Park life: the difference between having financial information and understanding it on park home owners’ quality of life

Few older people move each year, yet many are open to moving if it improves their quality of life and enables them to live independently. Residential park homes, manufactured homes typically owned by the resident but sited on rented land, are marketed as a relatively luxurious affordable downsizing option for older people who wish to maintain their independence. A notable characteristic of the sector is a 10 per cent commission on the resale value of a dwelling. We utilise unique data from a large-scale survey (N = 1521) of park home residents to investigate how the provision and clarity of information regarding this commission at the time of purchase influences the subjective well-being of park home owners. Our empirical analysis reveals that clear, fully understood information about the commission significantly enhances owners’ subjective life satisfaction, whereas mere awareness of this commission does not have a statistically significant effect. Our findings extend the understanding of the effect of (asymmetrical) information in housing decision-making and provide specific insights for promoting residential mobility that extend beyond this niche housing sector.