Using the Average Equity Release Amount to Invest in Holiday Homes
The Equity Release Council’s autumn 2015 report revealed that the average equity release amount is £62,226 – a sum which could secure an enviable holiday home. So, here we look at homes around the world that you could finance with the help of the average equity release amount.
2 Bed Apartment in Murcia, Spain
Located conveniently close to Murcia Airport (flights are less than 3hrs from London), this two bedroom apartment in Murcia is the perfect place for packing up your bags on a moment’s notice for a few days in the sun. Fully furnished and complete with terrace and community pool for less than 60 grand, the spacious apartment is easily comfortable enough to live in if you fancy an extended break in Spain.
5 Bed House in Burgas, Bulgaria
An absolute snip at £60,000, this amazing three bedroom house with views over the Black Sea in Bulgaria is more like a full family home than a pied de terre. Bulgaria has become an increasingly popular destination for Brits looking for an alternative to Spain and Greece. Although Sunny Beach has developed an unseemly reputation amongst young revellers, Burgas is far more refined – perfect for family getaways.
2 Bed Apartment in Paphos, Cyprus
With views over the sea and just a stone’s throw from the beaches of Coral Bay, this apartment is an idyllic retreat in the popular resort of Paphos. The town caters perfectly for visiting guests, offering all the amenities for a relaxed stay whilst retaining a traditional Cypriot charm. A completely detached building, the apartment manages to retain a certain homeliness.
1 Bed Maisonette in Messinia, Greece
If you secured the average £62,226 by releasing equity from your home, you’d be almost spoiled for choice when looking for a holiday home in Greece but we think we’ve found a winner. With beautiful views out to sea and a striking stone build, this charming 1 bed maisonette on the Greek mainland would make an amazing getaway for those who want to thrust themselves into relaxed Grecian living.
2 Bedroom Townhouse in Carunchio, Italy
Although not as well-known as some of the major holiday destinations of the ol’ boot, Carunchio is as quintessentially Italian as it comes. Built into a hill, this charming 2 bedroom townhouse provides the atypical Italian experience. With a large terrace providing stunning views, where better to enjoy a bottle of the country’s famous red wine and a few nibbles?
2 Bed Character Property in Enkirch, Germany
Although you may have to do a little redecorating, this 2 bed character property in the German wine village certainly packs a lot in for less than 55 grand. The house dates back to 1606 and still retains much of its original character – providing an inspiring escape from the hustle and bustle of the UK. With a large loft, there is even room to create an extra bedroom for the kids and grandkids.
Releasing equity from the home is not the best solution for all situations and parties, but Age Partnership’s experienced team can help you understand all the attached benefits and what impact it may have to the size of your estate and your entitlement to means-tested benefits. For more information, visit the homepage or call now on 08080 555 222 .
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property and will reduce the value of your estate and impact funding long-term care. To understand the features and risks ask for a personalised illustration.