30k inheritance

dunstonh

If the thanks button was there Chris, i would press it. Excellent post.

jamescredmond

dunstonh wrote:

If the thanks button was there Chris, i would press it. Excellent post.

I agree with the above ( and what happened to the'thanks' button?)
this may feel like drawing teeth but here goes:
my son is about to go to uni. 3 years from now I would like to feel in a position to provide him with accommodation for him and his amour. What i don't want him to face is the same kind of struggle I had to contend with 20 years ago. but let's not go all mushy. the plan is to buy property in which he can live for at least 2 years, pay me rent at the going rate, I invest the rent in a secure cash investment, I return the accroued final amount to him/her to use as deposit for their own property, keep the original property, sell mine,invest proceeds and live happily ever after. phew! all this, of course is dependent on 1001 things and I'd like to think that 3 years from now cash investment will outperform residential property price increase. as I said before, all the indications suggest this. end of confessional! thank you to everyone who has responded but don't let that stop you from offering more! I really am grateful.

sarahlouise210

I am assumimg you have a little more than this £30,000 if you are going to do all that!!

Chrismaths

Looks like he's going to Glasgow Uni then

jamescredmond

a typical 2 bed res. property in this part of the country sells for 120k. my son will go to uni nearby and live with me until he finishes his studies. to get him started on the property market he would live in the newly - bought property as described above. I plan to invest some of my own money over and above the inheritance in said property and borrow the rest. the property chosen would be in a location and of a size that will suit me in retirement 18 years hence. the work opportunities remain good locally, so my son has no plans to move elsewhere. by now, it should be obvious that I'm not as financially savvy as some of you seem but no- he's not going to glasgow uni and no, the brain hasn't gone ( not yet anyway! ). there is, of course, another motive - to free up some house space after he's moved out!

Chrismaths

Seems you've confirmed what I said - that you are investing for 3 years to buy a house. In those circumstances, with no real flexibility in timescale, and no risk tolerance, then you are left with cash. You still might want to consider using your (and the wife's) mini ISA stocks & shares allowances with 8k, invested into some lower risk funds (but not bonds!) in order to improve your tax efficiency, and give your money a bit of a kicker on the side.
Best of luck James, I hope you have found the discussion useful.

Regards, Chris

jamescredmond

thank you chris, and thank you everyone for taking the time to offer advice.