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What to do with around £100k

(33 Posts)
MadamePeacock Wed 05-Oct-16 18:29:08

My mum passed away 12 months ago and in her will she stated she wanted her house selling and then the money splitting equally between her 4 children.

The house sold in August and we've got around £100k each which is a hell of a lot of money.

My husband and I have talked about what to do with the money:

-Use it to buy a bigger more suitable house (we need a bungalow as our daughter is in a wheelchair) and put anything left over into accounts for the children.

-Use it to send our children to private schools

-Use some of it to adapt our current house for our daughter and put the rest into accounts for the children.

Which of these three would you do?

MadamePeacock Wed 05-Oct-16 18:29:24

Sorry though I'd put this in chat.

Elllicam Wed 05-Oct-16 18:30:58

I would go for the bigger house

FlibbertigibbetArmadillo Wed 05-Oct-16 18:31:21

Bigger house

LeatherAndLace Wed 05-Oct-16 18:32:58

Bigger house.
Unless you like your house?

Private school seems like a bit of a waste.

Gazelda Wed 05-Oct-16 18:33:02

I'd use it to make sure your daughter has suitable accommodation secured for the future. Whether that be move or adapt your current home.
If possible, I'd also put some money aside for your other DC to give them a leg up when you feel they could use it best.

RJnomore1 Wed 05-Oct-16 18:33:11

Bigger house and a holiday.

DoYouRememberJustinBobby Wed 05-Oct-16 18:33:30

I'd go for the bigger house, suitable for your daughter and then use the rest to pay down your mortgage.

VinoEsmeralda Wed 05-Oct-16 18:35:00

What does your DD prefer? New house or adapt current house?

100K wouldnt get you far with private schools.

LineyReborn Wed 05-Oct-16 18:35:28

How big is your family? How many rooms do you currently have?

Sorry about your mum.

WhereYouLeftIt Wed 05-Oct-16 18:35:36

Bigger more suitable house.

nilbyname Wed 05-Oct-16 18:37:09

I would get a really good house with the right modifications for my dd. There was a DIY sos big build on the to last week and the teen age son was in a wheelchair they had all sorts of incredibly thoughtful modifications done to the house. Worth a watch.

Things like a wet room instead of a r hilarious bathroom. Kitchen counters that were lowered and could slide in/out. Door ways thAt were widenened and had sliding pocket doors rather than regular open close doors.

Sorry to hear about your loss, but you can spend wisely and have a fantastic adapted home.

MadamePeacock Wed 05-Oct-16 18:38:40

My daughter is 6 so is too young to make a decision.

Biscuitsneeded Wed 05-Oct-16 18:39:17

Don't do private school. You could secure your children's future in a far more meaningful way with a bigger house and still have something to show for it at the end.

AnyTheWiser Wed 05-Oct-16 18:41:54

Is your DD likely to need to live with you the rest of your lives? Choose somewhere you want to live, and then adapt for her.
Sorry about your mum

atticusclaw2 Wed 05-Oct-16 18:41:55

I'm afraid I agree that £100k is not enough to see your children through private school.

You're looking at circa £15k a year for a fairly reasonably priced school plus extra for uniforms, trips, extra curricular stuff like music etc.

LastBusHome Wed 05-Oct-16 18:42:10

Bigger house unless you really love your current house because I think the conversions required could possibly be a lot of hassle with not as good results as just upgrading to a nice big bungalow.

eightbluebirds Wed 05-Oct-16 18:43:04

I wouldn't go down the school route. 100k won't go far. It would be better invested in your living space. I'd look at other houses/bungalows and possibly get an estimate on what work you could do to your current house to see what might work out better.

ImperialBlether Wed 05-Oct-16 18:43:52

Bigger house in an area with good schools.

BeverleyBrook Wed 05-Oct-16 18:47:11

Bigger house in area with a good school, definitely. Or if you love where you live now, then buy a BTL house as a shared investment for the kids, to be sold to give them each some money for a deposit for their own house in 15 years time?

e1y1 Wed 05-Oct-16 18:49:34

Bigger house. Agree with PP - 100k won't see DC the whole way through private school.

yeOldeTrout Wed 05-Oct-16 18:52:27

Are the state schools available to you quite rubbish?

I would think...Pay down your mortgage.
If you dont' have a mortgage, then consider house improvements.
If they don't appeal, then consider diversifying into other investments (having your wealth in something besides property).

LineyReborn Wed 05-Oct-16 18:54:02

I suppose it partly depends on how many children you have, or plan to have.

PurpleDaisies Wed 05-Oct-16 18:55:34

Another vote for bigger house/move to catchment of a really good school.

DakotaFanny Wed 05-Oct-16 19:00:55

More suitable house, holiday, part time just me?

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