23year old with £290,000

JimmyTheWig

marathonic wrote: »

As others have said, it depends on location. Have a look at Rightmove to see the cost of properties of the type you desire in an area you could see yourself living in for 5-10 years (any less than this and buying a property becomes too expensive due to transaction costs).

I think this is the most relevant thing posted on this thread.
You can afford to repay a small mortgage.
If you hadn't had this windfall (and, like others, I am sorry to hear of your loss) you would be overjoyed at the idea of being able to move out of home with only a small mortgage.
There is no point in spending out on solicitors costs, stamp duty, surveys, etc to then have to pay the same again (plus estate agent fees) to move in a couple of years time because the place isn't big enough.

cinderfella

Option 2. Buy a property in say Leytonstone or Forest Hill areas. You will have 1 or perhaps even 2 free bedrooms. Take in young professional lodgers & get the tax breaks with it. I would then also purchase a buy to let in the Austrian Alps which could be serviced as an overflow by a local hotel. That way no hassle with bookings & you could holiday there in the low season.

[Deleted User]

How about option 2b) Buy a bigger house with a smallish mortgage, then rent out your spare bedrooms to friends/randoms.

This way - you get to have your 'long term home' plus get other people paying off the small mortgage for you. Even if you just got one person paying £300 a month, you'd have covered your mortgage payments. Get two people and you'll be laughing.

When you meet someone, you just need to get rid of your lodgers and then you've got your instant big family home with no mortgage left to pay and you're financially setup for life. You'll avoid the expensive process of moving from a 2 bed to a 3 bed house also

merlingrey

Get yourself into an apartment as near to where you work as possible for like £140-180k

Then stick the rest in cash and shares to add to your income in the form of dividends and interest.

If you ever need a bigger place in the future...well you'll have the apartment plus cash assets/stocks and no debt for an upgrade.

Don't exchange security for risk yet, by that i mean that you're in an extremely fortunate position and you don't want to blow it by investing in the wrong thing, getting carried away, taking on debt and so on.

10 years from now you'll probably have cash assets that match your current cash + property if you don't do anything daft.

[Deleted User]

merlingrey wrote: »

Get yourself into an apartment as near to where you work as possible for like £140-180k

This made me chuckle. Try looking for flats in london (Even outer london) for that price; then look at the areas they are in.

merlingrey

ringo_24601 wrote: »

This made me chuckle. Try looking for flats in london (Even outer london) for that price; then look at the areas they are in.

Can you point out where he says he lives in London? or outer London.

I'm not disputing what you claim i'm just wondering what the point is, if he does live in London or an expensive part then obviously what you say might apply.

That said he works for NHS so it's possible to get transfers to other places.

cinderfella

ringo_24601 wrote: »

This made me chuckle. Try looking for flats in london (Even outer london) for that price; then look at the areas they are in.

I know where you are coming from. London is a bit of a dreamers city. That is people like to get out of the place within a couple of years - they have had enough.
At the tender age of 23 the OP could forge a wonderful life in Australia or New Zealand & perhaps also find the man of her dreams.:T

[Deleted User]

merlingrey wrote: »

Can you point out where he says he lives in London? or outer London.

Sure... here:

magnolias wrote: »

I live with my parents in the outskirts of london

It does all depend on the area, but to get an adequate family home within the M25 in an ok area, you're better off aiming at +£300k. In my neck of the woods, that's still a 'cheap' family home

I know what you mean cinderfella, i moved up to near St Albans.. if you pick the right area, you can still commute in quickly (but expensively)

merlingrey

ringo_24601 wrote: »

Sure... here:

damn i read it twice and didn't see that, specsavers for me.

beckysbobbles1

ringo_24601 wrote: »

This made me chuckle. Try looking for flats in london (Even outer london) for that price; then look at the areas they are in.

Romford, Hornchurch, Dagenham.... All areas close to London and easily get a flat for that price in a good area (Ok maybe not Dagenham!)