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AIBU?

... to spend my inheritance on a house in France?

59 replies

CurlyWurlyHurlyBurly · 27/07/2015 11:43

An elderly relative has died and left their estate to me and my siblings equally. As a result I am getting an inheritance of around £30K. I currently live in rented accommodation along with my DH and 2 DC and we will probably never be in a position to buy within the UK.

My idea is to buy a small property in the Dordogne region of France (an area we have family links to) and relocate over there. Our budget is small but we could manage it. We nearly moved over there a few years ago, but finances didn't quite work out at that time so we stayed in the UK.

DH's idea is that we use the inheritance to clear our loan/credit card balance, invest some in the highest interest savings we can and spend some on "fun" stuff.

I feel slightly resentful about his plan as he is a spendthrift, and most of the loan/credit card debt has been for his benefit, and his idea of "fun" stuff includes a motorbike for him.

So, AIBU to tell him that I have thought about his suggestion but I still think buying a house in France should be the way forward?

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ImperialBlether · 27/07/2015 12:17

I've had a look at Right Move and the houses there for that price need a hell of a lot of work done on them. How would you afford that if money's so tight?

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pickingstrawberries · 27/07/2015 12:20

Guessing her DH can do it?

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lottiegarbanzo · 27/07/2015 12:20

Well the sensible advice is always to clear debt first but... Thing is though, if you cleared the debt and your DH paid into savings the same amount he's currently paying against loans, you'd both be better off in the medium term, because none of the money would be going on interest. Instead you'd be making interest on savings. Do the sums.

Then, if £30k is what you need for France, you'd have it in a few years.

£30k sounds very little for a house and everything to do with it - fees, repairs etc. You sound as though you've looked into it though but, is more detailed, up to date research needed?

On the whole though, it sounds as though you have rather a good plan!

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GizzyTiedToATree · 27/07/2015 12:21

TheoriginalLEM This 2-bedroom house costs 31500€ and doesn't look like it needs a lot of work.

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Didiusfalco · 27/07/2015 12:21

Definitely don't go with your DHs plan you could look back in a few years and have nothing to show for the money. Your plan on the other hand sounds worth some further research at least.

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Mistigri · 27/07/2015 12:22

What will you get for that money in the Dordogne? There are cheaper areas.

How will you support yourselves? What about your children's education (unless they are very young, adapting to the French system may be problematic)?

Do your research. I live in France and have lost count of the number of British expats who've come over here to do up a ruin with inadequate language and building skills, who've found it harder than they expected to make a living, and whose children have struggled at school. It can all work out if you're adequatedly prepared and resourced but it is MUCH harder than most people realise. There is a useful "parents in France" board on FB which would be a good place to start.

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Branleuse · 27/07/2015 12:24

house in France house in france

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midlifehope · 27/07/2015 12:24

Do it do it do it
Do not spend it on your dh and his silly hobbies! Be selfish for once!

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Spartans · 27/07/2015 12:26

Personally I think the debt should be cleared.

But before that you need to talk about money and how you both deal with it. If dh puts the money he is using to pay stuff off, into an account the 30k will be back quite quickly. It can't be a case of it gets paid off then he runs it up again.

Then you need to decide as a family whether moving to France is what you all want and you are able to do and go from there.

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ImperialBlether · 27/07/2015 12:29

Gizzy, it's only 70 sq m! They'd have to sit on top of each other!

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WayneRooneysHair · 27/07/2015 12:29

I'd pay the debts off first.

£30k isn't that much and you'll need more than that to buy a house, even in France.

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CurlyWurlyHurlyBurly · 27/07/2015 12:32

Thanks for all the responses. Definitely gives me some direction for thinking!

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lottiegarbanzo · 27/07/2015 12:32

I agree that you need a big chat with DH about money. He sounds like a spendthrift who habitually lives beyond his means and would fritter away any amount he had access to. The attitude that you should spend most of this inheritance on 'fun stuff' not 'sensible stuff' is very telling.

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Weebirdie · 27/07/2015 12:37

30k is nothing really and all the more so when buying a property abroad and all that comes with it is concerned.

How about you put the money away, just sit on it and tell your husband nothing is being done with it till all debts are paid off and he's sorted himself out financially? Though for the life of me I cant understand how anyone can consider a partners inheritance as something they have any say over, or any right to benefit from. The bit about 'doing fun things' is awful considering its highly likely the person who's died probably had to go without over their lifetime in order to be able to have a bit of money behind them.

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AgathaF · 27/07/2015 12:39

We have a holiday home in France that we let out to guests and also use ourselves frequently. I would say be very, very careful about buying there, whether or not you intend to relocate. As others have mentioned, the cost of living is higher than the UK, taxes are considerably higher. We've met many Brits who have moved over there thinking that their skills are transferable and workable in France, who've then found out that that is just not the case. Setting up a business there is a nightmare of red tape and dead ends. You ill be able to buy a house for £30k, but it will need work doing.

I would advise using the money as a deposit on a house in the UK, with the resulting mortgage being probably less than the rent you are currently paying.

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RedDaisyRed · 27/07/2015 12:46

First if they might split up then p utting it in the chikldren's names is safe as Mr Big Spender cannot get his filthy mitts on the money if they split up.
If all is likely to be stable then yes usually repaying debt is wise but this might be the first chance ever to own a home.

What about using the £30k as a deposit to buy a flat and live in it in the UK? It might be your only chance to buy abnd there is no capital gains tax when you sell your own home in due course but there is if you sell this second property.

Ah Agatha has said what I said yes.

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WayneRooneysHair · 27/07/2015 12:47

I remember a thread where someone's husband got a £150k inheritance and he wanted to get a loft conversion and a train set using £30k of the inheritance, some posters were saying that it was family money etc and that he should not spend it.

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frenchfancy · 27/07/2015 12:49

Agatha is right. It is expensive to live in France. Social contributions are really high, the cost of doing business is prohibative, and living costs in general are high.

The days when you could buy a bargain house in France are long gone. If you find somewhere at that price it is likely to be in a dead village with no facilities, no schools and no work. Any house at that price will need considerable work doing to it. There is unlikely to be any insulation in the room, windows will not be double glazed, heating systems (if there are any) will be outdated and it will cost a fortune to keep warm in the winter.

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CaveMum · 27/07/2015 12:57

Also bear in mind that there are rules in France about inheritance, capital gains tax, etc, that you'd need to look at carefully. DH has a relative (by marriage) that has family in France, they want to leave a house to her in their will but the inheritance laws are so complex (and tax for non-residents so high) that she'd be forced to sell it and actually have very little to show for it.

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Flutterbutterfly · 27/07/2015 13:03

You can't keep the money from your DH... It's family money!

However you an prevent him pissing it up the wall on a bike. I'd be surprised if you can buy a house in fance for 30k ( can you? I Might buy one, link anyone?)

If you can, buy one, it's a great plan. Otherwise you could relocate to a cheaper area uk and buy a small house with a small mortgage maybe.

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Featherbluedot · 27/07/2015 13:07

Maybe buy a flat you can afford, rent it out and hopefully get a small income from it.

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AndNowItsSeven · 27/07/2015 13:10

I would buy in the uk , there are areas you can buy a house for 60-70k so 30k would be a large deposit.
Regarding the debt , you are a married couple all money coming in or debts are " family debt".

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mijas99 · 27/07/2015 13:10

You wont get a house you or anyone else will want to live in for £30k

The reality is often very different to the dream

If you want to go to France then rent or go on holiday there

There is an obsession about buying. It wont make you money and you will end up living in a crap area.

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Flutterbutterfly · 27/07/2015 13:27

I checked you can buy a shell, which could be ok if your handy but you would need quite a bit for renovation and costs.

Look at the uk again...cheaper area.

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LittleLionMansMummy · 27/07/2015 13:44

My initial instinct was 'do it!'

But how old are your dc? We've considered doing this and I couldn't go through with it because I had concerns about education for our ds. Not that I don't believe he'd receive a good standard of eduction but I am not sure the French teaching style would necessarily suit him.

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