Need advice from anyone who has received inheritance $, or has added onto their home - Page 2

[EFmom]

I would fix the roof, the wall/plumbing and the windows. Honestly, I think you'll have gone through most of the $10K by that point. I've been investigating new roofs as I need one, and it's expensive. Building materials have gone up a great deal. These repairs are going to need to be done one way or the other, so rather than go into debt to do them, I'd use this found money for that. Your house is your greatest material asset, so it makes sense to take care of it.

The absolute last thing I would do is to spend the money on a van. I've got two kids and they are ferried around in a 93 (also no power anything) Toyota Corolla quite nicely.

[lenore80]

And then I also did a search for used vans online last night, and I ended up falling in love with the 1998 Mazda MPV with 82,023 miles listed at this dealership: http://www.bellevuehonda.com/en_US/

Go check out Kelly Blue Book. www.kbb.com This will give you a range of prices of what the car is worth.

I would offer them the "private seller" price, and then negotiate up to the "dealer price". Do not pay sticker price!!

Also check out the local magazines/newspapers. We have a local wheeler dealer zine that lists used vehicle from private sellers. You can find these at laundromats, mom&pop restaurants near the doors, etc.

Of course, this is just advice for the future since the wife doesn't want you spending.

[Sierra]

Okay. I'm going to start by getting some quotes on the work we need done on our house.

~Sierra

[GearGirl]

I differ a little from the popular opinion here. I would do the work to your house, and spend the rest on the van. Yes, it is true that the van is NOT a money making option for you, but as is you have no debt, and it sounds like you need a reliable vehicle for your growing family. You are in a position where you can take this gift and gain piece of mind, and then when the next one comes you can start your savings. I think you have been careful with your money and will continue to do so, and you can slowly build your savings. If you can I would stay in your current house. Between real estate fees, closing costs, etc. it doesn't sound like you have the seed money to be dealing with this right now, and you may get in over your head. Yes, bigger risks can come with bigger profits, but you seem pretty conservative with your money, and this might just be too much right now.

Also, are you in an area where you can live without the garage and is it attached? Would it be possible to turn the garage into liveable space? A bedroom?