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Hi Helen,These lodges are not like a bricks n' mortar investment. They often have restrictions on how many months of the year they can be used for residential, so that would be part of your due diligence.I agree that they are attractive on the surface, but there are a number of issues, such as being reliant on the site owner to maintain the site to high standards and there is also the issue of how you exit such an investment. You are also largely reliant on how well the site is marketed.Furthermore, a lodge will likely decrease in value, so you do not benefit from capital appreciation. As new lodges come on-line, yours starts to look less appealing as it ages.I think they can work for people who want to use the lodge for themselves on a regular basis and are not looking for an investment, just something to enrich their lifestyle, but other than that, I would personally always go the bricks n' mortar route, as you have a lot more control, longevity, and exit route.Hope that helps with your decision making?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
The proper name is "Park Homes" are they not? There is a government advise website set up for them here, https://parkhomes.lease-advice.org/advice-guides/ there is a what to consider, type article to read.
As Vanessa says to check the Terms and Conditions, ensure you can rent it out! (if that's the plan) and all the small print.In many of these contracts if you sell it on then you have to give the freeholder a % of the funds, and lots of other weird contacts.
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
My understanding is that "park homes" are fully residential and are self-contained communities where people live permanently.I believe Helen is talking about a lodge in a holiday or leisure-type community where people buy second homes?
However, if you need open space to heal your brain and want ownership not air bnb there are very good health arguments for having the view and the peace!A motorhome delivers the same results (although you can change the view as often as you would like), would be cheaper to buy and run and can be rented out as Air BnB accommodation when parked on your drive!I put one free advert on gumtree for ours and was inundated with people wanting to book it. I charged £50.00 per night and had to turn people away!You could buy a decent motorhome for £25K. Do the maths and you'll see its very attractive.