3 Reasons to Buy an RV Lot
Whether you’re taking the plunge into RV life for the first time or a long-time RV owner, buying an RV lot may be a good idea. Campgrounds can get crowded, and even when they aren’t, you may have to put up with fellow RVers who regularly flout the rules of RV etiquette. If you’ve toyed with buying an RV lot, as per Let’s RV, here are three reasons you should pull the trigger.
You have a lot that belongs to you
You no longer have to scramble to make a reservation at a preferred destination or time your arrival to grab a choice space. When you buy a lot, you’ve secured space for your RV that ensures you have a great place to boondock during the warmer months.
If you don’t, you could end up parking in a residential area, a parking lot, or somewhere else less than ideal. And even if you can find a good spot at a campground, you’ll need to pay campground fees. These fees are increasing across the country as demand for campground space outstrips supply.
But with a lot, you no longer have to pay campground fees. You can pull up to your lot when you want to and enjoy your leisure time.
Your lot builds equity
Now while you’ll no longer pay campground fees, remember that an RV lot is a piece of real estate. As such, you’ll need to pay taxes on it. And you may have additional costs, such as utilities and homeowner’s association (HOA) fees as well.
These costs are on top of the purchase price. So, these other recurring costs may offset or eliminate the cost savings you enjoy on campground and park fees.
That said, your property, just like any piece of real estate, can appreciate in value. You acquire equity if you pay for your lot outright or over time. Depending on the market, that equity can grow over time. And in a time when RVs are more popular than ever, but campground space is in short supply, an RV lot could very well be a lucrative investment.
Even if you’re not looking at an RV lot to enhance your net worth, it’s nice to know that it could. And if you’re in a pinch, an RV lot is an asset whose equity you can borrow against if you need some quick cash.
Your lot may provide great amenities
Now, depending on where you buy your lot, you may be able to take advantage of some great amenities. Some deeded RV lot communities let lot owners indulge in outdoor activities like fishing, hunting, or off-roading on private patches of land nearby. You can also find deeded lot areas that offer shared facilities like recreation halls, gyms, or pools.
Some of these RV lot communities offer so many amenities you may feel like you’re staying at a resort when you park your camper or motorhome. When you’re looking for a lot to buy, look for one that’s not only located where you want to vacation but also offers a great selection of amenities.
And because of these shared amenities, some of these deeded RV lot areas become real communities where real friendships and bonds develop. As you explore different lot options, get a feel for the residents to see if they’re the kind of people you’ll get along with.
Not only will you need to consider who’ll be nearby when you consider an RV lot, but according to Let’s RV, you’ll have several other things to consider. First, you’ll need to consider whether you can afford a lot, including the purchase price and any financing terms, utilities, and taxes.
You’ll also need to consider HOA fees and guidelines. Pay close attention to the guidelines, mainly as they can trip you up if you aren’t careful. For example, you could easily find that your RV itself runs afoul of HOA conditions, necessitating unexpected repairs or modifications. Or you may find yourself limited in the kinds of signage you can display or visitors you can have.
Also, one of the most important considerations is whether you want to stay stationary. Buying a lot means potentially missing out on other RV destinations. However, if there’s a particular destination you are committed to visiting each year, a lot makes sense. Perhaps it holds sentimental value or is near family. Whatever the reason, make sure you can commit to visiting your lot regularly to make a purchase worthwhile.