AIBU to want this ?

[Yipee189]

We are in the very fortunate position that we will come into a large chunk of money soon.

I think we should use it to renovate the house and add an extension. Hopefully this will add value when we come to sell in 5-10 years time. At the moment our house is dated and the kitchen is tiny.

My partner wants to use some of it to renovate ( no extension) and the rest to buy an investment property.

I know what people feel about buy to let but I am just after some advice on our situation please. The second property might be abroad, we are not sure yet.

AIBU in wanted to spend the money on our current house ?

I really wouldn’t buy abroad. I have known so many people come unstuck. Buy a rental over here, be decent landlords and use the money to renovate.

*or extend

Do you have pensions; children who will likely go to Uni; could you manage if one or both of you couldn't work? Could you afford an operation privately if you needed it? Can you manage if interest rates go up a lot? Basically, do you have your sensible safety nets in place already? If not keep the cash as rainy day money, pay off high-interest debts or invest in a pension.

If you really can afford to invest it in a property - what do you know about property investment here or abroad? Are you up on property law overseas? Can you cope with the legal and practical aspects of landlording? Can you cope with taxes here and overseas.

Have you done your homework on the costs, risks and benefits of an extension. Will it really add to your property value, do you know an affordable, available and trustworthy builder?