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41, houseshare, just got a unexpected amount of money!

27 replies

Greysmanicfan41 · 10/06/2016 20:51

i have just inherited £300,000 and ive no idea what to do with it, obviously the the biggest thing i need to do is pay debts off, pay dad back cash i owe, and buy a house. I am clueless 41 year old, suffer PTSD obvious will no longer receive benefits. I havent worked in year and recent years only worked part time, share house with family and another friend. Nice houseshare. No idea what to do in regards to buying a house or where to start. eg stamp duty, how much does solicitor cost, do i buy new build or a solid old house, what do i realistically require for myself. the list goes on - any advice will be appreciated immensely

OP posts:
JoJoSM2 · 22/06/2016 14:27

Given that you owe money here and there and might not be great at managing your finances, I would go for the straightforward option - get a property big enough for a lodger or two + get a part time job and live happily ever after (at least financially). I would prolly shy away from just putting all the money into savings or investments in case you take out 1k here, 5k there and end up with the big pot eroded over a few years time.
If you decide to buy, say for 250k, you are likely to spend about 1.5k on the solicitor + 2.5k on stamp duty + a few hundred for a surveyor to make sure the property is in good nick. I would also put away, say, 10k for emergencies e.g. The boiler packing up. Given you mental health situation, I think it would be good to get a new/refurbished house as a project could be unbearably stressful (even if it makes more financial sense). If you go for a brand new place, it will come with a 10 year warranty and you will likely not need to replace/refurbish anything for longer than that which might feel nice and settled and actually have a positive impact on your mental state.

tts7376 · 13/08/2016 15:06

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