What would you do with it?

amother

OP ↓

Wed, Oct 16 2024, 8:41 am

Bh I inherited some money that will be used as a down payment, over $300k.
We’re young, married a short time, and we have some savings of our own but we are not making enough income yet to afford a mortgage, especially with the rates being so high. Realistically we probably won’t be able to buy before 3-5 years unless our income increases significantly.
Right now the money is in CD which will be up soon.
Would you renew the cd account and keep the money safe, or would you invest it in something relatively safe like an index fund? Or is it worth it to take from savings to see a financial advisor?

amother

Birch

Wed, Oct 16 2024, 9:00 am

We pushed ourselves to buy ASAP because even if in 2 years our income will be higher, prices bderech hateva will be higher (especially with interest rates coming down) and we’ll be in the same position even with a higher income.

Molly Weasley

Wed, Oct 16 2024, 9:08 am

I would use the money as a down payment, but not to buy a larger house than I could otherwise afford.

The real question is whether you’re truly ready to buy a house. As newlyweds, did you already hunt for a community where you'd like to settle down?
If you feel certain about your living situation, to go for it!

amother

↑ OP

Wed, Oct 16 2024, 9:41 am

we did decide where we want to live- tristate area
Have one small baby so expenses are low… I know its great to just go for it but there’s no way we can afford a 6k mortgage
We anyway have to e lease on our apartment for another year so we have to wait until then. Maybe we can look for ways to increase our income so it’ll be doable

rose613 ↓

Wed, Oct 16 2024, 9:56 am

Are you able to purchase a home that has a basement unit that you could rent out to cover mortgage. Def don’t buy something you can’t afford the mortgage on.

↑ rose613

Wed, Oct 16 2024, 9:57 am

I also wouldn’t use the entire amount on a down payment. I would leave some leftover and invest.

amother

Topaz

Wed, Oct 16 2024, 10:01 am

I would buy a house and rent it out until I am ready to move. That should cover the mortgage.

amother

Mustard

Wed, Oct 16 2024, 10:05 am

amother Topaz wrote:

I would buy a house and rent it out until I am ready to move. That should cover the mortgage.

Was just going to say that

And obviously speak with people it’s better to invest the money and use the 20% down payment on the house.

A financial advisor but a find a very good one who can help during bad financial times too…

Merril lynch is the company we’ve used.

Hopefully you have people who can help you out don’t spend more than the 20% on a house…

Your money grows best through investing but be careful and with a good competent advisor.

Hatzlacha!