New to this but need some advice.
Have about 150k to invest from an inheritance.
I have cleared my loans and only remaining loan is mortgage which I share with husband.
379k owing in this with 29 years remaining. I am 49.
Marraige has not been good for last three years, husband in out of work due to depression. Im not sure if we will be ok or not. Hoping we will - who knows.
I have a good job.
My problem is that I have this cash and I only have one shot at doing the right thing with it, one chance.
Few scenarios:
I buy house and rent it out over 10 / 15 years, then sell it
I build onto our house and do rental / airbnb / rent a room scheme
I pay off some of our mortgage and reduce the monthly amount ( currently it is 1300pm).
My fears:
If I pay off say 100k off our mortgage - I will never see that money back again - unless I do some agreement where the house is sold in x years time and I receive my 100k back...is this even a possibility with house prices now?
What if we split up and I have invested 100k?
I buy a house, rent out, sell after 15 years, get hit by 33%CGT and end up with little gain.
At the moment there is a house right next door to us for sale and it would be easily purchased -
I really want to get this right.
But I need some positive advice please?
Thanks in advance.
Have about 150k to invest from an inheritance.
I have cleared my loans and only remaining loan is mortgage which I share with husband.
379k owing in this with 29 years remaining. I am 49.
Marraige has not been good for last three years, husband in out of work due to depression. Im not sure if we will be ok or not. Hoping we will - who knows.
I have a good job.
My problem is that I have this cash and I only have one shot at doing the right thing with it, one chance.
Few scenarios:
I buy house and rent it out over 10 / 15 years, then sell it
I build onto our house and do rental / airbnb / rent a room scheme
I pay off some of our mortgage and reduce the monthly amount ( currently it is 1300pm).
My fears:
If I pay off say 100k off our mortgage - I will never see that money back again - unless I do some agreement where the house is sold in x years time and I receive my 100k back...is this even a possibility with house prices now?
What if we split up and I have invested 100k?
I buy a house, rent out, sell after 15 years, get hit by 33%CGT and end up with little gain.
At the moment there is a house right next door to us for sale and it would be easily purchased -
I really want to get this right.
But I need some positive advice please?
Thanks in advance.