What would you do if you inherited 450K?

[MissSmithToYou]

Just that really. Buy a new house? Spend it? Save it?

I'd pay off my mortgage and buy a larger house with the equity from my existing home and some of the 450K. I'd then invest the rest using a wealth management company I think

You?

I'd stick it in a high interest account and ignore it til I retired. My pension (teaching) is going to be shit.😞

Fantasy spending is fun! I would do a loft extension and get expensive wooden floors. Pay off the mortgage which would make me a whole lot richer per month as well.

Pay off my mortgage, do some home improvements including a small extension and save the rest. We would be able to save more obviously if we were mortgage free so we'd go on more expensive and frequent holidays too.

We also support a few local charities so with the increased disposable income we'd up those contributions.

The majority would go into trust for school fees and the rest would consolidate debts.

I'd buy a house (I currently rent) with a massive garden (so I could have lots of animals) and a granny flat (or at least a spare bedroom ) for my old ma. But first I'd splash out on a couple of weeks in the sun,as I probably won't get the chance again, what with all those animals and my mum to look after!

Surgery
From eyes to ankles (my feet are fantastic)

Laser (eyes)
Teeth (implants)
Boobs (lifted , no implants)
Belly (apronectomy)
Bum (lipo and lift)
Legs ( permenant hair removal)
Armpits(permenant hair removal
Hair extensions

£450k might cover it ?

Actually no,

Mortgage pay off (we've got maybe 4 years to pay) .
Decorate , conservatory , garden
New car
Flat for DS near his University

Rest put away for the DC

Single person here. I'd buy a three bed semi for £400K in the best area of the city where I live, spend £10K on furniture, pay off £8K student loans, save £10K, spend £9 -10K on travel, and lastly, hire a venue for friends and put £2K behind the bar for drinks.

That plus the value of my present home would buy a nice ground floor flat in West London, so I would move back to where I should never have left fifteen years ago when I retired.

In my dreams, I would knock down our current house and rebuild something more sensibly designed on the same plot & landscape the garden.
What I would actually do is pay off the mortgage (£100k or do) & use the money that that would free up each month to employ a nanny/housekeeper who could then ferry the DC to the private schools they might end up at as well as activities & do most of the wifework meaning I could focus on work when I was there & the DC at weekends/in evenings.
The remaining money would be spent on a villa or apartment in somewhere like Spain or Portugal which we'd use for a couple of weeks a year but would also let family & friends use at mates rates as I know of a few people who would love a week in the sun but are just in the sort of low paid but stressful jobs that mean they'll struggle to take their children overseas in school holidays. If I was more concerned about investment, I'd buy a property or two somewhere and rent it out at below market rents. My first place was below market just because the landlord could afford to do it and I will always be grateful as that £50 per week made a massive difference to me and was clearly of no importance to him.

Buy a larger house so the dcs all get their own room, with hope that they’ll get on better and stop arguing!

Put a share away for each dc.

Add to our pensions
Both our cars are old now so get new, nothing flash, just practical and reliable.
With anything left over I’d book a holiday somewhere

Invest some, give some to DCs and then retire! I don't need a bigger house or bigger car. We are already mortgage free. I'd go on holiday, but otherwise, I don't think much would change.

We were lucky enough to get a slightly larger amount last year, not through inheritance thankfully.
We got some financial advice.
We invested half, put maximum in ISA's, used a big chunk as deposit for a bigger house and another big chunk to do up the house. Currently, investments make enough to pay mortgage.
Just waiting for our previous house to sell and then we'll have some fun and help our family with the equity.

We have inherited this amount (or rather I have). I have:

Paid off the mortgage;
Kept £100k free for house renovations;
Invested in premium bonds for myself and the children;
Stuck a bit in a stocks and shares ISA and the max in a cash ISA;
Stuck a fair bit in a high interest account;
Booked a nice (tho not amazing) holiday;
Hired a cleaner;
Stopped worrying so much month to month (which is great in itself).

I am dithering about investing a chunk in my pension. My last statement showed of the £2k put in since last year almost £1k was "lost" on the stock market. My s&s ISA has also lost money. Now I realise inflation will also lose the cash money but psychologically I can't bear to invest to see my money disappearing! I don't know.

Buy the poster a new floor!

I would buy a flat in the city my children are studying in, so they can save money while studying and I have a place when they are finished. Sell my business, get rid of most of my stuff and go travelling for at least two years.

I plan to leave where I live and work anyway, so this would make it quicker and I could use the time saved to see places I want to see.

Buy my council bungalow that I'm exchanging to approx £68k, rip it down to a bare shell & remodel & refit, conservatory & extension to house larger 2nd bedroom, convert present 2nd bedroom to disabled friendly luxury wetroom & utility, knock tiny kitchen into present bathroom & refit as kitchen, refence & remodel garden to low maintenance disabled friendly, all paved, no grass. Max in cash ISA for me & uni fund for DS. New car & touring caravan on a seasonal pitch as a bolthole, driving lessons & car for DS when 17, health fund to pay for new hips & knees which will shortly be needed. Invest what's left to bring in income when old age pension kicks in, in 14 years time.

Buy dd a house for about £200k
Pay off mortgage
Retire
Luxury holidays

Wonder where the hell the long lost wealthy relative had emerged from.

Buy a house go a couple of holidays (asia and america) and invest the rest.

Buy my flat, get a patio and fence done, take my daughter on holiday somewhere fancy, pay off my mums mortgage and put the rest away for my daughter.

....if only!!

And yeah, watching the few k that dh and SIL will inherit from MIL's house decrease with each month of equity release interest payments while buyer's budget solicitor faffs on.

Sorry this is likely to happen to you, if you see what I mean.

I'd pay off all debts 😊 then a big chunk of the mortgage. Do some much-needed house renovations (fix the roof, new boiler). Leave enough for a couple of decent cars, a couple of business class trips to Aus where we have family and put several thousand to one side for emergencies. Oh dear, I think I've more than spent it with that lot! However, we'd have a good amount of disposable income if we were debt and mortgage free.

If our outgoings were smaller, I'd consider investing it and living off the income.

Get DH to quit his silly hours job and do something with more regular hours.

(bet he wouldn’t though)

OP, do something nice that is a bit of a luxury and use the rest to make your life better, be that pay off mortgage and debts, investing in property. Whatever is best for you. it's nice to remind yourself that your parent /s enabled it.
I had a small inheritance but put it to good use, I felt as though I had to.
I'm so sorry for your loss

Sell this house and buy one with more space and a bigger garden. Pay off credit cards. Give some to friends who need a bit, have a holiday. Save the rest. Nothing exciting. If I wasn’t being sensible have my dream holiday in Australia and New York.