Pros and Cons of Buying a Private RV lot: Worth it??
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Are you toying with the idea of buying your own RV site? You're likely already dreaming of having a place to call your own, where you'll be able to take your RV whenever and stay for however long you'd like. But before you purchase that perfect plot of land and begin mapping out where to put the patio chairs, it's important to consider both the pros and cons associated with owning an RV site. You may find that while there are definitely some great benefits, there could also be some downsides - as is so often the case! We’ll cover all angles throughout this post so read on if it sounds like something worth considering.
The Pros to buying an RV site
A break from the road
Life on the road can be exhausting. Having your own RV site would allow you to take a break and relax between adventures.
Also, with the COVID-related closures of RV parks across the country, owning your own lot would ensure you would have a fail-safe spot to settle down in case another unexpected event arises.
vacation spot
Imagine having your very own vacation spot without the added hassle of extra property upkeep. With an RV site of your own, you can enjoy the ultimate getaway retreat.
Year-round access to amenities
RV parks are full of great amenities like swimming pools, hot tubs, and game rooms that are perfect for a quick trip. But why settle for a short stay when you can own your own lot and have unlimited access to all the fun? Imagine having access to your favorite amenities whenever you want – it's like a permanent vacation! (See above)
Community
Sticking around in one place gives you the opportunity to get to know your neighbors and build a strong community. RV parks often host fun gatherings and social events to help you connect with your fellow residents and expand your community.
Choose your favorite spot
If you're a fan of a certain travel destination and you're looking for a more permanent set-up, purchasing a private RV lot might just be the thing for you! While not every RV park or campground offers private lots, with a little bit of searching you should be able to find one that's conveniently located near your favorite spots.
No storage hassle
If you own an RV, storage can be a real headache. It's pricy to store it if you're not using it all the time. A solution? Buy a lot, park the RV, and make it your family's vacation destination. As long as you have hookups for power, water, and other essentials, you'll have a perfect home on wheels that's ready to go wherever adventure takes you.
Room for customization
Did you know that when you purchase a private RV lot, you have more freedom to make it your own? Of course, you'll still have to follow some rules, but you can customize your lot to your liking. Think of adding outdoor pet areas, beautiful gardens, a cozy carport, or even a small casita. The possibilities are endless! With your own private RV lot, you'll have all the space you need to make it your perfect home away from home.
Rental
Did you know that you can rent out your RV site when you're on the road? Of course, it all depends on the park's regulations, but it's definitely worth exploring if you want to make some extra cash to cover your mortgage expenses. Think of it as an Airbnb for RVs. Just remember to check the rules before making any purchases.
Medical
Owning your own RV site could be a game-changer for full-time RVers who need to frequently return to a specific area for medical appointments. Say goodbye to the hassle of finding available RV parks- your spot will always be waiting for you.
Save money over time
While the initial cost may seem steep, it could actually save you money in the long run. Think about it: no more spending oodles on gas and storage, nor shelling out cash for reservations. Plus, if you use regularly or rent it out enough, your RV lot will eventually pay for itself.
The cons to buying an RV site
Not available
Unfortunately, the private RV lots at your go-to destination, campground, or RV park might not be up for grabs.
Cost
Prices can vary from as low as $25K to as high as $800K, depending on the location and resort amenities. Keep in mind that the upfront cost of ownership can be similar to that of buying a home in a high sought-after areas. Check out the video above for a glimpse of a luxurious RV lot that cost more than $800k.
Year-round park regulations and HOAs
Every campsite and RV park has rules? It's true! These rules help keep everything clean, safe, and organized. But some parks can be pretty strict, and after a while, those rules might make you crazy!
And if you're thinking about purchasing a private RV lot community with an HOA, be warned: they usually have even stricter rules and HOA fees. It's important to weigh the pros and cons before committing, so you don't end up paying more than you bargained for in fees and regulations.
Taxes
Watch Out for Taxes on Your Property - Even Small RV Lots!
Owning property can be a great investment, but it also comes with responsibilities - like paying taxes on it. Yes, even a little RV lot can incur taxes. And if the lot happens to be in an upscale neighborhood, be prepared to pay more. Get the heads up on property taxes to avoid any surprises!
Stuck in one spot
So, when you buy a lot, it's totally yours. Awesome, right? But here's the catch: to really make the most of your investment, you'll need to spend a fair amount of time on it. That could be great if you love sticking around in one place, but it can also be a drawback if prefer to travel and explore.
Lose Money
When it comes to owning property, there's always a possibility of losing money when you eventually sell a private RV site. Unfortunately, investing in a site comes with no assurance that its value will increase rather than decrease.
Constantly changing community
RV parks are not like regular neighborhoods? People come and go with the seasons and may even rent out their RV sites when they're not around, meaning you may not know your RV neighbor. So, owning an RV site doesn't guarantee a close-knit community vibe.
Things to consider before you buy
When considering resale value, like all real estate bigger is always better.
You may also want to avoid lots designated for a particular type of RV. This limits your rental opportunities and could be a problem if you ever decide to downsize from your Class A to a Class B or Class C.
Waterfront or water view lots are most popular, as are end lots and those that back up against natural borders.
As a rule, the fewer visible neighbors, the better.
If you have a choice between a preowned developed lot and a bare pad, factor the cost of permits, materials, and construction into your assessment. The developed lot could be the better deal.
As wonderful as resort ownership can be, all resorts — like all RVs — are not created equal. Finding the right park, just like finding the right motorhome, means doing your homework. Before you sign on the dotted line make sure you research your options and read all the fine print!
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Every Saturday, Phil & Stacy publish the Today Is Someday Newsletter, where they share weekly articles about all things RV and travel. Each week they scour the internet for articles that will inspire and inform you. They also share discounts, sales, and freebies! So don’t miss out! Sign up for the newsletter below.
About the Author: Meet Stacy! Stacy and her husband, Phil, are a wanderlust couple who have been roaming the great USA for an epic 5 years! They ditched the daily grind to embark on thrilling adventures and inspire fellow dreamers to chase their travel dreams. Curious about how they do it? Check out their awesome youtube channel, Today is Someday, where they're spilling all the secrets to living a life on the move. Get ready to pack your bags and join them on this incredible journey.y
