A Motor Home For Staycations?

Premier Equity Release
Premier Equity Release
21st May 2021

As rules for socialising are relaxed, allowing hugs and overnight stays, as well as meeting up in small groups both inside and outside, the Prime Minister advised ‘caution’.

And, despite the long-awaited Green List, permitting trips abroad to designated countries, staycations are likely to be many people’s preferred choice for a while to come.

With holiday rentals in huge demand, one option growing in popularity is to purchase a caravan or mobile home, offering freedom and flexibility to visit friends and family, explore the country’s historical sites, soak up the sun (and rain) in prime coastal spots or just to relax in the UK’s wonderful countryside. European campsites would be a further draw as Covid recedes.

Checking out websites for the best deals, and seeking independent guidance on the most appropriate models to suit individual need, enables you to discover a new and exciting lifestyle, which can include pet dogs.

Why should you release equity?

The average budget is around £50,000 to purchase a motor home, which could be funded by equity release on your existing property. Having somewhere safe and secure to keep the vehicle when not in use is essential.

Friends and family could borrow it for their own breaks, making it an adventure for children.

It could also be an opportunity to provide an income, by renting a vehicle for short periods, observing the same rules which would apply for renting a car or van: valid driving licence, insurance, maintenance (including MOT if relevant) and cleanliness. Anyone considering this option should seek specialist advice before committing, and preferably set up a business account for tax purposes.

If having such a vehicle appeals, whether for your own or shared use, draw up a plan, including insurance and running costs, to maximise value for money and the pleasure gained from exploring new and interesting locations.

Our advisers at Premier Equity Release are available to advise on potential funding options.