If you're worried your body won't be able to keep up with the demands of the working world for much longer, but aren't sure you and your spouse have saved enough of a nest egg to comfortably retire, you may be concerned about your next steps. Fortunately, by selling a home with high carrying costs and moving toward a much simpler lifestyle, you may be able to leave the workforce sooner than anticipated. Read on to learn more about how downsizing from a stick-built home to a park model may be your ticket to a financially solvent retirement.
What is a park model home?
A park model is a recreational vehicle (RV) with a total living space under 400 square feet. This space is usually smartly configured and can include a kitchen, small bathroom with shower, bedroom, and even a living area. Because a park model is smaller than a single-wide or double-wide manufactured home or even a full-sized RV, it can be parked in campgrounds and other RV-friendly lodging areas rather than in a mobile or manufactured home community.
Is downsizing into a park model for retirement a good idea?
Many homeowners who have refinanced over the years to pay for home improvements may feel handicapped by large monthly mortgage and property tax payments. The costs inherent in heating, cooling, and insuring a home can also seem burdensome when dealing with a limited income. You may also be tired of cleaning rooms you rarely use and long for a simpler arrangement.
As a result, many seniors have found it to be both physically and financially freeing to downsize their primary residence and purchase a park model housed in a year-round campground. Because these park models are smaller than most RVs, they're usually available at a relatively low cash price, and in many cases you'll be able to recoup more than enough equity from your primary residence to help pay for your park model and campground deposit.
However, before making this move you may want to test-drive a park model for a weekend trip to determine whether this is a lifestyle you can live long-term. If you're used to long, luxurious hot baths, you could find the adjustment to an over-the-toilet shower to be a tough one. You may also have trouble downsizing from a multi-bedroom home into less than 400 square feet. On the other hand, if you love spending time in the outdoors and prefer to primarily use your home as somewhere to eat and sleep, moving to a park model could provide you with the low-cost retirement lifestyle of your dreams. If you're thinking of moving into a park model home, consider contacting local specialists, such as Resort Homes, to discuss any questions or concerns you might have.