Asset rich, cash poor…

Jujujellybabyjumbo

Albermarle said:

daveyjp said:

Getting to know exactly what work is required is key.  How old is the property?  A 1960s property not touched for 50 years could be a very different proposition to an 1870s property in terms of potential problems over and above what you want doing.  You may also want to consider if the layout is still suitable.

I'd certainly be adding a rewire to your immediate needs list, plus soffits, facia boards, guttering, it may need plastering to some areas, especially after a rewire and decorating throughout to finish.  You then need carpets and other floor coverings, light fittings, alarm etc.   Also don't forget outside.  Garden, driveways, walls, fences etc.  However with a property to sell you should have equity to borrow against, so funding it shouldn't be a problem.

Selling both and finding a ready to live in property may be worth considering if the thought of the above project is overwhelming and the desire to live in the childhood home isn't overwhelming.

To add to the above comments.
You are 58, so I will assume your partner is a similar age and therefore if you do move to this new home, you will probably grow old there ( gracefully of course) .
In that case the location and accessibility should be taken into account.
Although everybody is different, most older people are better off in area where this is easy access to facilities. Shops; GP surgery ; pubs/restaurants/cafes etc or where they are at least no more than a short drive away, or there are good public transport links.

A lot of steps up to the house/steep driveway/ hilly terrain are also undesirable.

On the other side getting a fully updated house will mean you will not have to get involved in much major building work as you get older. Make sure the garden is reasonably low maintenance, if you do go ahead .

Thanks Albermarle! I’ve worked with older people all my career and the house would be a much better option. Really good points. Another 10 years and we won’t get up the stairs in our teeny terrace! 

Yorkie1

Brenster said:

Why not sell your house, with an agreement to rent following sale for 6 months, and use the sale funds to make the inerited house what you want it to be.

If you mean sell your house, and rent it back from the buyer for 6 months, I think that's not lawful these days (or at the very least there are problematic aspects to it). Hopefully others will confirm one way or the other.

Mrs_Z

Hi, have you thought about re-mortgaging your current home and use the released money to fund the building work?
You say that your current house is paid for and that you are still at work, so I assume you have a decent amount of equity in your home and you should be able to get a mortgage as you have a salary coming in.
 
That would also allow you to stay in your current home until the works in the inherited home have been finished.