With airports suffering flight delays to the anger and frustration of disappointed passengers taking their first foreign trips after two years, staycations are growing in popularity. A few hours on a train or in a car can take couples and families to some of the most beautiful coastal or rural locations, to relax in the sun, take long walks, visit historic sites or discover wildlife preserves, enjoying local food and the growing number of local vineyards and specialist breweries.
Staying in a local hotel, B&B or hiring a holiday let are all good options, although they need to be booked sometimes a year ahead, and can be expensive!
So, families are increasingly deciding to take matters into their own hands by investing in a holiday home, with accommodation tailored for multi-generational use, maximising the long-term potential by family members, including those who are single, jointly funding the project.
Getting together to agree budget and location, as well as likely costs for refurbishing/extending an existing building to provide appropriate independent accommodation, with en suite bathrooms, for all parties is the first stage. Once a property has been found, and secured at an appropriate price, is the time to develop a detailed business plan, firming up costs, future management of the property, and potential income if offered for holiday use to a close network of friends, or the wider public.
Contributing their own share, without raiding their savings, grandparents are often choosing to explore Equity Release, to ensure that they can enjoy the benefits as full partners, whether on joint holidays with family or short breaks alone.
Escaping from the day to day routine is not only good for general wellbeing as we age, but keeps the mind active, reducing loneliness whilst encouraging social engagement with different groups of people. Having your own holiday home is exciting and particularly welcome if you have a dog which may otherwise have to be left in kennels when its owners are away. There are many uses for equity release and there’s no limits on what you can spend the money on.
Premier Equity Release are ready to advise you on the best opportunities to suit your personal circumstances and plans. Just give us a call.