Hanging up the keys- beware

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Residents in a Largo, FL RV park are facing ouster. The owner wants to replace the RV park with a big apartment complex. Most of the residents would have a hard time finding another place to live that was comparable in price plus their RVs are more than 10 years old so some places would not accept them. The residents are protesting using also the fact that it could environmentally degrade what includes wetland property. The owner, of course, contends differently and says they are all on month-to-month leases. You can see the article at the Tampa Bay Times..

If you retire to an RV, full- or part-time, there will come a time when you have to get off the road. One of the less expensive options is to move to an RV park where you can stay year round. Others might choose a park where you can have a park model or mobile home. Read the lease/rental agreement carefully. In many cases it is month-to-month so the owner does have the option to sell if he/she gets a good price. Some property owners do look at their property as a retirement account: sell off when it’s time to retire and live on the proceeds.

Hot tub at  Voyager Resort in Tucson.

Hot tub at Voyager Resort in Tucson.

If the owner has put a lot of money in the park – perhaps in a community center, pool, landscaping – it could show an intention to keep it for the long run. However, if prices around the park skyrocket, any owner could be tempted to sell. And, who knows what their heirs will do when the owner passes away.

Another thing to think about is escalating rent and utilities costs. Is the park in an area where there are rent controls? At an older age it may not be so easy to move your RV or park model to a new park that is more reasonable.

You can find a higher level of protection if you purchase your lot or buy into a co-op park. Keeping up the infrastructure and common areas could prove to be expensive so it’s not a complete guarantee.

An RV or mobile home park could be a good decision. Often there are facilities and even activities. Check the agreement carefully and think about Plan B in case you would ever have to move. Jaimie Hall Bruzenak

 

May 7, 2013
Categories : Hanging up the keys, RV retirement
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