how much cash should i keep back if any??

ckes101

Hi friends and thanks for taking the time to read my thread. A simple one i hope!!! I am a 45 year old single mail who have been lucky enough to live rent free since i was 16...anyways i have saved £270,000 from my full time employment and a part time business. I now wish to buy my first property but am very unsure how much to leave myself. Should i spend £250,000 and leave myself £20,000?? Is £20,000 enough?? I have now given up my part time business as it nearly burnt me out so i will have a monthly income of around £1400 after i purchased my house. So any advice on how much(if any i should keep back).

[Deleted User]

Wow thats a whole lot of savings!

I would just keep in mind the running costs of buying a £250,000 home I mean do you really need to go that expensive if you live alone?

Your living rent free at the moment so you will have to pay the following when you own your own home:-

Home Insurance
Council Tax
Water Charges
TV Licence
Gas & Electricity

I may have missed some out of there but I'm sure some others will be over to offer you advice.

Dxxx

[Deleted User]

Nice dilema to have and well done for saving up so much. Don't know what area you're in but is it feasible to buy two properties with your money? One to live in and want to rent out, therefore giving you another source of income.

If not what about buying a property with the view to taking on a lodger or two. Again this would be a source of income to replace your lost earnings from the part time business.

For me personally a £20k emergency fund would be ample but it depends how safe that would make you feel and why you need that much. I would certainly tuck most of it away in an ISA that I couldn't access for a while.