What extras when buying out house im inheriting.

System

Landlord stuff doesn't concern me. I understand it isn't simple but for me the biggest concern is getting the money to pay it and how that will impact me over the next 12 months.

If I said to executor put the house up for sale they will do it. But they don't want me to rush it sell it only to find out I can get some form of loan or finance that will cover the mortgage.

That part can be seen as an investment on my part something where I would be mortgage free in about 3 years. In a good house. Good area. Rather than sell it buy something and hope for the best.

Again a note to anyone make a decent will and keep it updated and also get life insurance. Will certainly help loved ones

gettingtheresometime

Ok forget the house for a minute what would have been your plans if your mum hadn't have died?

The reason I ask, & it's not to sway you one way or the other, but it's to make you think about the situation.

Sometimes to have cold hard cash invested properly would be a better move than bricks & mortor thousands of miles away from where I can keep an eye on it

System

Intention was to work, save for next few years and assess then. I had no plans to buy until I was settled in one country and had significant savings.

It seems straight forward to sell but having never had over 10k in an account to then have close to 70k I'd want to manage it best way I could and not squander it only weekend breaks.

csgohan4

Bet the Aunt then wants to move in rent free. OP your better off to sell it, your not here to look after it and renting it would be troublesome as you don't know what this entails, the financial and legal implications.

AnotherJoe

csgohan4 wrote: »

Bet the Aunt then wants to move in rent free. OP your better off to sell it, your not here to look after it and renting it would be troublesome as you don't know what this entails, the financial and legal implications.

Its equally likely she is well meaning and comes from a generation where owning a house and letting it out was seen as a good investment and what wealthy people did and "how could you lose because someone else pays the mortgage and buys the house for you". *

Times have changed.New tax rules new regulations more to come, very onerous especially if you are a long way away. Having agents looking after it doesn't absolve you of the legal and tax liabilities and adds more cost (for an OP who's already spending to the last penny to buy this)

* The OP almost seems to be of this mindset, "if i dont invest the money I'll just waste it on weekends away" so for sake of being clueless what to do with £50k, and instead of finding out, he or she is going to start running a business they know nothing about in a foreign country.

LittleMax

Franny I am sorry for your loss.

Reading the words that you are using doesn't sound like you really want to keep the house, and the fact that you are on here asking a group of strangers what you should do implies that you are not fully confident in the advice you are being given by those close to you.

Have another read of the what you say and try to imagine it being said by someone else. Really listen to what they are saying. What would you advise them?

frannyj543 wrote: »

The executor isnt going to sell the house if there's possible I can find another way.

frannyj543 wrote: »

Part of me wants to just get the money pay it, get it into my name then I can manage it myself. Other people have had their say and put me off selling it.

frannyj543 wrote: »

That was my original idea sell bank the money save up and maybe in 1 or 2 years be in a better position to buy something. My life is quite complex as I live and work abroad but maybe long term will live at home etc.

frannyj543 wrote: »

but for me the biggest concern is getting the money to pay it and how that will impact me over the next 12 months.

frannyj543 wrote: »

Intention was to work, save for next few years and assess then. I had no plans to buy until I was settled in one country and had significant savings.

To me this does not sounds like someone who had intended to buy a house yet, and isnt really sure where that house will be, as they are not done with trying out new places to live and work. Just because those close to you tell you t is the right thing to do doesn't make it right and you should not feel obligated.

It seems that others may have persuaded you...

frannyj543 wrote: »

That part can be seen as an investment on my part something where I would be mortgage free in about 3 years. In a good house. Good area. Rather than sell it buy something and hope for the best.

But have you planned on being in that area in 3 years time? Your other posts say not, you don't sound like you know which country you will choose to settle in. So in 3 years time you won't be sitting pretty mortgage free living in the property. The real picture is that you will still be a landlord and possibly wanting to buy in another country. Rather than put down a sizeable deposit of £70k and ready to go, you will be faced with trying to sell a property with sitting tenants and possibly not even living in the UK.

If it were me reading these posts I would advise the person to sell now and save the money ready to use as a deposit in a few years time.

As for the worry of squandering it on weekends - as you won't be having to save so much for a deposit you should still feel better off even without dipping into it.

gettingtheresometime

frannyj543 wrote: »

It seems straight forward to sell but having never had over 10k in an account to then have close to 70k I'd want to manage it best way I could and not squander it only weekend breaks.

I fully understand where you're come from but my reply to that would be it would only be squandered if you let it be.

You could always get professional financial advice as to how potentially you could invest the money that would be realised & then make a decision.

I realise that this isn't the question you wanted an answer to but sometimes the question we ask isn't necessarily the right one

System

Thanks for the advice people I do appreciate it.

My post are all over the place basically because I haven't a clue what to do with the house and I change my mind every day.

Part of me thinks the the loan while I can and money is good although it will be tight for a little well as a way of investing in my future.

On the other hand it is a while hassle and life is abit complicated. If I was in a steady job in the UK I wouldn't have a doubt. But I don't.

Keep_pedalling

frannyj543 wrote: »

Intention was to work, save for next few years and assess then. I had no plans to buy until I was settled in one country and had significant savings.

It seems straight forward to sell but having never had over 10k in an account to then have close to 70k I'd want to manage it best way I could and not squander it only weekend breaks.

frannyj543 wrote: »

Thanks for the advice people I do appreciate it.

My post are all over the place basically because I haven't a clue what to do with the house and I change my mind every day.

Part of me thinks the the loan while I can and money is good although it will be tight for a little well as a way of investing in my future.

On the other hand it is a while hassle and life is abit complicated. If I was in a steady job in the UK I wouldn't have a doubt. But I don't.

If it is going to be a little tight, how are you going to cope with periods where the house is not let, or even worse ending up with bad tenants who take months to evict?

Don't let your heart rule your head, take the safe and sensible route and sell.

AnotherJoe

frannyj543 wrote: »

Thanks for the advice people I do appreciate it.

My post are all over the place basically because I haven't a clue what to do with the house and I change my mind every day.

Part of me thinks the the loan while I can and money is good although it will be tight for a little well as a way of investing in my future.

On the other hand it is a while hassle and life is abit complicated. If I was in a steady job in the UK I wouldn't have a doubt. But I don't.

Ther are many other ways of investing in your future other than buying a house a long way from where you live with all the attached hassle cost and risk.

I’ll go back to basics again, if you had come into an inheritance of cash you wouldn’t be looking to buy a house to become a landlord (and even if you were it wouldn’t be this one there will be better bets as a landlord, for example cheaper, a newer flat with less work needed etc etc etc)

So there is no reason other than your aunts well meaning but misguided advice, to buy this one.