Renting/selling advice.

bargainhunter121

My father recently passed away. The family home was owned by him, my mother and brother. Now that he's passed my mum and brother are not sure what to do with the property. It would approximately e worth £130k if renovated. At the moment its not in great condition (would need new kitchen, bathroom, heating and one new window. At a minimum). My mum isn't keen to get the work done (as we know no one to do it really). We'll obviously take a cut in price if were selling as is. 

Ive suggested renting as its usually around £800 p/m (its a 3 bed semi with garage) but of course that means doing the work and she says shes of an age where she wouldnt get the benefit of renting. My father also left a sizeable amount of cash in the house too (as he didnt trust banks🫣. )

Bottom line we don't know what to do for the best with the house or the money. All we know is none of us want to live in it. What the best way to use the cash to make the most of it? Another property buy or savings accounts? Stocks and shares? We dont know much about these though. 

elsien

My suggestion would be to sell as it is and move on. Being a landlord is about to get more difficult and if your mum isn’t in enthused about doing the work, she’s probably not going to be enthused about being a landlord either.
Sometimes the additional hassle for a little bit of extra money just isn’t worth it.

Having said all that,  who does the house actually belong to now because you keep talking about “we”?

Dustyevsky

It's not worth your while renovating the property if you don't want it yourselves. A lick of paint and maybe a couple of new carpets if it really needs it, and then onto the market in spring at a realistic price. 

It's essential to know what similar properties sold for in that area, so a study of Rightmove sold prices is key to knowing whether EAs are realistic or fishing for your business when valuing.

As to your own situation, we'd need to know much more about your circumstances before commenting. It might be worth finding an independent financial advisor.

bargainhunter121

@elsien house doesnt belong to me, just my mum and brother. Im just trying to get advice for them. My mum is a pensioner in her 80s. 

I'm in my 30s with a husband 2 kids and my own home (with mortgage obviously).  If selling, the heating system would  be the biggest concern tbh. It doesn't really work , would need renewed. 

saajan_12

bargainhunter121 said:

My father recently passed away. The family home was owned by him, my mother and brother. Now that he's passed my mum and brother are not sure what to do with the property. It would approximately e worth £130k if renovated. At the moment its not in great condition (would need new kitchen, bathroom, heating and one new window. At a minimum). My mum isn't keen to get the work done (as we know no one to do it really). We'll obviously take a cut in price if were selling as is. 

Ive suggested renting as its usually around £800 p/m (its a 3 bed semi with garage) but of course that means doing the work and she says shes of an age where she wouldnt get the benefit of renting. My father also left a sizeable amount of cash in the house too (as he didnt trust banks🫣. )

Bottom line we don't know what to do for the best with the house or the money. All we know is none of us want to live in it. What the best way to use the cash to make the most of it? Another property buy or savings accounts? Stocks and shares? We dont know much about these though. 

Where would mum live if not in this house? 
Would the money be needed to purchase something for her? 

MEM62

Sell it for whatever you can and move on.  No point in messing around with it.  It would not be worth the emotional and financial investment.  

bargainhunter121

@saajan_12 she has her own house. 

Albermarle

saajan_12 said:

bargainhunter121 said:

My father recently passed away. The family home was owned by him, my mother and brother. Now that he's passed my mum and brother are not sure what to do with the property. It would approximately e worth £130k if renovated. At the moment its not in great condition (would need new kitchen, bathroom, heating and one new window. At a minimum). My mum isn't keen to get the work done (as we know no one to do it really). We'll obviously take a cut in price if were selling as is. 

Ive suggested renting as its usually around £800 p/m (its a 3 bed semi with garage) but of course that means doing the work and she says shes of an age where she wouldnt get the benefit of renting. My father also left a sizeable amount of cash in the house too (as he didnt trust banks🫣. )

Bottom line we don't know what to do for the best with the house or the money. All we know is none of us want to live in it. What the best way to use the cash to make the most of it? Another property buy or savings accounts? Stocks and shares? We dont know much about these though. 

Where would mum live if not in this house? 
Would the money be needed to purchase something for her? 

This.
If your Mum and brother are living in the house now, where would they go if it was sold or rented out.

Regarding the cash, whilst you are deciding what to do, at least put it in an easy access savings account, so it is earning some interest.
All regulated savings providers are covered by compensation up to £120K in case anything went wrong, which is highly unlikely anyway.

Savings | MoneySavingExpert

bargainhunter121

Albermarle said:

saajan_12 said:

bargainhunter121 said:

My father recently passed away. The family home was owned by him, my mother and brother. Now that he's passed my mum and brother are not sure what to do with the property. It would approximately e worth £130k if renovated. At the moment its not in great condition (would need new kitchen, bathroom, heating and one new window. At a minimum). My mum isn't keen to get the work done (as we know no one to do it really). We'll obviously take a cut in price if were selling as is. 

Ive suggested renting as its usually around £800 p/m (its a 3 bed semi with garage) but of course that means doing the work and she says shes of an age where she wouldnt get the benefit of renting. My father also left a sizeable amount of cash in the house too (as he didnt trust banks🫣. )

Bottom line we don't know what to do for the best with the house or the money. All we know is none of us want to live in it. What the best way to use the cash to make the most of it? Another property buy or savings accounts? Stocks and shares? We dont know much about these though. 

Where would mum live if not in this house? 
Would the money be needed to purchase something for her? 

This.
If your Mum and brother are living in the house now, where would they go if it was sold or rented out.

Regarding the cash, whilst you are deciding what to do, at least put it in an easy access savings account, so it is earning some interest.
All regulated savings providers are covered by compensation up to £120K in case anything went wrong, which is highly unlikely anyway.

Savings | MoneySavingExpert

No ones living in the house. My dad lived alone in the house for various reasons. My brother and mum were part owners too though. 

sheramber

Were your parents married?

Did your father leave a will?

The money in the house is part of your father’s estate and needs to be dealt with accordingly.

Your  mother and brother have a potential Capital Gains Tax  liability as they did not live on the house. 

. 

poseidon1

bargainhunter121 said:

Albermarle said:

saajan_12 said:

bargainhunter121 said:

My father recently passed away. The family home was owned by him, my mother and brother. Now that he's passed my mum and brother are not sure what to do with the property. It would approximately e worth £130k if renovated. At the moment its not in great condition (would need new kitchen, bathroom, heating and one new window. At a minimum). My mum isn't keen to get the work done (as we know no one to do it really). We'll obviously take a cut in price if were selling as is. 

Ive suggested renting as its usually around £800 p/m (its a 3 bed semi with garage) but of course that means doing the work and she says shes of an age where she wouldnt get the benefit of renting. My father also left a sizeable amount of cash in the house too (as he didnt trust banks🫣. )

Bottom line we don't know what to do for the best with the house or the money. All we know is none of us want to live in it. What the best way to use the cash to make the most of it? Another property buy or savings accounts? Stocks and shares? We dont know much about these though. 

Where would mum live if not in this house? 
Would the money be needed to purchase something for her? 

This.
If your Mum and brother are living in the house now, where would they go if it was sold or rented out.

Regarding the cash, whilst you are deciding what to do, at least put it in an easy access savings account, so it is earning some interest.
All regulated savings providers are covered by compensation up to £120K in case anything went wrong, which is highly unlikely anyway.

Savings | MoneySavingExpert

No ones living in the house. My dad lived alone in the house for various reasons. My brother and mum were part owners too though. 

I would suggest they strip out  all furnishing and effects from the property , and sell on an 'as is' condition (including the non working boiler).

There will be aspiring as well as professional  property ' flippers' interested in properties requiring modernising where they can see what they are getting ' warts and all'.

Of course make sure you conduct a thorough search to remove all the cash your father hid around the house.

Once sold, your mother and brother can explore conventional savings and investments in ISAs, premium bonds , instant access saving accounts etc and if your brother is still working, enhancing his private pension provision.


EDIT:
Interesting rightmove  article on the 'fixer upper' property market -

https://www.rightmove.co.uk/press-centre/fixer-uppers-are-most-in-demand-homes-with-29000-lower-price-tag/#:~:text=Table_title: Fixer uppers are most in-demand homes,,Storage space | Renters: Parking space |