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QUEENSLAND'S PREMIER HOME-OWNERS ORGANISATION

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Manufactured Homes in QLD

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Investing in a Residential Park and Manufactured Home

In Manufactured Homes residential parks, the homes are situated on a designated site within the development and the home owners pay a weekly site rent to the park owner under a Queensland Government prescribed document called a “Form 2 Site Agreement”, which is signed by both parties and allows the home owners to legally reside on that land under specific terms and to receive a continuous license to utilise the common areas and facilities that are provided and maintained by the park owner. The executed site agreements attach to the land and bind successive land owners which helps protect residents from being forcibly removed from such a development in the event of land ownership transfer. The park owners may or may not be the registered land owner and both parties benefit from payment of the weekly site fees from each Home; making this form of development a multi-faceted option for the astute property developer.

A notable complexity around purchasing a Manufactured Home is in regards to financing such a purchase as financiers are very reluctant, if not completely adverse, to lending on these investments. This is essentially due to the fact that without land ownership being attached to the Manufactured Home a financier cannot register a first mortgage over the property and are only left with the option of registration of interest on the Australian Personal Property and Securities Register, which is generally not deemed sufficient for the extent of the capital investment required. Accordingly, the benefit of purchasing within these residential parks and enjoying such community living is left to the over 50’s who are cashed up for such a purchase and can hold the Manufactured Home as their personal property outright.

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