what to do with what's left of my inheritance

faerielight

I have about £110,00 left after buying a property and renovating, and I need to generate some sort of income, to make it stretch, especialy as I'm chronically ill and not working.

I have thought about buying a studio flat somewhere cheap to rent out, but put off by how it wouldn't be near where I live, (Brighton), to inspect it, buying a garage or 2 to rent, investing in stocks and shares or peer to peer lending.
At the moment, it's sitting in my bank account which is not ideal! I have a fairly high care bill so would have to keep some of it back .
Any advice appreciated.

MallyGirl

I wouldn't have thought that being chronically ill (for which I am sorry) would make you a good fit as a landlord. Things always need sorting and if you can't sort you will need to pay someone else so that would eat into profits.
S&S and P2P both have risk of loss of capital - with risk comes more chance of reward though.
Renting garages/pods/parking spaces often seems associated with scams and it can be very hard to get your money out if you need it.
Savings is safest but you would have to put a bit of effort in get interest that beats inflation.
Maybe a mix of S&S and P2P and savings

Thrugelmir

How does the inheritance impact your benefits?

faerielight

I’m not on ESA, only DLA as it’s not means tested

kidmugsy

How old are you? Is your health condition likely to shorten your life?

kidmugsy

Would this be a useful home for part of the £110,000?

https://www.barclays.co.uk/savings/bonds/3-year-flexible-income-bond/

faerielight

thanks for all the replies.. mallygirl, I didn't know that garages were renound for scams. Kidmugsy, my conditions will most likely shorten my life, but you never know! thanks for that link, I'll have a butchers.

kidmugsy

faerielight wrote: »

my conditions will most likely shorten my life.

Then, depending on your age, it could be worth considering buying an annuity with part of the money.