To ask you what you would do with an inheritance?

[scoobyloobyloo]

If you owned your house outright and had no debts and a decent amount of savings - what would you do with 200k? Theoretically speaking of course :)

I've just got an inheritance from my Mum who died earlier in the year, I'm the only relative.

After I've paid my mortgage there will be about 200k left Im buying a business (MOT station, my DH is a mechanic) and investing the rest. - not quite sure how yet, I'm going to see a financial advisor.

I'd have a lovely holiday and save the rest. I'm very boring though.

If someone gave me 200k I'd buy my little council house, have a first family holiday and buy a better car.

I'd invest half on the stock markets & 30% in property/land & treat myself now to something with a link to the deceased. Enjoy whatever you do, as long as it feels right to you 😃

Sell up and move closer to DH's work. He currently has a 2 hr commute each way because of housing costs.

buy a house by the sea

Holiday house for me

Do what we did - use it to buy four houses with a 50k deposit on BTL mortgages and become a dirty barstard greedy landlord.
Earn a good yield of 7% and benefit from rising house prices and expect the Wrath of ALL of mumsnetters.

I would buy a small house to rent to provide me with a pension.

Do you have dc?

You could help them get on the property ladder,
pay for university,
pay for a wedding, etc.

Or contribute to savings plans for grandchildren.

Or help with private school fees for grandchildren if you wanted to.

Do you have any interest in a holiday property?

Are your pension savings adequate?

Or you could give a bit to a charity / cause that is important to you.

Or, you could do any home renovations / repairs you've been putting off.

If none of the above apply, I'd probably do something that is a bit of a splurge (once in a lifetime trip, etc), and then put the rest into savings.

Live by the sea already :)

After a holiday I'm thinking about a business but really can't think of something I'm passionate enough about to take the plunge.

Buckeejit - what's the thinking behind the 50/30 split?

We're buying a holiday home for our family with an inheritance we are receiving.

This was kinda what I was thinking of Bird Lady but then having them as holiday homes as can earn a fortune round these parts - how has it worked out for you?

place marking

I'm in this situation myself at the mo. Very risk averse though.

I'm not really a "things" person.
I suspect I would look into buying property with a short term view to letting it out, but a longer term view to helping my (young adult) dc.
I would also treat myself to some holiday, and treat the dc to something (probably something practical like paying 1/2 their car insurance for 3 years or something).
Will depend on your age though, and the age of your dc - if you have any - and how many dc, and if you like your job, and how secure your job is, and if your dh likes his job and how secure that is etc.,etc.,etc.

I'd save it and use it to get my DCs on the property ladder. Otherwise they'd have no chance.

Buy a little holiday home in the UK. If there's still substantial change from that (depending on where you live/buy) then a flat to rent out, thinking that it might go to a DC eventually.

So much to consider - I don't want to look back and wish I'd just had more fun with it and also don't want to look back and wish that I had saved more!

Do something that's fun but also an investment - like a holiday home. I had a tiny inheritance once and did a degree with it, which was both fun and an investment.

I would definitely buy a holiday home. DP and I are away at the moment and have been doing lots of daydreaming about buying a property like the one we are staying in now. You could rent it out for holiday lets but also have it for you and your family for personal use.

Put money aside for the children and tell mum she can stop working.

In answer to your question OP it has worked out very well so far.
We did a ten year plan as with BTL mortgage you never own the house, you need to sell to pay off the mortgage,
However we have broken our ten year plan in less than five years due to good house price rises where we live.
We in general have had very good tenants except for the single foreign man placed by the one and only agent we used who turned out to be a drug dealer who didnt pay his rent and barricaded himself in the house so that the council rehomed him. Never seen a penny of the 10k CCJ he was awarded :(
We also have a holiday home in Spain that pays for the mortgage, and all overheads plus enables us to spent 3 months a year there.
So spreading the inheritance has paid dividends as we split it to buy four properties not putting it into just one.
We will sell them in five years and pay off our mortgage and retire.
Spend wisely as you will only have this one chance in life to change your lifestyle. Good luck OP

I bought a heinously expensive but gorgeous lodge caravan on a beautiful peaceful site that I'm currently reposing in. My DC are small so we will have years of enjoyment from it. It's my haven and I adore it.

I've been renovating my house and have plans for more work. Once that's done I plan to invest the bulk of the rest in buying a second property outright that I will let out.

Oh, and a small chunk is being spent on divorcing my STBXH but that is also money well spent.

I'd do what Birdlady did.

I would definitely buy more property, probably another holiday cottage, as ours has had a better return than the plain rentals.
A bit more hassle but loads more fun.