A traditional bricks and mortar bungalow has always been popular for those looking to downsize. One storey removes the mobility worry for those getting older and thinking about their future. However, Quickmove Properties have found that new build bungalow completions have considerably declined. Developers don’t see the profitability of bungalows to deliver in large numbers, hence demand is now far outweighing supply. Residential park homes, very similar in many aspects, aim to fill the gap the bungalow market cannot. Red Deer Village takes a look at the similarities below, and why you should consider downsizing to the closest comparison to a bungalow; a residential park home.

Why Downsize?

Quickmove Properties have found in a survey of UK home sellers that a third of those looking to move home are downsizing. The survey found that the average age of those looking to downsize were 60. The most common move was to downsize to a home with one or two less bedrooms, with 19% of those surveyed wishing they had downsized sooner.

The main reasons in the survey were not increased costs of living or borrowing – people want to get out of their empty nests. Kids have left home and that extra space is no longer needed, so it’s time to get rid of it. A smaller home is also easier to maintain. Retirement was another high ranking reason, as was reduced mobility due to age or health reasons. Downsizing to a smaller property means a reduction in household bills. Finally, the survey found that 80% of those downsizing released equity of up to £150,000 to enjoy their retirement.

Downsizing and releasing equity can provide you with financial security. However, the majority of those who downsize choose to do so because of lifestyle factors. Enter the retirement village. Many retirement villages, like Red Deer Village in Glasgow, Scotland, are located in peaceful areas. Red Deer Village offers a secure, gated community of like-minded individuals, with CCTV at the entrance. Our residents hub offers somewhere to enjoy a tea or coffee with friends or neighbours. It also hosts regular events and activities. Meanwhile, our courtesy minibus takes residents for their weekly shopping and on monthly outings to destinations of residents’ choice.

Battling the Shrinking Bungalow Market

You may think a reason for dwindling new build bungalows is that they are perceived as old fashioned. It is however, not the case. Bungalows are as popular as ever, especially to those looking to downsize. However, in 2020, bungalows accounted for just 1.2% of new build properties, vs 6.9% in 2000 – a significant drop over the years. So, if you want a single-storey home and want to save yourself from potentially costly renovations to modernise a bungalow, park homes fill the void. Residential park homes are also considerably less expensive than a traditional one storey. The average park home can be over 30% more affordable than the average bungalow. Park homes at Red Deer Village come in a variety of layouts and sizes to suit any style. Our residential park homes for sale can be found here. With many park home buyers finding safe, established communities very enticing after living in a large empty home, you’ll be among those who wished they’d downsized or started park home living sooner!

To find out more about Red Deer Village or our residential park homes for sale, please contact us. A member of our team will be happy to help.

 

Above facts and figures can be found in Park Home & Holiday Living magazine (Nov 23 & Jan 24) and via Quickmove Properties. All facts and figures correct at time of writing.