If you want to go on lots of holidays, it's worth looking how much similar properties in the area are charging for AirBnb. You may find it'll cover the cost of going away each time.
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We're in a similar position.
Unfortunately, we need a property with adjoining land for a couple of horses, so renting isn't really an option for us. We could downsize from our current 4-bed to say a 2-bed but this wouldn't release that much money because even small properties with land command a high premium. Moving to a cheaper area of the country (or abroad) is a possibility but we'd rather not have to.
Therefore, equity release is probably our only option.Leave a comment:
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Exactly, it's a case of doing things sooner rather than later while able ...Originally posted by Lance View Post
Last edited by Protagoras; 22 May 2023, 10:15.Leave a comment:
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You say you have no dependents. But do you have anyone who will inherit?
IHT might have a bearing, and is fairly complex. You need to consider pensions escape IHT, and to some degree so does your main residence.
If you have nobody who will inherit, then you might as well die bankrupt so fill your boots (note that ill health may overtake all these desires so plan for that as well).
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Property Equity Withdrawl
Being in a position where we have no dependents, and looking well into the future, it seems to me to be desirable to withdraw value from the house so as to enjoy the funds (e.g. lots of holidays and toys) and to minimise residual estate.
Has anyone looked at the various options, in terms of equity release plans, taking a secured interest-only mortgage, etc?
Frankly, if it was possible to find good quality, rented accommodation with a life-time tenancy, that would actually be a better option, but I'm not aware of such offerings outside retirement communities. I should add that we're not looking to re-locate outside the town.
Obviously, when the time comes, I'll be taking professional advice, but I'd be interested to hear views on the options.
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