Stressful times are upon us! If you have reached or are approaching retirement you will know all too well how the pension crisis is putting people under pressure.
If you are in this situation perhaps you are asking yourself the following questions.
- How am I going to support myself and my partner during our retirement years?
- Is there a way that I can create a steady income without working?
- Will I have to use up my savings?
- Is there a way I can enjoy my retirement and still leave a good inheritance for my children?
- Should I consider equity release?
If you own a large property outright then there is a way that you can : –
- Earn a good steady income during retirement
- Leave a healthy inheritance for your children
- Not have to use up all of your savings
- Increase your net worth/capital
What can you do? Convert your house into flats!
If you need a place to live yourself then keep one of or the downstairs flat for yourself and specially design it to cater for all your needs as you grow older. Rent out the other flats to give you a regular monthly income. Chances are the flats you create combined will be of much greater value than the house alone. Therefore you will have more capital in your property to pass onto the children.
BUT you say … I am too old to get a mortgage now and I do not have the savings to carry out the renovation. Do not worry there are options ..you could
- Setup a joint venture with Jeffery & Wilkes. We will help you with the finance and cover the costs to carry out the build.
- Approach commercial developers to lend you the necessary funds.
Get in touch with Jeffery & Wilkes today to explore the options you have to secure your future.