By Cheri Sicard
Have you ever considered buying an RV lot to park your RV on and live in when you’re not on the road?
The team from Nomadic RV Living produced an invaluable video as a comprehensive resource of the things you need to examine and consider before making a major purchase like this.
The video focuses on purchasing an RV lot in an established RV park as opposed to developing your own RV lot. However, some of the information will also be applicable if you do decide to purchase raw land for your RV.
There are so many things to consider when looking for land or a lot for your RV. Some may seem like common sense, but some you might not have ever thought about before.
The video aims to help you make wise choices and avoid mistakes.
The most important points you MUST consider when buying an RV lot
• HOA dues: Are they annual or monthly, and what exactly do they include or do not include? They might include things like water, electric, sewer, Wi-Fi, etc., but you need to be clear on this up front in order to avoid unpleasant surprises.
• Special assessments: You will want to know if any upcoming special assessments are planned. These are those special high-ticket repair items or upgrades that periodically appear in a homeowner’s association. If there are, you can use this as a negotiation tool in the purchase of your property.
• Financial assessment of the association: You should examine this to make sure you are buying into a sound investment on solid ground. The association should have financial reserves. If the association is broke, you can expect the dues to go up to help compensate.
• Water: Where is it coming from, what’s its quality, and who pays for it? Is the site already plumbed?
• Sewer: Is there one, what type, and, again, who pays for it?
• Electric: Does the site have 30 amp, 50 amp, both, or none? Who pays for electric, and how, is important to determine in advance.
• Property taxes: You need to know how much of a property tax burden you will be taking on in order to make an informed financial decision. Are any back taxes owed on the lot? The county assessor can let you know.
• Insurance: The video discusses various scenarios you might encounter and suggests the best way to keep yourself protected.
Secondary considerations when buying an RV lot
Beyond those important points, there are some other elements the video says you should consider before buying an RV lot. Some of these points may or may not be important to you personally, but it is always good to be informed. These include:
• Condition of the lot and park
• Is the community gated?
• Does the community allow you to live there full time? If not, what are the parameters of when you can and cannot use the lot?
• Are you allowed to rent your lot and, if so, under what terms?
• How many structures can you put on your lot and how big can they be?
• Can you have more than one RV on your lot?
• How long can guests stay and under what terms?
• What are the community amenities?
• Can you put a washer and dryer on your property in your shed?
• Are there any RV type or age restrictions?
• What additional rules and regulations are there?
• How close are needed services? How far are you willing to drive daily, or weekly, for those services?
• Are there any negative elements around the community, such as a landfill or an airport flight path?
• Seasonality and environmental factors can affect how much you use your lot; investigate accordingly.
These are the big points, but be sure to watch the video for more details and examples of various scenarios the team has encountered while trying to buy their own RV lot. Doing so can save you a lot of aggravation and money!
And, last but not least, the video advises to always, always, ALWAYS physically inspect your lot in person before putting down any money. Pictures on the internet can be deceiving. That’s excellent advice!
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RVT1248
This is similar to buying a home in a HOA (called a condominium up here in Canada). Here, by law, prospective buyers must be provided the minutes of the past year’s board meetings, the latest Reserve Fund study (an independent audit done every 5 years that assesses how well they have saved for the inevitable big ticket maintenance and end-of-life replacement costs of infrastructure), and all policy documents. This lets you assess how healthy the board is at handling things and resolving conflicts. Critically important when you are purchasing something in a place where much more of your expenses will be decided by others, not just yourself.
As one who lives in two ownership RV parks (one in summer, one in winter) I can say that the HOA dues, taxes, and utilities are far less than paying rent at commercial RV parks.