One area of the real estate market that I have never been involved in is Park Living so I am by no means an expert, but thought I would share some interesting information.
Park Living is usually when you own a modular type (pre-manufactured) home or mobile home and it is located on a leased lot in a park or gated community.
This type of home ownership is becoming more popular with retired people due to its lower purchase price and lower operating costs. People are selling their large detached homes and buying a park home to be mortgage free and having the excess equity from the sale invested as part of their retirement portfolio. Some people even purchase another park home in the southern United States to get away from the cold winter months here in Canada.
Homeowners appreciate that all the lot maintenance (landscaping and snow removal) as well as property tax is included in the monthly fee. Another great feature of these private communities is many of them have their own community centre with swimming pool and facilities to hold private parties etc. Some parks even have organized social activities for the homeowners. It is a real sense of community.
Like any other real estate transaction the buyer needs to do their research as there are many things to consider such as the manufacturer of the home (is the quality there?), does the home sit on a concrete pad or is there a foundation with either a crawl space or full basement, or does it just sit on concrete pilons? These are all important questions as it will reflect on how well the home will withstand certain weather conditions.
You must also consider the location of the park. Traditionally in southern Ontario these types of communities are located in more rural areas so travelling to and from the nearest town may not be an option for some folks.
Never thought about Park Living? Could this lifestyle be what you’re looking for? You owe it to yourself to check it out. You may be pleasantly surprised!