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Money/Economics/Savings query
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Old 09-03-2012, 14:29   #1
techguyone
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Money/Economics/Savings query

I'm probably going to come into a reasonable sized inheritance in the next 12- 18 mths

I'm looking at alternative forms of 'banking' or investment to put some of this to good use, whilst I haven't given it substantial thought yet, one idea that crossed my mind was perhaps buying outright a property, probably a decent flat in a managed high rise complex (not a **** one) that's local, where they go for around 50-70k

then perhaps renting it out through an Estate agent/letting agency.

First impression thinking, that it's property owned so that you're holding something of value, and it's working for me by providing xx/month income.

Good idea/Bad idea?

Any really bad pitfalls?

Alternatively, what else is worth looking into besides high interest bank accounts
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Old 09-03-2012, 14:58   #2
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Re: Money/Economics/Savings query

Property is the way to go if you dont need access to the capital. Its relatively well protected plus you get a regular income.

Your not going to get much for 50-70k though. If i were you i'd look to buying a house that you rent out. Yes you may need a mortgage to buy the house but you could look to buy a house with a good depost and then let the rental income pay the mortgage. Obviously you wouldnt be getting an income to spend but you would end up in a number of years time owning a property with a value far in excess of your inheritance.

Couple of things to be aware of. Check on what you need to do in order to avoid capital gains tax on the property if you were to sell it. It used to be the case that you had to live in it for a period of time. Also if your going to use the rental income to fund the mortgage, budget on the basis that the house is empty for 3 months a year. That way if it is empty you can still pay the mortgage with you excess income and if its not empty you'll build up a nice fund for any rerpairs.
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