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Inherited a house what should I do with it?

Wam

By Wam
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Benicio del Toney Newbie

Benicio del Toney

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Yeah i dont live with my dad but we are close i have some half bros sisters as well (on my dads side). I know what your saying about fam trying to do this n dat. Thing is my heads all over the place right now so i aint even focusing on this house + the money too tuff right now but there already trying to talk me into selling the house n getting a joint mortgage with one of them, which would obviously benifit me in no way shape or form.
NAAAAHTell them to SECKLE!!
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Guest luckstar

Guest luckstar

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SMH DO NOT SELL THE HOUSEDO NOT LET ANY OTHA PERSON COME NEAR YOU AND TALK ABOUT YOUR .. I REPEAT YOUR ASSET...U CUD BE A MILLIONAIRE BY THE TIME YOU ARE 30 IF YOU ARE SENSIBLE AND CLEVERWHAT AREA IS THE HOUSE IN ?

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Guest Scorpzz

Guest Scorpzz

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Definitely don't sell it, rent itBut you also have to think of the responsiblity of being a landlord, which means refurbishing the house and making sure everything is in working order.Your set for life bro.

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Carpe_Deum Newbie

Carpe_Deum

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wherever the house is, unless its located 1 foot from the edge of an eroding cliff, the worst advice to receive is to sell it based on your inexperience. what about inheritance tax? at that price you are looking at between 25-40k, depending on anything else you declare. however you can get around this an pay alot less, but as goddaz said it depends on your other circumstances around it. and there are a range of options, like re-mortgaging which would get you a cheaper rate in order to get another property to rent. but your options are many, so you need good advice from those in the business of advising, or that have been into ppty devt not just talkign about it. only you know your family still..young money...used to be roots right? long as you're looking to invest in something, cos money no matter how much is gone by tomorrow in young hands, its in our DNA lol

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Benicio del Toney Newbie

Benicio del Toney

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Young money was Bully I think?lol, he gives me joke, badman.He should only invest in property, anything else is a gamble he doesnt need to worry about.Also alot of solicitors talk a whole load of sh*t and end up costing money unnecessarily, been there only too recently, my mum got further by acting on her own judgement with regards to my grandma's house.True about the inheritance tax but man like me would give that to the Estate Agent to rent while the house is for sale, then shot that 1 time prolly get 2 properties and live in the Uni dorms off the rent P's.Prolly buy a Porsche and come to the Uni baiding

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Carpe_Deum Newbie

Carpe_Deum

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Young money was Bully I think?lol, he gives me joke, badman.He should only invest in property, anything else is a gamble he doesnt need to worry about.Also alot of solicitors talk a whole load of sh*t and end up costing money unnecessarily, been there only too recently, my mum got further by acting on her own judgement with regards to my grandma's house.True about the inheritance tax but man like me would give that to the Estate Agent to rent while the house is for sale, then shot that 1 time prolly get 2 properties and live in the Uni dorms off the rent P's.Prolly buy a Porsche and come to the Uni baiding
he wouldnt or shoudlt be talkign to solicitors! unless theres legal issues with the house, but at the initial stage, its a financial decision, and there's people to talk to for free, even online. no point doing away with a mortgage free property to take on two mortgages when u could keep that one and still get two in addition within 2yrs or less. he has options, and i must say.. a weird faith in VIP2..cos boy..why the hell would i ask any of you lot!!!
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Benicio del Toney Newbie

Benicio del Toney

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Young money was Bully I think?lol, he gives me joke, badman.He should only invest in property, anything else is a gamble he doesnt need to worry about.Also alot of solicitors talk a whole load of sh*t and end up costing money unnecessarily, been there only too recently, my mum got further by acting on her own judgement with regards to my grandma's house.True about the inheritance tax but man like me would give that to the Estate Agent to rent while the house is for sale, then shot that 1 time prolly get 2 properties and live in the Uni dorms off the rent P's.Prolly buy a Porsche and come to the Uni baiding
he wouldnt or shoudlt be talkign to solicitors! unless theres legal issues with the house, but at the initial stage, its a financial decision, and there's people to talk to for free, even online. no point doing away with a mortgage free property to take on two mortgages when u could keep that one and still get two in addition within 2yrs or less. he has options, and i must say.. a weird faith in VIP2..cos boy..why the hell would i ask any of you lot!!!
The solicitor bit was for Omans post still.And nah I dont mean he should get two mortgages, I mean he should buy 2 new properties outright with the 380K, can be done, and rent them both out, can be picking up a good £1600 in rent of the 2 properties a month.
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Goddaz Newbie

Goddaz

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Young money was Bully I think?lol, he gives me joke, badman.He should only invest in property, anything else is a gamble he doesnt need to worry about.Also alot of solicitors talk a whole load of sh*t and end up costing money unnecessarily, been there only too recently, my mum got further by acting on her own judgement with regards to my grandma's house.True about the inheritance tax but man like me would give that to the Estate Agent to rent while the house is for sale, then shot that 1 time prolly get 2 properties and live in the Uni dorms off the rent P's.Prolly buy a Porsche and come to the Uni baiding
he wouldnt or shoudlt be talkign to solicitors! unless theres legal issues with the house, but at the initial stage, its a financial decision, and there's people to talk to for free, even online. no point doing away with a mortgage free property to take on two mortgages when u could keep that one and still get two in addition within 2yrs or less. he has options, and i must say.. a weird faith in VIP2..cos boy..why the hell would i ask any of you lot!!!
The solicitor bit was for Omans post still.And nah I dont mean he should get two mortgages, I mean he should buy 2 new properties outright with the 380K, can be done, and rent them both out, can be picking up a good £1600 in rent of the 2 properties a month.
1. Toney I beg you stop talking sh*t unless you know the full details of his situation.2. Property investing is ranked 2nd to stocks & shares which isn't a gamble many smart investors would back me on that. You stand to loose alot more than money if a property transaction goes wrong.When it comes to property its all about the numbers DECISIONS should never be made with the 'I think this or that will happen' I should do this. My man is only 18 & therefore doesn't fully understand the consequences of doing certain things which isn't his fault as his young. I noticed he addressed you 'the t-shirt guy' therefore his likely to listen more to your advise than most ppl in vip2 & the advice your giving will DEFO land him in HOT WATER.lmao about get 2 mortgages then telling my man to rent it out. I don't think ppl know the realities of buy-to-let schemes, it's a full-time job even if you have a good property management company handling it. Things will pop up & no fence, at his age chances he'll be buffed.
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marlon Newbie

marlon

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Young money was Bully I think?lol, he gives me joke, badman.He should only invest in property, anything else is a gamble he doesnt need to worry about.Also alot of solicitors talk a whole load of sh*t and end up costing money unnecessarily, been there only too recently, my mum got further by acting on her own judgement with regards to my grandma's house.True about the inheritance tax but man like me would give that to the Estate Agent to rent while the house is for sale, then shot that 1 time prolly get 2 properties and live in the Uni dorms off the rent P's.Prolly buy a Porsche and come to the Uni baiding
If you are thinking of renting, don't give it to an Estate Agent.When I rented one of my flats, I drafted up my own tenancy agreement with my Solicitor - The Estate Agent or Letting Agent you go through will charge extortionate percentage proportions of the rent from the tenants they procure for you.If ultimately you decide to rent it, its just some advice.Also, what is your ownership of the property? Do you own the freehold, or leasehold? This is a vital. Is it a detached, semi, or terraced. Any land?Before you even think of moving, get advice. Find the boundary lines, exactly what you own and what you dont, and move accordingly.And for gods sake ignore Treacle. Apologies for your loss, but sitting around will do nothing for your esteem or finances. Money doesnt wait for any man. You will kick yourself, trust me.
I don't think ppl know the realities of buy-to-let schemes, it's a full-time job even if you have a good property management company handling it. Things will pop up & no fence, at his age chances he'll be buffed.
It becomes an issue when you neglect it. If you dont educate and inform yourself and trust your assets and investments with other people, you will f*ck up.You didnt choose the best place for advice. With the exception of Goddaz, myself, and maybe some others, the majority of people haven't been in, and learnt from these situations, and subsequently will not offer you informed advice. If you need some pointers in which directions to go in terms of Solicitors, then PM me, the one I use has never failed me.
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DINKY Newbie

DINKY

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Yeah i dont live with my dad but we are close i have some half bros sisters as well (on my dads side). I know what your saying about fam trying to do this n dat. Thing is my heads all over the place right now so i aint even focusing on this house + the money too tuff right now but there already trying to talk me into selling the house n getting a joint mortgage with one of them, which would obviously benifit me in no way shape or form.
NAAAAHTell them to SECKLE!!
some snake antics dont listen to that sh*t some people have no honour f*cking leeches
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O.Man Newbie

O.Man

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Yeah i dont live with my dad but we are close i have some half bros sisters as well (on my dads side). I know what your saying about fam trying to do this n dat. Thing is my heads all over the place right now so i aint even focusing on this house + the money too tuff right now but there already trying to talk me into selling the house n getting a joint mortgage with one of them, which would obviously benifit me in no way shape or form.
NAAAAHTell them to SECKLE!!
some snake antics dont listen to that sh*t some people have no honour f*cking leeches
@toney surely the soliciter can provide legal insurance and knows the loopholes if any of the snakes try catchin wam outi can't believe that, wen i posted about snakes i was just tryin to point out to keep eyes open, f*ckin the fam has started to make moves alreadyWamthe less people you tell about this the better unless you want to see everyones ugly side, Sorry to hear about your Mother man i can't imagine how overwhelming this must be, but don't get caught off guard man and don't trust anybody but yourself
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