New insight from park home specialists Quickmove Properties revealed that the equity released by those downsizing could help them in later life.
From putting their grandchildren through education, cover the cost of a lifelong ambition to travel the world, cover the cost of living in their later years, or simply let them splash out on a big ticket item such as a fancy new car.
The figures from Quickmove Properties show that the average house price in England is currently £306,447. Meanwhile, the average price for a brand new bungalow-style park home is just £182,420. So, if you were to sell your property and use the funds to buy a park home, you would have a handsome sum of £124,027 left over.
Just imagine what this money could be used for!
If you’ve always had your eyes on a brand new sports car but never imagined you’d be able to afford it, moving into a park home could make that dream a reality. The average price of, for example, a Porsche 911 Carrera, is £97,000. This is a huge amount of money but with the equity you’ve released you could buy one outright and still have plenty of cash left over to enjoy life.
If you’re more excited by water than tarmac, a new sailing yacht is now well within reach at an average price of £88,520.
However, with the current cost of living crisis showing little sign of letting up, a more sensible option may be to invest in yourself, or your family.
With the average two person household spending an estimated £3,848 on their annual food shop, you could fill the fridge for almost 33 years with the £126,000 released in equity.
If you’d rather spend your released equity on travel, a round-the-world cruise for two people costs around £35,000, allowing you to sail away for a small slice of your downsizing equity. Or if you prefer a more personal approach to travelling, you could purchase a two berth motorhome for a little over £70,000 and hit the road to adventure.
Perhaps you’d like to spend the money investing in your grandchildren?
Private school fees cost an average of £15,200 per year per pupil. Over a full six years of schooling, this comes to a total of £91,200, while university fees cost an average of £9,250 per year, or £27,750 over the course of a three-year degree.
If you’d prefer to spend your money making memories, the average summer holiday costs £7,667 for four adults and two children. This means, with the money you’ve freed up, you could pay for 16 years’ worth of family getaways.
If sport is more your thing, the money you’ve freed up is enough to cover 60 years’ worth of football season tickets for two people, with the average Premier League season ticket costing £1,029 per person per year.
Sales Director at Quickmove Properties, Mark O’Dwyer said, “Above everything else, people choose to downsize in later life for lifestyle reasons. Park homes provide great locations, great communities, and something completely new for people who have lived their whole lives in bricks-and-mortar homes.
The money that park home buyers are freeing up by selling their traditional properties is often, therefore, an additional bonus. For retirees in particular, this lump sum of cash can offer real peace of mind, particularly with the cost of living remaining so high.
But, as the saying goes, you can’t take it with you and the lifestyle boost that comes with moving to a modern residential park is made all the better by having a good amount of money at your disposal to enjoy every day to the maximum.
For some, this means splashing out on a sports car or boat, or taking that dream holiday. For others, it means investing in their family, whether it be their grandchildren’s education, or a chance to spend time with them on a regular basis, such as a season ticket to see their favourite team.”
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