Basically as the title suggests, I’m due to inherit around £30,000 (could be as high as £40k but I’ll use £30k as a realistic figure for now) and want to invest it in a way that will protect that money and help it grow.
My current situation is as follows:
Graduated 2 years, working full time on a salary of £24k. I rent an apartment with my boyfriend which is £545 a month - totalling around £750 a month after bills and council tax. I own my car outright and pay for insurance on a yearly basis. I have no overdraft and my only debt is my student loan which totals around £37,000 which I have been paying a small amount towards every month. I currently have personal savings of around £7,000. Boyfriend is a full time student dependent upon student loans and grants at the moment.
My current opinion is that I don’t see the point of paying my student debt off in one go and would prefer to pay it off gradually over time.
My dream would be to put some of this money down on a deposit for a smallish house and live in it whilst refurbishing the property in the hopes of selling it on for more than I purchased it and moving up the property ladder.
I currently live in the midlands in the UK where house prices can be low depending on where you decide to live, and I feel as though house prices are set to increase with the eventual introduction of HS2.
With this information in mind I want to pose the following questions:
Is property the best route for investing this money?
Is purchasing a property within the £120-£180k range with a deposit of £25-£30k a viable scenario?
Any other advice or experiences/anecdotes are welcome.
Submitted August 20, 2018 at 04:47AM by nana_rose https://ift.tt/2vUAW46
