£600.000 to invest. what do i do ??

tryingnottobeafool

I have a house gifted to me, and after inheritance tax I will have around 600 k . I could hang onto the house and let it out, however I feel I dont want the hassle. It has been suggested to me that the reurn of 4 % by letting out the house, is what the banks should give me with say a 2 year fixed deal.

I feel I am not up to the hassle of renting out any property so what should I do with the money to give me an income ??

dunstonh

You have tens of thousands of options available based on the criteria given on your post so far. You need to narrow it down more but even then there is no way anyone can really give advice or suggestions of any quality as you will have tax issues and planning issues to consider with amounts of that size and there will be no one option that you should use but a range of things.

cattie

Ooh, with that amount of money I'd definitely be making an appointment to see an independent financil advisor & going over all the likely options.

michaels

Would you like to marry me?

Reaper

As said it is really too large a sum to get simple answers on a forum. I can see the logic of renting it out if there is demand because selling the house at what might be (but who really knows?) near the bottom of the market might not be the best option.

All sorts of other considerations though such as whether you want some of the money available now.

We can try to answer any specific questions you have but for overall advice an IFA might be a good bet. I suggest asking for them to operate on a fee basis to make sure there is no bias.

DiggerUK

Tryingnottobeafool,

As it is an inheritance, it will have come with mixed emotions for you. Hope all is well.

Live up to your user name.
Clear all debts, then put it in the safest homes you can find. I would guess that an inheritance would have come near the end of your working life. This ammount would certainly end our working lives.

Why risk an ammount that would allow you to work in a job that you enjoyed doing, not one that you have to do to keep the money coming in.

This is a life changing gift, let it change your life.

Best of fortune.

gozomark

if it was 600K in cash you inherited, would you put it all into one property ? Probably not, so don't tie yourself to the property - sell it, and diversify your savings and investments

Jonbvn

See an IFA and remember that diversity is the key!

ed123_2

....I would spend it on wine, women & song and waste the rest of it.

project500

Celebrate and keep away from financial advisors who are working for banks !


DEATH IS NATURES WAY OF TELLING YOU TO SLOW DOWN!

jfpeeps

This really depends on your circumstances, do you need access to this money, do you have your own home, savings etc...

The problem is that money is hassle, if you keep the house and rent it out it is hassle, if you do what I would and spread it into multiple investments... it is hassle. The only hassle free way is to bank it long term in a high interest account... and then it should not be more than 50K per bank so now you have 12 accounts... which is hassle...

You really need professional advice, see multiple advisors and use ones that require a fee and do not earn on commission.