Potentially life changing inheritance - wwyd?

[NotThatWise]

First time poster, apologies if I missed info or added too much detail.

I have recently inherited my childhood home, owned for 40 years, we are the only people to have ever owned it. House is mortgage free.

I’ll try and layout the facts, and I’m interested to know what other people would do in this situation. What would your future look like?

Childhood home value £350k
My home value £325k, £100k left on mortgage
Both houses are the same size in the same town.
DH (47) and I (43) plus 2 children (8 &12).

You write about changing area but I'm not sure of your children's ages - I may have missed a post. Obviously it's much more difficult if they are about to take exams, primary is much easier. And would you be able to stay in the same job if you moved?

Sell inheritance home, pay off mortgage on yours, 250k left to do with as you wish.

What a stupid thing to say. It's a beautiful day, why not go outside and do something nice if you're feeling grumpy?

I just don't think the OP has talked about this on a cold and detached way at all. She's not fighting over inheritance, she already has this inheritance and something needs to be done with it otherwise the house will rot and/or get squatters. There's no ignoring it - it's a practical issue that needs to be dealt with. I share your distaste for family inheritance squabbling but that's not what the OP is doing and it's unfair to suggest that she's being cold when her updates on this thread show quite the opposite.

Take both legal and financial advice. Would you want to keep both, rent one out whilst living in the other. If you.have a mortgage on your current property,. would you be able to convert it to buy to let.

If.you.sell one of the properties,.pay off your.mortgage and any debts. Maybe invest some in your retirement (if governments allow us to retire), depending on your kids age, maybe put some away in a savings account until 18,.family holiday???

Either way, enjoy it and make some great.memories

Yes definitely. Having rented our house out in the past I didn't want to keep the inherited house. Too much hassle.

If it was me I'd see an independant financial advisor. They're well placed help you make the best decision and investment for you.