60k - buy a motorhome or pay off some mortgage?

[WetBench]

I know it’s a lovely problem to have, but most people are aware that people coming into chunks of money do not usually do so through happy means, and most people would rather give the money back to not be in that position.

So I I have the opportunity to buy a motorhome for £60k, or pay off some of the mortgage and reduce it down from 60% to 50% and take out a loan for 25k to pay for the motorhome. We have been on several trial holidays hiring different models and have narrowed down the one we want and think we would use it for short holidays and longer 1/2weeks.

Although maybe that’s just crazy and we should pay off more mortgage or keep it for a rainy day, and that’s a stupid amount to spend on anything. We spent 2 years umming and ahing about buying a garden bench so this is way out of our usual comfort zone and price range. Our savings would be down to zero buying this.

But circumstances mean we want to get as much out of life as we can in the next few years and this seems to be the solution?

Op have you ever hired a huge coach built camper van?

We also love the idea of them then we hired one for a few days, just like you was it had a toilet and shower.

It was an absolute nightmare to manoeuvre and park everywhere.

It completely put me off.
The idea of a campervan is great in theory. If I did ever buy one it would be a much smaller one but then there would be no loo or shower and I don't like using campsite facilities. So we are just much happier using Airbnb, plus it's much cheaper.

Do you not have a close friend or relative who you might consider co-ownership with?

How much does a motor home cost to rent? How often is it going to get used? What does it cost to run and how much does it depreciate? If your house value is rising why put money into something that is losing money. Keep some money back and hire a motor home when you need to

I think with the size you are looking at it wouldn't be very suitable for days out. Lots of car parks etc have limited parking for vehicles like these.

Buy the motorhome and have a blast.

@happycamper3

Op have you ever hired a huge coach built camper van?

We also love the idea of them then we hired one for a few days, just like you was it had a toilet and shower.

It was an absolute nightmare to manoeuvre and park everywhere.

It completely put me off.
The idea of a campervan is great in theory. If I did ever buy one it would be a much smaller one but then there would be no loo or shower and I don't like using campsite facilities. So we are just much happier using Airbnb, plus it's much cheaper.

The smaller motorhomes and the much smaller campervans, do have toilets and showers. You'd be surprised how cleverly designed they are these days.

I agree in principle, however, small is definitely better, provided you still have facilities.

@HollowTalk

Hate to say it, but do you have insurance cover to pay off the mortgage if the worst happened?

Nope, only one partner has, the affected partner was uninsurable. But will sell and downsize if and when that happens and be okay.

@museumum that’s a good suggestion about only borrowing what you’ll get back selling it thanks.

@Immaculatemisconception we have hired/trialled a few times now to make sure/test out different layouts for us.

@happycamper3 have trialled 7.5m and 6m, would be getting a 6m with a decent usable shower and toilet.

@665TheNeighbourOfTheBeast as good as a suggestion as that sounds, the idea of sharing it with anyone/not being able to keep it stocked/set up for how I want and using it whenever would be my idea of hell!

@Pedallleur currently around £1200-£1500 for a week, you are set to fixed days and obviously they are booked out until nearly winter. Defeats the object of being able to go away for a few days here and there with it already clean and set up. The point isn’t just to make a pot of money to die with, it’s to enjoy life along the way.

@Disfordarkchocolate we’d still have the car if we were doing city trips/days out to an amusement park etc, the MH would be used for leisurely days walking/sitting but the beach etc/getting away from it all.

@Immaculatemisconception yes the 6m had a bigger shower and toilet than the 7.5m MH!

Ours is 6.4 and our bathroom is adequate. We've always said that the amount of time you spend in there, you can really waste too much space on it. Space is an absolute compromise with a motorhome.

I think you should go for it @WetBench, I love the fact that we have all our own stuff and that we can go anywhere. If you arrive somewhere and you don't like it, then off you go. Having a motorhome means having adventures. Life is too short to miss out on an adverture.

Thanks @Immaculatemisconception which van/MH do you have?
That’s it, the having your own stuff, even in self catering you still have to take stuff.