My mum downsized into a new M&S development when the family home was financially unviable for her after my father had passed away.
It was the best thing she ever did.
My parents were some of the ‘lucky’ ones who had purchased a nice family house in a nice area on one low to average salary in the late 1960’s. Fast forward to 2003 they were asset rich and cash poor. Both only had state pensions. They could afford to do very little - lived in cold house needing repair, no holidays, no nice lunches out etc. As they got older I did my best to support them both financially and in looking after the house/ garden, I paid for a couple of holidays for them etc but when my father passed, I was working and my own children came along I had to put them first and suggested my mum downsized. She was also very lonely and each winter struggled with a bad chest.
My siblings (I was the youngest) were horrified. Had I not heard what a bad investment they were? Etc etc. All 3 of them were comfortably off but none helped mum out with either their time or their money, but they were all eagerly awaiting their inheritance.
So with my full support she bought a new build M&S 1 bed apartment and had 8 very happy years there. The apartment was cheap to heat and the communal areas spotlessly clean with well maintained gardens. She was on the social committee, always celebrating new ‘M&S friends’ birthdays etc in the communal areas, had regular planned day trips out. The local farmer and fish trucks would visit regularly etc. Her life was simpler with no house to look after, busier with her social life and she was so much happier.
Most importantly, for the first time in her life she had money in the bank (from downsizing) and so had 2 or 3 overseas holidays with her hobby friends and could lunch out weekly without thinking about it. She was so much happier and less lonely. So yes she was spending the family inheritance but my view was it was her money to spend.
When she died, we sold the property easily, albeit for the same price that she had paid for it. Yes she had paid a monthly service charge and yes had she stayed in the family home we would have received more of an inheritance as the value of that would have appreciated, but ultimately my lovely Mum had 8 happier years in her old age than if she had not moved into a M&S property.
Years later, 2 of my 3 siblings still feel ‘cheated’ out of a chunk of their inheritance and we barely speak. They really were happy to see Mum struggle as long as she kept their inheritance nest egg warm and growing in value!
1 sibling accepted, seeing the significant improvement in mums health and happiness that moving to M&S was a good idea after all!
So OP if you have recently inherited the property, I would sell for a reduced price and just remember how lucky you are to have inherited something and remember that the person you have inherited from may have had a happier life living there!