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You're middle-aged, divorcing, no children and will have £100k - what would you do?

(85 Posts)
PiperAndLarry Sat 21-Oct-17 14:43:37

Buy a little house outright?
Put the money towards your dream house and get a mortgage for the rest?
Move abroad or to another part of the UK?
Buy a campervan, give up work and go traveling?
Buy a park home and retire early?

Tell me your dreams if you were starting over with no commitments.

Twitchingdog Sat 21-Oct-17 14:46:54

Buy a place out right . This is what i did ok . Ok the place needs a lot work . But it is in the best place for me .

Doobigetta Sat 21-Oct-17 14:47:01

I'd take off, definitely. Move to the Caribbean, buy a little beach bar, and spend the rest of my days nodding serenely while tourists moaned about how stressful and shit their lives were.

NotSuchASmugMarriedNow1 Sat 21-Oct-17 14:47:40

Depends what you class as middle aged. If you mean 50plus then no way should you get a mortgage. You need to be paying mortgages off in your 50's, not taking them out.

So on that basis, I'd take the money and buy what I could, outright.

Kpo58 Sat 21-Oct-17 14:48:33

I'd go for option A.

I wouldn't go for a park home as you would have to pay yearly fees and if it's a static caravan they may force you to buy a new one after a certain amount of years.

PiperAndLarry Sat 21-Oct-17 14:49:12

Good point, NotSuch middle aged = 45

DistractedByIrrelevance Sat 21-Oct-17 14:51:02

I’d do what Doobigetta would do. But on a different island to be nice.

PiperAndLarry Sat 21-Oct-17 14:53:05

Maybe we could all club together to buy the Caribbean beach bar? MN Rum Punch.

Graphista Sat 21-Oct-17 15:00:12

I'm in on the Caribbean bar

But 45 is not middle aged, I'm 45 I'm still young wink

RaininSummer Sat 21-Oct-17 15:00:14

Park homes are expensive and a decreasing asset. Buy outright if possible as that is your security. Move abroad if you are brave, can buy outright and able to earn a living there.

CamperVamp Sat 21-Oct-17 15:07:42

Depends on loads of things.

Do you have a good income / salary? Do you have a good pension? Is the £100k in addition to your home, or your total asset / share of the divorce proceeds?

Do you have other savings?

MyBrilliantDisguise Sat 21-Oct-17 15:09:38

Move to an area you love. Put as much money down on the house and get a 15 year mortgage on the rest.

Don't waste it on travelling or on accommodation that won't last.

oldlaundbooth Sat 21-Oct-17 15:09:45

Do you have any other commitments I. E. A job?

Evelynismyspyname Sat 21-Oct-17 15:18:28

I definitely would not buy a "dream house" and take out a mortgage. The absolute best thing about the scenario you describe is the amazing freedom - I wouldn't chuck that away!

I'd either buy a little house outright (in all honesty if I didn't have 3 school aged children my dream house would definitely be little anyway - one bedroom, a big bathroom with the washing machine and tumble drier in it (for various ideosyncratic reasons that is important) and one open plan kitchen/living/ dining room - but as a detached cottage/ bungalow not a flat if it's a "dream" scenario - would be my ideal set up if I were on my own. I've lived in biggish houses, I'd never take on the maintenance unless I needed the space.

Travelling is a very tempting option too though! You'd want to ring fence 25k for if/ when you return, but the camper is very tempting, or just a rucksack and an unlimited round the world ticket...

I've always wanted to go to the Galapagos islands...

PiperAndLarry Sat 21-Oct-17 15:19:24

I'll have no other property - the £100k will roughly be my share of selling the marital home. I've got a pension but will need to carry on paying into it. I've got a sensible job where I work at home, so in theory I could live anywhere.

However, I've never done anything exciting, never 'gone travelling' or went to uni or had gap years or anything. Just school then worked full time in safe office jobs ever since with an annual two weeks abroad holiday. Husband is quite a stick in the mud misery guts and I'm half hankering to do something fun and something I'd never get to do had I stayed married.

smile

hahahaIdontgetit Sat 21-Oct-17 15:33:43

Buy a house outright, rent it for a year and go travelling.

rizlett Sat 21-Oct-17 15:36:52

Buy a house in the sun and retire early.

hesterton Sat 21-Oct-17 15:37:38

Buy house outright, work and save madly, rent house and travel when you are in your early 50s.

BriechonCheese Sat 21-Oct-17 15:39:28

Depends on your salary.

hesterton Sat 21-Oct-17 15:40:11

Maybe look into vso? Then your rental income is saved and as you work you are supported.

something2say Sat 21-Oct-17 15:42:54

Why not take a year out then? Save most of the money for the house and take off? I did it at 28. Best thing ever and to be old enough to enjoy it. I also did the willing workers on organic farms thing so most of the time bed and board were free and I had a great time with various families around the world. That way you don't have to spend as much.

If you're hankering for an adventure then take your shot, you won't regret it. Just be sensible too.

I may rent my flat out and go to South Africa to volunteer on the lion park for six months. Always wanted to do that, why the hell not? Doing the school run isn't the be all and end all of life...

HermionesRightHook Sat 21-Oct-17 15:44:56

I would buy something outright in an area with a lot going on that you like, but make a plan for something mad and life changing - when you've no mortgage/rent to pay you'll be able to save up so quickly, and this buys you time to decide and plan exactly what. You do not want to be chipping away at the capital, and once you've done your travel and settled back again you can then decide to save up again to up your house, or get a mortgage, or move in with the handsome art dealer you met in Hawaii and rent it out, or whatever.

kuniloofdooksa Sat 21-Oct-17 15:47:22

Buy a house outright - but think through the "in theory I could live anywhere" scenarios - I have a job like this too but actually I need fast broadband and the ability to get to (very occasional) customer visits without too much faff so I can't live very far off the beaten track - and homes with reasonable transport links in areas hooked up to the latest network connectivity are more expensive.

A small mortgage wouldn't be a disaster so long as the term is short enough that you can pay it off a few years before retirement - but don't stretch yourself to a big "dream home" - that could become a huge burden if ill health strikes. Cultivate dreams of homes that can be achieved for not much more than £125k

Herja Sat 21-Oct-17 15:47:54

If i were you, in would move to the Brecon beacons or the northern highlands and buy a small cottage outright, then sit in it happily with a dog. Especially if you could work from anywhere.

Babymamamama Sat 21-Oct-17 15:48:03

Where would you like to live OP? A lot stems from this. I dream of living some day on a Greek island.

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