Wwyd? House or pay off everyThing

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Struggled with mental health forever, currently undergoing the beginning of ab ADHD assessment journey as this has caused me such pain, wrong decision making and disasters throughout my life- all aspects!

regarding money. I have struggled with it my whole life. Great job but have always lived month to month as my brain is addicted to spending (and food). My Brother chose drugs. But is in recovery.

i have a house with small mortgage, a 20k loan, 16k on cc, spent on shit. Counselling is helping me realise what I have done and how I can stop this cycle. I have a good job which covers this shit show but never any left for savings or holidays (they’ve always gone on cc e😔)

we are so very lucky as we have inherited a house worth a lot of. Money. I appreciate this is amazing but wwyd?

1, rent It out- but I know this comes with issues, will need constant work etc, but will be there for retirement in about 10 -15 years

2, sell it- pay off every single bit of debt including mortgage, use remainder to lock away in pension?? For retirement. Then have more money to save/use each month from wages as not paying mortgage or cc debt interest.

i think I know but I worry about everything and sat up last night going through every what if. Wish I could just decide, do it and live. Wwyd?

very grateful for your responses, please be kind I’m currently off work after burn out/ break down. This is one thing I can control and be decisive about to make a change xxx

No 2.

No 2.

How much is the house worth?

Absolutely option 2.

You will pay tax on the income from the rental, there will be repairs and maintenance to pay for on the rental and you could end up with awful tenants. It takes up head space too.

Clear the debt and your mortgage. Invest the rest but have access to an emergency pot to stop you putting anything unexpected like a new boiler onto a credit card.

No 2

Option 2. Aside from my feelings about owning second homes, it's stress and hassle you don't need.

If you have ADHD and struggle with keeping things organised you could end up being a bit of a shit landlord too.

Definitely 2. You'll have so much more security with debts and mortgage paid off. Do make sure you keep on top of savings and pension though.

I think it depends on what the house is worth, is it close to where you are for any issues and what rental income it would yield

Number 1. Get an agent to manage it to reduce the amount of input you have with it.

Option 2, even without having ADHD.

Being a landlord is work plus will entail expenditure. You don't have spare money because of your debts.

Add in ADHD affecting how you run your own life, do you want additional stress of a rental property on top of that?

No 2 from the reason of it can be incredibly stressful if you go for option 1 so feels maybe better for your mental health to go for option 2.

No.2 without a doubt - and depending on the size of your inheritance, consider taking advice from an independent IFA (preferably a chartered one).

No 2. The relief of not having a mortgage, loans and credit cards debts will be utter bliss for you, Plus you will have piece of mind that you've done what you can to ensure that you won't be struggling in retirement.

It feels like a no brainer to me. No 1 sounds far too stressful.

2 Being a landlord is expensive and hard work plus you will still be paying all that money in interest on you debt.

400k

Thank you so so much. I knew n2 but cannot ever make a fucking decision, even about fantastic life changing g stuff. Thank you again. On the market it goes. After a life of stress, anxiety I hope this will be a good decision that will change my life for the better x

Being a landlord can be lucrative but it is stressful and hardwork and you have to very financially savvy - which you are not. I would personally rent it out for a year or so and assess what income you get compared to the stress of a tenant etc.

But you need the money now, so I’d probably sell it and clear all of your debts. Don’t lock all of it away for retirement. Invest it. Put it in ISAs. Buy a reliable car. Go on a fabulous holiday.

I have booked a registered ifa to help me through all this. Again, trying to make positive changes

Already sorting this

What amount should sit in an emergency pot? You see my twatty brain will see that as money to spend. I suppose I could have my husband be in control of this as he is better with money than me

Amazing....how lovely.
This will take so much pressure off you.

This is why you will have an emergency pot but then a treat pot. Treat pot is just that but emergency maybe have it so you and partner agree for when money comes out of this.
With good investment advice you may choose to have extra monthly income...how lovely would that be.
A good IFA will help you with short, medium and long term investment so don't worry about that.

You could put your emergency fund in a notice account or premium bonds, so you have to wait a few days before you can access it. It might help it stay only for emergencies while being available quickly if you do need it.

Yes, option 2 is the best - rental yields are not brilliant at the moment, and you will probably get just as much of a return with saving / investing the proceeds of the house sale (and definitely pay off your mortgage and loans etc). Plus as pp have said it can be really stressful as a landlord. In terms of emergency pot, it is wise to have two. One that is an easy access slush fund, for topping up current account balances that may get low for low-level big spends (eg car repairs / holiday deposit etc). So maybe £4k buffer / slush fund. And a bigger one that it is possible to access, but maybe limited access (with penalties?) for a real emergency, to avoid you spending it all. Maybe 3-6 months’ worth of salary in there? Then invest the rest (obvs after paying mortgage off and loans etc!!). Then use the financial freedom to save every month.

If your husband is better at this sort of thing then perhaps you could put the emergency savings into a savings account and only he has the details to? The amount depends on circumstances really but I've heard 2/3 months of salary is useful as if the worst happens and you lose your income then you have enough to survive and find something else.
My DH has ADHD and I manage the money. He can become paralyzed with the decisions but if we need to decide things then I do all the leg work, prepare two options then discuss with him. That way he's fully involved but it's more manageable. As for the spending, I don't know if you've asked for help on managing it but one thing I found helpful was having a set amount to spend each week and then it didn't get out of control. Researching and debating on what to spend it on gives a bit of a thrill which helps the dopamine hit too.
Have you considered medication to manage?