiss a Park Home out of hand; my relatives bought one, it is smart, modern, cosy and everyone takes a pride in their gardens and there is a great sense of community.

However, you would have to bear in mind that you will have to pay ground rent, that there may be a charge when or if you sell it, and there may be restrictions on erecting sheds etc.

However - some of them are very expensive bearing in mind you are buying just the home and not the land.

It depends what you are looking for and if you are wanting to leave an inheritance to DC as they could depreciate in value.

Charleygirl Thu 15-Dec-16 14:47:03

I would not consider a park home- what would happen when the lease is up and you are 80? As somebody mentioned they do not increase in value and you would have difficulty selling.

You are young to consider equity release, I would get professional advice before going down that route.

Re your mortgage, could you not increase the amount you pay monthly so that you pay it off sooner?

I also would not sell and then rent-£150,000 appears to be a lot of money but not in this day and age. You would never be able to afford to buy again if you changed your mind later.

gillybob Thu 15-Dec-16 14:40:14

This may sound very cheeky but is your monthly mortgage "affordable"? Low even? Could you rent anywhere decent for less?

Could you pay a little bit more a month to get it finished quicker? We have a similar problem in that my DH is 11 years older than me (he is 65) we still have a fair sized mortgage and are trying to overpay a bit to get it down while we can. The rents in our are are about the same as we pay mortgage.

I know a few people who have sold up and moved onto a caravan park (we used to have a static ourselves). The upsides are freeing the money and having no mortgage, security and safety and company/friendship. The downsides are that your fuel bills might be higher (caravans/park homes, no matter how well built they are, do not retain the heat as well as a traditional house)the yearly ground rent/fees (ours was up to over £3000 a year before we left)insurance (you need to check the cost of this as it can be very high), the site itself (is it secure, does it have a lot of holiday makers in the summer, are you allowed visitors to stay etc.)and finally how long will the caravan/park home last? (many sites have rules about the age of a caravan/park home). you might be a very fit 80 something and find your park home is past its best and you have no money to upgrade.

Whatever you decide I wish you well.

PS I cried more when we were forced to sell our static caravan than I did when we were forced to sell our house !

LaraGransnet (GNHQ) Thu 15-Dec-16 14:39:44

Thanks roses. We've popped this over to chat now. tchsmile

Anya Thu 15-Dec-16 14:36:17

Or downsize into a 'shared ownership' scheme.

Anya Thu 15-Dec-16 14:35:15

Do you have a realistic chance of paying off your mortgage soon? For example, if you have a good work pension scheme you might have a sizable lump sum to do this?

I wouldn't sell then rent, your money might not outlast you. I most certainly wouldn't buy a park home.

If all else fails find a reputable equity release firm...or can you not do that while you still have money left on your mortgage?

rosesarered Thu 15-Dec-16 14:26:51

Ask GNHQ to put this on the chat threads, more people will respond.
It all depends on your age, health and the kind of lifestyle you prefer.If you are working and still enjoying doing so, and like your present house, keep paying off the mortgage.
or, keep working, but sell the house and buy a smaller house somewhere that you like.
If you particularly like the idea of a flat with no garden to do, then go for that.I would not go for the park home, unless there is no alternative, it could be hard to sell and it's value go down rather than up.

Gardenman99 Thu 15-Dec-16 14:06:58

We are in our 60s and still have £90,000 on our mortgage still to pay. We have 3 options
1. Stay as we are and keep working to pay the mortgage off.
2. Sell the house and move into a rented flat. Leaving us with about £150,000
3. Move onto a caravan park and buy a £50,000 park home on a 20 year lease. What would you do.?? All suggestions welcome.