If I keep the house........

Selinacroft

Registered User
Oct 10, 2015
936
0
I wasn't sure which thread to post this under but as it is related mostly to sorting out the after effects of careing , I felt I should put it here although it is not grief related .
I'm still trying to figure out best way forward from having half a house. If I potentialy sell the garden there could be another £50,000 so put with a small inheritance I may have about £60 K to use as investment. The banks are useless and as I'm 50ish , it would be better to invest in something that gives an income rather than using up the capital as I can still work along side it.
I was wondering anyone had any safe suggestions, a small holiday let or student let? or shared with someone else if not enough. Has anyone done anything similar?
Suggestions welcome - perhaps a long term investment but also something saleable if I decide to sell my half of house and sink it all into somewhere new. I am really looking for some good ideas.
 

Kevinl

Registered User
Aug 24, 2013
6,064
0
Salford
I'm not sure I understand why you only own half a house, but why ever that is probably the best investment would be to keep the garden. Long term increases in the value will probably outstrip any return you'd get buying a second property. Sixty K wouldn't buy much, first off 3% stamp duty will erode some capital, the costs of setting up a buy to let or holiday home to comply with all the rules and regulations could be very expensive and unless you want to manage it yourself somewhere around 10-15% could go in management fees.
Letting property isn't for the feint hearted, bad tenants, making a simple mistake like not telling the tenants, in writing which landlords deposit scheme you've joined and paid their deposit into can get you a fine along with a hundred other things like not documenting the tenant's right to rent and be in the UK even if they're British or even a friend or relative you still have to document where you've checked their immigration status.
Keeping thee garden is the cheapest option and will as I say probably get you the biggest return. What happens if you sell the garden, someone builds on it and you get the neighbours from hell living there? All things to consider.
K
 

Selinacroft

Registered User
Oct 10, 2015
936
0
Thanks for your thoughts Kevini- that does sound a minefield indeed, thanks for the heads up on things to think about.
I used to care for dad who I lived with but no will was made so house was split intestate with none resident sibling.
Garden is huge and expensive to manage hense me considering the sale of it.
If I stay, I need more of an income to maintain the place and therefor looking for investment ideas.
I will have some control over the development of the back garden and would be thinking of moving on possibly in a few years anyway but need to make a bit more first from lodgers/garden as half a house not enough to buy and exist anywhere.
Doing some juggling in my head trying to work out best way forward. Development potential not a dead cert in the future due to other people involved in a any deals.