Best way to release equity
in Budgeting & bank accounts
8 replies 301 views
Hi, I’m new here and have a bit of a first world problem. We own a house that is worth around 500k and want to know the best way to release around 100k to buy a second accommodation (caravan or lodge) near to the family (about 250 miles away) so we can split the time between the two. We are both in our 70s (both healthy 🤞) and have a comfortable life style . We could move but would rather find a way to have the best of both worlds. Any advice would really help.
thank you Keith
thank you Keith
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This site would be a good start: https://www.moneysavingexpert.com/mortgages/equity-release/
Sorry to be morbid, but it might be worth taking a bigger decision now.
I can't add anything about equity release to the above
Am I missing something here.
The only point I'd add is in response to your point about the lodge being re-saleable. Yes, holiday lodges are re-saleable, but they aren't like houses. They mostly depreciate with time, so will almost certainly make a loss, and there are, sometimes, problems with the site management - pressurising redevelopment of the site, having first refusal on any re-sale and then offering peanuts etc. Horror stories abound about lodges, but it all depends on whether the site management is reliable and customer-focussed rather than merely profit-led (and even if it is now, will it be if they sold up to another, less owner-friendly, lodge company, which could happen anytime?). There may be no problem but, as with Equity Release, lodge purchase needs researching fully and you should go in with your eyes open!