Should I keep an inherited house or sell it?

I'm in a dilemma with regards selling or gettinga mortage. I inherited a house probably worth €170k. I don't plan on living in this property but it had a lot of sentimental value. I have recently seen a property for €80k that I would like to buy but it also needs work. I have a personal loan of around €30k with repayments of €550 per month. If I took out a mortaghe I would be unable to cover this and my loan per month. I just want to know what options are out there to raise the finances or is selling the best option?

How much work does the 80k house require?

about 20k max

Personally I'd sell the house and use funds to buy/upgrade the €80k house, save the remainder and be happy that you'll be mortgage free.

I'd also pay off some of the personal loan.

This option will give you financial peace of mind.

I would say if you don't plan on living in the house at any stage now or in the future I would sell it and use the money to your benefit.
You could buy your desired house do the work on it clear your personal loan and be left with circa 40K depending on any overruns on the work needing to the house you want.
Put some special in the house you buy or perhaps you could reuse some thing from the house you inherited like a fireplace for example and hold on to the sentimentality.
You could also use the remainder of the money to do more than you might intend on the house you buy to make it very special and homely. That along with the fact you would be mortgage free should give you a great feeling about the inheritance.

PaddyBloggit said:

Personally I'd sell the house and use funds to buy/upgrade the €80k house, save the remainder and be happy that you'll be mortgage free.

I'd also pay off some of the personal loan.

This option will give you financial peace of mind.

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Totally agree with this advice. I understand the sentimentality but try to think practically, being mortgage free would be a better option I imagine.

Thanks for the advise