Current situation: single parent, two part time jobs totalling 21 hours, looking for more work but currently claiming some housing benefit and tax credits. Also recovering from a brain injury so limited to just how much I can physically work, but this will hopefully improve in the next few months!
Dad is coming into some inheritance - approx. £40k - and has said he wants to give it me for a house deposit, which, at the moment, would be pointless as I'm not earning enough to get a mortgage for the rest (small terraced property round here is around £90k so would need to borrow around £50k).
Now, I know if he gives me the money, I lose my benefits which is fair enough, but I'd prefer it to be doing something for me, other than just paying my rent each month until it's all gone. My friend, who's a builder, suggested buying a repossessed house to do up and sell. Said he's just renovated one for someone (in a town about 10 miles away) which they bought for £30k, he gutted it; new bathroom, kitchen etc. and they sold it for £90k a few months later. He said he could do a 2 up, 2 down terrace for £10k-£15k providing it doesn't need windows and doors replacing, otherwise add that to the cost. Obviously, if it all went well and within budget, that could make me a nice profit.
Other option is to put it towards a buy to let. Again, these come up dirt cheap sometimes and would bring in a monthly income, although I'm aware that there are lots of other costs involved and I'm not sure how I feel about being a landlord.
Another friend has a few holiday chalets on the coast. Each of these, after ground rent, insurance etc, makes him £3k a year, and he has no trouble filling them over the holiday season. He has suggested buying some of these on the site he's on and getting an income that way. Not sure about this as I know they lose a lot of money once bought.
Whatever I decide to do with it, I either need to turn it into more money towards a house to live in, or I need to make an income to cover some of my rent on where I'm currently living. Alternatively, Dad can keep it and I'll carry on as I am, but I'd prefer to get off housing benefit and do something with this money to better my lifestyle.
So, WWYD?
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AIBU?
What would you do with this amount of money in these circumstances?
62 replies
JulietBravoJuliet · 07/05/2014 16:08
OP posts:
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