Downsizing to a Park Home

(in a Cost of Living Crisis)

You may be at a point in your life where downsizing to a park home becomes the right move. Perhaps to economise, particularly if you are retired, downsizing to a park home can make financial sense. This could be even more important right now, in the face of a nationwide cost of living crisis with inflation and energy bills on the rise. You may also, for many reasons, be placing a higher value on the financial freedom that may be achieved by downsizing to a park home.

Financial benefits of downsizing to a park home

Whatever your reason to downsize from bricks-and-mortar housing to a park home, there are many potential benefits to making the move. One that is often talked about by park home residents is the ability to free up enough money for a nest-egg and money put by ‘just in case’. When you combine this with good value insurance cover, your sense of financial security can certainly benefit, allowing you to relax and enjoy your park home life even in difficult spells.

The relatively low cost of park homes to buy means you potentially have the opportunity to afford one and free significant capital from the sale of your house. Your ability to enjoy life and cope with rising costs can be greatly enhanced because of this financial freedom.

If you add to this, the fact that downsizing to a park home is likely to mean significantly lower bills, depending on your individual circumstances, the financial benefits of park home living can stack up.

These factors can mean that there are significant lifestyle benefits available to you. With less money tied up in your home, and a welcoming community of like-minded people around you, you’ll soon settle into a park home community.

Controlling costs

On the other side of the equation it is perhaps worthwhile, in these inflationary times, to keep your eye on any pitch fee increases. These are tied to the rate of inflation by law, which is 7.8% at the time of writing and possibly rising. This means your residential park can at the moment, raise pitch fees above the increase in pensions, for instance, which go up just 3% in 2022. It might be useful to know that your park home owner can only increase pitch fees once a year and must give you 28 days’ notice in writing.

If you do have any financial or legal problems with your residential park to do with pitch fees or other issues you can contact the Independent Park Home Advisory Service (IPHAS) on 0800 612 8938 for advice.

Financial support

Downsizing to a park home is one measure that may alleviate some of the effects of rising energy costs, national insurance hikes and food price rises. Whatever your circumstances, as we all have to tighten our belts, to make sure you are receiving what you should in benefits, pensions and tax breaks, you may want to make use of one of the organisations listed below:

Money Saving Expert has good information on any financial help you may be entitled to in the form of tax, pensions and benefits.

Citizens Advice can be a good first port of call to find out what you are entitled to and if you want to speak to someone in person you can visit your local Citizen’s Advice office.

Age UK may also have the information you need to access benefits and services which can help. They actively campaign to put more money into older people’s pockets by making sure they do not miss out on what is available to them.

Park home living

You may be considering all of these factors, which very often, can make downsizing to a park home a good move to make. It may also be that your personal circumstances have changed or you are simply seeking to change your lifestyle to the tranquillity and sense of community that park home living can offer.

To fully experience the range of accommodation and lifestyle choices and explore the benefits of park home living, come and join us at the World of Park and Leisure Homes Show.  It’s on 10-12 June in Stoneleigh, Warwickshire, and you’ll find our friendly and helpful insurance consultants at stand X17.

Please note that all park home insurance cover is subject to acceptance of terms and conditions

This is a marketing article from Park Home Assist, multi-award-winning providers of residential park home insurance.  If you would like to speak to an advisor regarding insurance for your park home, please contact our friendly team in our Northampton office on 01604 946 796.

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Published – 01/07/2022