You’ve worked hard for decades and now you’re weighing the options for the next chapter you’re facing: retirement life. Your children are grown up and have families of their own. Perhaps you’re not interested in dealing with much home upkeep now. You’re probably looking to pursue the things that have always interested you but could never make time for. Of course, you find yourself realizing the time to do these things is now.
We think living in a mobile home park is a great transition for retirees. We’ll explain why.
What retirement life could look like
Let’s take a look at what retirement life may offer you in a mobile home park. In the last part of this article, we’ll explain some things to look out for when applying for your new home.
Affordable retirement housing
Undoubtedly, a mobile home park is a great place to settle down and call home for a variety of reasons, regardless of your plans.
Duke University economics professor, Charles M. Becker, says “Trailer parks can be thought of as gated communities for people who aren’t so wealthy.”
It’s true, a mobile home is less costly per square foot than a stick built home, meaning you can get more bang for your buck. More and more baby boomers who don’t have enough retirement savings set aside are selling their homes and investing in mobile homes. This enables them to walk away with a good amount of money to live off of after moving into their new community.
Mobile home communities lot rent ranges from $300/month to $2000. This is still a much lower expense than the cost of assisted living.
These retirement communities provide homeowners with a safe environment and a network of other retired neighbors who can relate to the season of life you find yourself in. Many communities restrict residency to seniors who are at least 55 years old.
In these parks, some even go as far as to say that they feel safe leaving front and back doors wide open while relaxing indoors. Walking the dog after dark is oftentimes a fearless activity.
These parks often come with limited or controlled entry points and exits, and gates and fences. Indeed, it’s an affordable gated community.
The neighborhood clubhouse serves neighborhood residents the opportunity socialize and network. There are activities for everyone, regardless of their interests. Potlucks and parties, games and movies, simple coffee get-togethers and craft activities are part of the neighborhood’s lifestyle. Many retirees fear a stagnant lifestyle, but that won’t be an issue in a mobile home retirement park.
And the activity isn’t limited to the relaxation and fun that goes on. Because of the networking that goes on in these parks, people are more apt to help one another.
Depending on what you’re interested in, retirement mobile home communities come in all shapes and sizes. You may find them near golf courses or beaches, for example.
Park amenities may include community spaces, pools and exercise facilities, and more.
What to look out for before you invest in a park
Now that we’ve looked at the benefits, here are some points you should look into before settling on a park. You don’t want to commit to a new place and later find unpleasant surprises!
Ask the park manager to provide you with a copy of the park rules and expectations. Look for information on how long visitors can stay. How about pets? Are there any rules you don’t like for your furry friends? Are there any extra fees for the community clubhouse and use of the pool and exercise room? Think of other lifestyle changes you might have to make and decide which ones are too important to pass up on.
Owned or leased lots
Next, find out if the lots are owned or leased. If you get to own the lot, that increases the value of your home.
If you need to lease the lot, that’s definitely an option you can work with too. However, you’ll want to find out what happens if the mobile home park owner decides to sell the park’s land. Will you be recompensed? Will they provide you with a timely notice? Note, this information ought to be in the contract.
Look at the history of the park’s rental rates. How often are the rates inched upward?
In some cases, mobile home residents like to take charge by pooling together to purchase their own community. This places the control of the park’s future and rent in the hands of homeowners.
One other critical point we’d like to point out. Before you sign anything, scrutinize the contract. The details of your lot and obligations of both parties should be in the contract. Go over the fine print and make sure you’re happy with the details set forth.
Enjoy living the retirement life!
When it comes to your retirement, we hope you’ll find that a mobile home park is a great option as you switch gears into retirement life. A viable housing option today, it’s great to see that the mobile home has evolved into a sturdier and more attractive home than it once was just a few decades ago.