What to do with a small inheritance?

kidmugsy

Kernel_Sanders wrote: »

With three generations of male heirs lined up, the chances of any of today's 55-Y-Os receiving a telegram from a queen are virtually nil

Will Her Majesty have to send herself a telegram?


KS's idea of the couple buying out the siblings and living in the house sounds a good idea if its location and nature are suitable. There's the huge advantage that they know the house and can be confident that they are not buying "a lemon". Of course, if it is "a lemon" I suppose they'd be wise to sell it.

noggin1980

kidmugsy wrote: »

Will Her Majesty have to send herself a telegram?

Congratulating herself on living long enough that we get to avoid Charles. Long Live the Queen!

welshartist

J_B wrote: »

Ought you to consider moving into the house instead of selling it?

Thus reducing (perhaps?) your rent and giving you a more secure (perhaps?) roof over your head ad infinitum.

Not an option I'm afraid. My brother and sister are both settled (much older than me in their 60's) and want the money. We live in Wales and love it here. I really don't want to move back to the NW!

J_B

welshartist wrote: »

Not an option I'm afraid. My brother and sister are both settled (much older than me in their 60's) and want the money. We live in Wales and love it here. I really don't want to move back to the NW!

Well, good luck.
Rented house, no pension, no savings .......... good luck in your retirement! :cool:

DiggerUK

Hello welshartist, I may be jumping to conclusions, but I suspect you are an artist who lives in Wales. Nice part of the world.
If my suspicions are wrong, then excuse me whilst I make an idiot of myself.

Anybody who cannot turn over £35000 in to a mortgaged property is very lacking. I include in that criticism the fact you are on a modest to low income. Get some gorm and get on with it.

Can you at least keep your eyes open for the details to emerge of the first time buyers ISA A/C's planned by the government..._

jimjames

welshartist wrote: »

Not an option I'm afraid. My brother and sister are both settled (much older than me in their 60's) and want the money. We live in Wales and love it here. I really don't want to move back to the NW!

Are there really no properties in Wales for £90k, would it be cheaper than the NW?

Southend1

Can you still get a one bed flat in Wales for £30k? If so, as soon as the kids have finished uni and flown the nest you can downsize. Then check you will both receive a full state pension and you should be able to eke out a retirement together. If you put the saved rent money into a pension you will be able to produce a small income or lump sum to top up the state pension and maybe manage a weekend away once or twice a year too when you retire.

welshartist

Southend 1, We're artists, we've spent a lifetime being poor! But seriously, that's why I'm on here, I want to maximise my small inheritance to the full.

And yes, DigggerUK, we are lacking. It's only in the past five years that we've made anything like £30,000 a year. Being self employed and with a low/variable income the last time we enquired we were told we would have to stump up 25% deposit. The average house in our area is around £150,000. The sums don't add up for us.

DiggerUK

Hi again welshartist, were exactly are you living.......the Gower Peninsula!!? Even if you are, it is possible to find a property that you can afford.

All you need to do is get grounded. One of you needs to get a regular job that pays, keep it for two years, save, wait for the next property price crash, and Bob's your uncle. (There are plenty of variants on my suggestion). The government is falling over itself to get you a house......go for it.

Then you can go back to making beautiful music, exquisite hand spun wool garments, sumptuous pottery, or crap paintings.....whatever rocks your boat.

Thank you for being so big about my sharp criticisms..._

welshartist

Pembrokeshire DiggerUk, which is very expensive, given the proliferation of second homes and buy to rent properties. As far as jobs are concerned, those that are around pay between £8,000 and £10,000 pa so we're already earning far more than any local job could pay. £90k would buy us a 1 bed flat in some god awful place like Pembroke Dock or Milford Haven. I'm happy to look at pensions and savings with my little pot of money!