14/12/2023
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Park home part exchange: what you need to know

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If you're intereted in buying a residential park home, part-exchanging your current property is a popular option

There are many advantages of part exchanging, and many schemes available to make this possible. Here, we outline everything you need to know about buying a park home with a part exchange scheme.

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Words by Val Chapman

 


Why buy a park home with part exchange?

Willow Park

(Photo courtesy of Richard Chapman)

Part exchanging your house for a residential park home makes the move speedier and easier than selling on the open market. It avoids hassles created by sales falling through, and other delays.

Part exchange schemes are offered by many park operators. There are specialist companies that offer this service, too. All of the schemes are designed to eliminate property sales uncertainties including chains collapsing and buyers pulling out of deals. Most of the schemes take care of the whole process, from valuation to key transfers.


What is a part exchange scheme?

Park home part exchange schemes arrange valuations with local estate agents who know the market in the relevant area. They take care of viewings, and, in many cases, there are no solicitors' fees to pay. Money transfers are organised for you. Some schemes even allow you to stay in your existing property for two weeks after completion, so that you don't have to move out of your previous home and into the park home on the same day.


Find part exchange services for park homes

Part exchange can help you live the park home lifestyle

(Photo courtesy of Richard Chapman)

One of the park home groups that offer a part exchange service is Wyldecrest Parks. Wyldecrest says, “In order to make your move onto one of our parks as smooth as possible, we can offer to buy your current property in part exchange for your new park home.”

This is how it works: you choose a residential park of your choice. You then choose a plot and decide on the home you want to purchase. After you have placed a deposit on your new home and confirmed you wish to proceed with Wyldecrest’s part exchange service, you will be asked to provide Wyldecrest with details of three local estate agents. Wyldecrest will then arrange for three agents to visit and provide to Wyldecrest the market value of your home. Wyldecrest will then put an offer to you for how much Wyldecrest Parks will buy your property for.

Another company that offers a part exchange scheme is Countrywide Park Homes & Luxury Lodges. Countrywide explains, “Moving home is a wonderful experience, but can be made stressful by all the planning, organisation and financial worries that go with it. This also brings the uncertainty of the sale completing. Because we understand this, we like to help make your move as seamless as possible. If you’re downsizing or changing lifestyle, you may have a property to sell. That’s why we are pleased to offer our 100% market value part exchange promise as an option on all of our residential bungalows and luxury lodges for sale.”


Real-life park home part exchange stories

Park home part exchange stories

(Photo courtesy of RoyaleLife/Wickham Court/Nisha Haq Photography)

Wickham Court – Nick and Tracie Venn

When Nick and Tracie Venn visited friends at the Wickham Court park home development near Fareham in Hampshire, they decided to move from their home in Portchester and join them. After initially trying to sell their house using an estate agent, they decided to use Quickmove Properties’ part exchange service.

"We had a mortgage outstanding, so with retirement looming in five or six years' time, it was the ideal way to purchase our 'forever home'. It enabled us to get rid of the mortgage, put a few bob in the bank and have a better lifestyle. Quickmove was perfect – we could have moved in two weeks but we extended to three weeks to give us the chance to get ready and pack! We love our home at Wickham Court. As soon as we visited we fell in love with the place. It's a great lifestyle and a lovely location."

Orchard Park – Tom and Marlene Tomkins

Tom and Marlene Tomkins moved to their Tingdene residential park home on Orchard Park, Tewkesbury, in 2018. Originally planning to buy a bespoke park home, they discovered that their preferred show home on the park had become available again and they didn't want to lose it.

"We'd been looking for a bungalow but couldn't find one that didn't need a fortune spending on it. Orchard Park is so welcoming and friendly. It's close to towns, clean, tidy and nice and quiet. Our labradoodles absolutely love it; there's lots for them to see from the home, with open fields just a minute away for walks, so they don't need to be driven around. We love coming back to this home – it's so cosy and light."

The park owner, Park Home Life, recommended Quickmove Properties' part exchange service to secure it without the worry and delay of selling their existing home on the open market.

"The offer on our home and the property we were buying completely met our needs and, even better, we didn't need to pay legal costs, which were covered by Quickmove. We wanted a stress-free move and that's exactly what Quickmove gave us, moving within weeks. We've sold lots of homes over the years, but this was the easiest move by far."


Are park homes worth buying?

Buying a residential park home isn’t just about purchasing a home; you are buying into a lifestyle. Most residential parks have a community feel, thanks to residents being of a similar age and stage in life. Being mostly retired or semi-retired, they have time to chat and make friends. That’s one aspect of park homes that makes park homes worth buying.

Another is that, in general, they cost much less than a bungalow of comparable size in any given area, so offer good value for money. And when you bear in mind that you are buying not just a park home but all of the appliances and furniture within it, this one-stop-shop purchase is very much worth buying.



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