How would you spend £180k?

[SomersetDreams]

just curious...

It would clear most of our mortgage. Boringly id do that then be mortgage free in a couple of years.

Or I could have the most fabulous handbag collection... probably the mortgage.

@SunshinePie rose tinted glasses comes to mind. I know someone with 3 properties, 2 of them have stopped paying rent (due to Covid etc) he can't get rid of them. It's a long drawn out process...and he is very strained because of it! Even with no mortgages. I wouldn't wish it on anyone...

Put £80k into pension.
Spend £100k on new kitchen and white goods.
New Bathroom
Buy a brand new Mini JCW
Go to Florida on holiday
New clothes

I wouldn't spend it, but I would invest in pension funds and stock market rather than property.

Being a landlord to 18 properties is NOT passive income.

Don't piss all over sunshine's stress free money maker now.

@SunshinePie

£180,000 I would buy approx 18 of these type of properties: www.rightmove.co.uk/properties/114007025#/?channel=RES_BUY

Outgoings:
With a £10,000 deposit, and interest only mortgage (fixed for 5 years) the payment would be £50 per month = £600 a year

Incomings:
Rental would be approx £110 a week, so £5720 a year

Incomings - outgoings = 5720-600 = approx £5000 per property. Multiplied by 18 properties is equal to a £90,00 income each year.

(Why anyone would pay their mortgage whilst interest rates are so ridiculously low is beyond me).

How would you buy 18? They are not mortgageable?

£70k would pay off mortgage, £70k for grazing land for my ponies and £40k left in savings/investment

@SunshinePie

Passive income means you don’t have to work!

You cant get a mortgage on them If the company goes bust (and loads have) then you don't actually own anything.

Sadly £180k would not be enough to help us move to a much needed bigger home without largely increasing our monthly payments.

I would:
Put £100k on mortgage reducing it by 33%
Place £20k in savings
Place £40k in pensions
Invest £10k
£10k for luxury family holiday

Invest it in property for an income so I could stop working

Loft conversion, solar panels, electric car. Then some in a high interest savings account for us, and some in trust for DDs to access when they want to get on the property ladder.

Crikey, that feels like such a grown up answer. If you’d asked me that pre children I’d have wanted an annual ski holiday and a trip to to Tahiti!

Boost my House renovation budget by £20k
Buy a new car for £20k
Family holiday £20k (take parents and siblings)
Split reminder between savings and overpaying mortgage.

@SunshinePie

£180,000 I would buy approx 18 of these type of properties: www.rightmove.co.uk/properties/114007025#/?channel=RES_BUY

Outgoings:
With a £10,000 deposit, and interest only mortgage (fixed for 5 years) the payment would be £50 per month = £600 a year

Incomings:
Rental would be approx £110 a week, so £5720 a year

Incomings - outgoings = 5720-600 = approx £5000 per property. Multiplied by 18 properties is equal to a £90,00 income each year.

(Why anyone would pay their mortgage whilst interest rates are so ridiculously low is beyond me).

Dont forget about the service charge x

Dont forget about the service charge

Cleaning
Gas/electric is typically in the rent

They have been for sale for at least a year unsold- so clearly not a good investment in any way.

I did and I paid off my mortgage ( best feeling ever) and bought a small flat for my DM to live in.

Pay off my mortgage, use some to fix up/make repairs to my house. Bank the rest.

Pay off the rest of the mortgage which will instantly give us £900 extr a month.

Pay off the morty

Just been gifted £150k - put it towards school fees

The cash is available now?

Max out this years ISA allowances and next (stocks and shares)
10% allowable mortgage overpayment now and another 10% in January 23
Top up emergency fund so we have 6 months cash on hand
Pay off car loan
Top up pension
Nice holiday
Work out what I’m going to do with the rest of it

100% a house

I could get something quite nice around here for £180k for just little old me

That would give me 45K to give to each of my children to help them buy somewhere. So that's what I'd do.

Bit of house stuff, big holiday, pension

Right now I’d use it to drop down to work 3 days a week or term time only for the next 18 years.

80k in savings and for electricity, gas and rent, then some to go back to university to do another degree, then some to start my eBay business of selling magic the gathering cards and magic the gathering accessories.

Then a couple of k, to travel e.g. British museum, ect, and stay in a hotel for the week.