WWYD? Sell caravan to increase deposit

Pipjo

Hi

I got my dream caravan last year. I work term time so use it every holiday and weekends. The site fees and all bills come to 5k a year ouch! I want a bungalow for the future and prices are increasing all the time as in demand type of property with aging population.

So should I sell my luxury item for 25k to use a deposit for bungalow now Or spend 2 years saving 25k by which time bungalow prices possibly increase 50k!
Or borrow 25k more mortgage.
What would you do? (I know we are all different but more to do with what should my priority be. My 13yr old wants me to sell it so he can go abroad 1/2 times a year instead sigh).

Zanderman

We are, as you say, all different. And without knowing what other property you have or timescales of needing the bungalow it's very diffcult to judge your situation.

But... re the caravan, if it's your dream caravan, you use it regularly, and have only had it a year, I'd say keep it.

Yes it has value which you could cash in now, and yes it will lose that value in coming years and yes the site fees are annoying, but don't under-estimate the pleasure and relaxation it can give you.

We had a static caravan for 10 years, selling only when we realised it would have to be soon (the site had an age limit) and whilst it still had some value - but we still miss it. It was so great to have a retreat to go to and forget the real world every couple of weekends. Caravans cost (and lose!) money, but they can be a wonderful asset while they last.

Hedgehog99

Do what you want to do. Your 13-y-o can plan and pay for his own holidays when he's older. It's your caravan or potential bungalow right now.

kidmugsy

Pipjo wrote: »

I got my dream caravan last year. I work term time so use it every holiday and weekends.

Good for you.

Pipjo wrote: »

The site fees and all bills come to 5k a year ouch!

Some of the best things in life aren't free.

Pipjo wrote: »

I want a bungalow for the future and prices are increasing all the time

Wrong tense. It should read "prices have been increasing". Neither you nor I knows what will happen next.

Pipjo wrote: »

My 13yr old wants me to sell it so he can go abroad 1/2 times a year instead sigh).

Just ask him "can you afford it?"

teddysmum

The bonus to the site owner takes a huge chunk out of your selling price.