House buying urgent advice needed

firsttimeruk

Hi

Around two years ago I came into a lot of cash.

My question (I am very nervous, dont like spending money at all!)

Do I keep the money or buy a house?
It might be a stupid question but its a MASSIVE purchase.

I am in a position to buy a house outright without any loans etc.
Advice welcome


keep money or buy house

pros and cons

thanks x

Tassotti

Why is this urgent?

What is your current situation?

Are you renting?

firsttimeruk

Currently with family.

I have been offered a private sale by a family member before they sale via EA at a small reduction

Newlyboughthouse

Buy buy buy a house! My gosh I would jump at the chance. Most of us have to work hard to get a mortgage paid off you lucky thing

What is your cash doing at the moment i.e. is it in savings earning interest?

firsttimeruk

Newlyboughthouse wrote: »

Buy buy buy a house! My gosh I would jump at the chance. Most of us have to work hard to get a mortgage paid off you lucky thing

What is your cash doing at the moment i.e. is it in savings earning interest?

Its in instant access at present only gaining 0.8% unfortunately.
The first year it was 2.9%.

I am just nervous regards keeping so much money tied up incase house prices drop (heard something regards this in the press)

pyueck

Newlyboughthouse wrote: »

Buy buy buy a house! My gosh I would jump at the chance. Most of us have to work hard to get a mortgage paid off you lucky thing

What is your cash doing at the moment i.e. is it in savings earning interest?

Woah wait a second before making advice like that.

As with any investment you need to determine what the priorities of the OP are. Property is not without risk, and the OP may not know where they wan't to buy so buying now may not be the right option.

firsttimeruk

I do like having the security the money is in the bank. I am not a gambling person (in my teens I was!) But ive grown up now and I wouldnt even whack the money in shares as I would be too nervous to lose out.

I would like to wait a while before buying but my concern is if I dont buy now, in say 2 years what will a £170,000 house be? Another 10k? 20k? If so buying now seems sensible

dimbo61

Are you happy at Home living with Mum and Dad?
Do you work ? How long is the commute?
What kind of property do you want to buy?
Where would you like to live and can you afford that with the money you have?
Do you want a place of your own or are you happy to share?
You have had the money for 2 years so NO RUSH to make a decision.
If you buy the right property in the right area at least you can live in and enjoy your investment!
Try doing that with a bottle of wine or bar of gold or barrel of oil!!!!!
You might HATE living away from family or the area you think is great is not what you hoped so why not rent for 6 months and test the water so to speak

Annie1960

Buying a house is a long-term proposition, so don't worry about what prices will be in 2 years. Think about what they will be in 10, 15, 20 years.

If you bought the house, would you live in it?

Newlyboughthouse

firsttimeruk wrote: »

Its in instant access at present only gaining 0.8% unfortunately.
The first year it was 2.9%.

I am just nervous regards keeping so much money tied up incase house prices drop (heard something regards this in the press)

Get your money into as high a yield savings/ISA account as possible for now while you decide what to do. 0.8% is measly. I always manage to find relatively good yield and move my money when the rate goes down. Simple internet search would find best rates going at the mo. House prices go up and down ALL the time. I personally wouldn't let this bother you if you plan to live in your bought house for a long time or rent it out for a long time...

carlx

Quizzical_Squirrel wrote: »

You're heavily risk averse, easily stressed and easily influenced.

You need to separate the two decisions -
a) do I buy and
b) do I buy that particular house.
Rolling these decisions into one high pressure decision isn't helping you.

If you decide to buy, go look at other houses and compare.
Don't just buy some turkey a family member may be trying to offload on you to make their life a whole lot easier.

Best advice i've read all day, i was going to say the same thing.