No pension ? inherited flat and shop but flat needs work.
Comments
-
I thought I could save into pension from the money from the shop.
Its the flat that needs work not really the shop.0 -
You seem to want to keep the shop even though almost everyone is suggesting it makes more sense to sell.0
-
so what stops you from selling the apartment and keeping the shop?The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Look at it another way. If you inherited £140,000 cash would you think "I know, I'll buy a shop hundreds of miles away with a run-down flat above"?
Or if you had no mortgage on your house would you take one out to buy that shop?0 -
@justme111 the thing is the flat and shop are not totally separated eg the water supply is one....the meter for the leccy is in the shop - which is the flats.
The leccy is separated...
The shop itself seems pretty low maintenance...if it was just a shop it would be a no brainer to hold onto it.
its giving myself and my husband an additional income of 600 a month.
but I have to pay cT on empty flat...flat needs work.
nothing is ever easy. My friend has her heart set on the flat but she doesnt understand the other issues. I wonder where I could put that money to yield 600 a month.
Idea to re train is certainly interesting...im 42 though!0 -
Nice English man - no not at all on the flat side but the shop
...Im scared if I sold it I would make the wrong move and be left with nothing in old age or even in a few years, Ie invest it badly0 -
...Im scared if I sold it I would make the wrong move and be left with nothing in old age or even in a few years, Ie invest it badly
But if you spread your capital over (i) paying down your mortgage, (ii) building your extension (or moving house), (iii) high interest current accounts and regular savers, and (iv) equity investments within pensions and S&S ISAs, wouldn't you feel that your money is much more diversified and therefore more secure than if it were all invested in one distant building?
In your shoes I'd pay particular heed to The Nice Englishman.Free the dunston one next time too.0 -
@justme111 the thing is the flat and shop are not totally separated eg the water supply is one....the meter for the leccy is in the shop - which is the flats.
The leccy is separated...
The shop itself seems pretty low maintenance...if it was just a shop it would be a no brainer to hold onto it.
!
right. so we getting somewhere - selling flat but not shop is not that simple. you may argue how good that idea is till we all blue in the face but if you can not/ do not want to arrange it what is the point of considering it? If we say " good idea , so do it" you respond " I do not feel I can.". If we say " do not do it, sell the lot " you respond " but thats the best return I can get on my money. "
Your options are : .
-accepting that you are out of your depth and will likely not get the best return
- organise everything without stressing as although you pay council tax the shops rent still gets you profit.
- continue stressing about it and likely lose money as decisions taken under stress are usually not that good financially since the emotional side takes the precedence over financial- survival instinct of human psychis.
If you ground yourself into the ground with feeling of inadequacy because you can not manage it you are likely to lose it because you will subconsciously sabotage the whole issue to try to protect your emotional health.
I understand a rental with a known good history and good return is tempting to keep but if you do not manage it than you do not, the alternative of lower return as described by kidmugsy in a post above is still pretty good and you being happy is more important than 2% difference in return. besides don't forget - we do not have a crystal ball , at the end the income the shop brings may turn out to be less than bank account.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
But if you spread your capital over (i) paying down your mortgage, (ii) building your extension (or moving house), (iii) high interest current accounts and regular savers, and (iv) equity investments within pensions and S&S ISAs, wouldn't you feel that your money is much more diversified and therefore more secure than if it were all invested in one distant building?
In your shoes I'd pay particular heed to The Nice Englishman.
YES Perhaps...however I am really struggling to understand how investments work, this is like chinese to me. We all have areas where we find understanding easier but I have a real mental block on the investment side of things. I am trying to learn because if i sell the flat I am hoping to start a sipp and put money into stock and shares ISA.
Non of this is anything I have had to consider before and I am worried about making mistakes. I totally agree with the self sabotage side of things.0 -
hey , it's not just you - most people struggle with it. Specially it being inheritance you don't want to lose and a big sum. You would have been a superwoman if it was not an issue for you now. Remember- you can pay your mortgage, extend the house and put the rest into bank accounts - no need to do investments at least in a hurry.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards