I don't want to work again, but could just afford to buy a decent caravan and live on the english coast for summer and spend the winter months in spain. What we have now is our own house (£170.000) and £25.000 in savings with £120 per week pension. Not a lot I know - but with th equity released from the house do you think it would be a good way to spend the next 15 years or so?
2006-10-25 10:42:10 · 20 answers · asked by Anonymous in Family & Relationships ➔ Other - Family & Relationships
selling the house
2006-10-25 10:43:23 · update #1
Oh honey, go for it!!
It's a great life!!
Hopefully your wife feels the same, because if she doesn't, then you are going to need to make some compromises.
I sold my home in the US, and most everything I owned, nearly three years ago, moved into a travel trailer (similar to caravan), and loved it! jut do it!
2006-10-27 00:28:57 · answer #1 · answered by Pichi 7 · 1⤊ 0⤋
Not yet, it's not enough cash.
Pour some of your savings into meaningful and valuable improvements on your property -- if you do the right stuff to it and get it done professionally (no skimping!), you'll double or even triple what you put into improvements when the value is added onto your property. Or re-mortgage and buy a run-down property nearby and get it done-up carefully, and again watch your investment grow by thousands.
You'll have to stop in a few years, but by then you will have added quite a bit to your pot of money. Best thing at that point would be to buy a more modest home and invest the difference in a pension annuity so you can pull an income off that cash. Otherwise your £25K will be gone in about 18-24 months and £120 per week will scarcely cover food, utilities and council tax, leaving you a pauper.
2006-10-25 18:02:13 · answer #2 · answered by Summer 2 · 0⤊ 0⤋
What will you do when you are alot older and your health may deteriorate? Why not go travelling and at least have your house or a smaller one to come back to. The caravan sounds great, and maybe take long holidays in Spain in the winter months. My parents were going to sell up and move from the north west to south wales, but it fell through, since then they have both had health problems serious ones. They are so glad they didn't move as there would have been no family near by.
Like I say the caravan sounds great, downsize your home, Spain in the winter.
2006-10-25 18:02:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'm not sure if it would be a good idea to release equity on your main asset, why not stay in your house in the summer and go to spain in the winter whilst renting your house out, Spain is pretty cheap and you can have your pension transfered there in the winter months,should think there same good deals on hotels in the winter in spain,you may find that more profitable and you still have a house to live in.Summer in a carvan may be ok but that depends on the english weather
2006-10-25 17:57:24 · answer #4 · answered by CHRISTINE C 3 · 1⤊ 0⤋
Go for it. What is the point of keeping your house and being miserable and cold throughout the winter months.You could live comfortably and cheaper in Spain . Imagine all of the new and different friends you will meet and enjoy a better quality of life. Then come summer you can return if you wanted to and enjoy the British summer?. That is if you can tear yourself away from Spain.You go girl.
2006-10-25 17:55:08 · answer #5 · answered by dollybird 3 · 0⤊ 0⤋
Calabria in the south of Italy is a better place to buy, it's up and coming and you could buy a decent place for around £55K (house) or as little as £25K (flat) it's like Spain was 20 years ago and so friendlly....good luck with you plans.
2006-10-26 04:55:34 · answer #6 · answered by ffiondove 4 · 0⤊ 0⤋
I don't know how expensive it is to live in Spain, but if all you have is 195,000 pounds and 120 per week, you will have to live pretty frugally unless you dont plan on living past about 70. But, if you dont have expensive taste, eat carefully, dont go out too much, have a health plan already, and are cautious with your money, I think you could do it.
2006-10-25 17:47:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Trying retirement in Thailand. Currency is really low there and with the money you have from the saving, pension and the house, you defenitely can afford to live there like a king forever.
2006-10-25 17:46:18 · answer #8 · answered by Mumbling Girl 4 · 0⤊ 0⤋
why sell the house?just for fun?it doesnt worth it,i think u should keep the house and have some fun in other way less expensive and where u can afford it........if u sell the house u sell all ur memories,its that what u want?if i was u i will not sell it
2006-10-25 17:50:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You don't want to do anything ever again that utilizes your life time of skills and unique talents to make money? Seems like a waste. Surely you have some drives and passions left you wish to pursue?
2006-10-25 17:46:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋