Would you take the leap in my situation?

SMeister1997

@RelievedSheff Thanks for the comment. With the inheritance money i have i would more than likely end up spending it on a bigger house anyway so its not a case of how its more when would i use it, its just come a bit earlier than expected but like you said i'm still young so i have plenty of time to save for retirement, I have a workplace and private pension.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82084434#Comment_82084434

In case you are not aware the small downside to saving into pensions, is that by the time you get there, you will not be able to withdraw from them until maybe age 59/60. This would still be early retirement for most people, but if you were thinking of earlier, then maybe keep topping up your S&S ISA as well as adding to pensions.

 Our total income is around £65k, i'm a Director of a company and my partner is a sales manager. 

It is a reasonable household income, and hopefully at your ages this can keep increasing. However as mentioned by another poster, could you manage on one income ( plus child benefit etc ) at some point ?

Herzlos

https://forums.moneysavingexpert.com/discussion/comment/82084427#Comment_82084427

It sounds like it's worth the risk then. It's all good and well to suggest waiting to upsize later but if the house you want isn't going to be available then it's meaningless.

We did similar, upgraded before we were quite ready to, but there hasn't been a comparable house on the market in the 3 years since so if we waited we'd have had to compromise.

mvk0016

Stay in the place you're in, buy a new flat/house with the money you've inherited, rent it out and you get an income for life. Later on, if e.g. you have a family, sell your current house and the rental and buy a bigger one. You will still be lef with some money on the side for sure.

FreeBear

https://forums.moneysavingexpert.com/discussion/comment/82094418#Comment_82094418

Do the sums - Many landlords are now selling up because renting out properties is no longer financially viable. You also need to factor in dead periods when the property is vacant and also budget for the bad tenant that trashes the place on leaving.

It is well worth sitting down with an independent financial advisor and discussing various investment opportunities. Quite likely he/she would advise against becoming a landlord and instead recommend spreading the pot over a range of other investments.

SMeister1997

@mvk0016 Thanks for your comment. I did think of doing this but being a Landlord is becoming much harder these days. I think the idea would make sense if we wanted to remain in this house for another 5-10 years but we feel now we're ready to upsize, our house is only around 700 square feet.