first time buyer, shared ownership on 1970's house. advice would be great

Southend1

It's not better if you own 25% but have to pay 100% of the cost of refurbishing, as you will be losing 75% of everything you spend. Ok you will benefit from it while living there but it would be easier to rent. Also what happens when the HA decides to jack up the rent year after year? Steer clear is my advice!

carnut1234

well offer was accepted. i will be looking into the amount of years the lease has left and will report back later. again i need to find out but i believe that if i can prove that the work i have carried out has increased the value of the property then the profit is mine if i sell or when i want to arrange to buy the whole property.

RicRichRichie

I'm considering applying for a shared ownership resale property myself so have done a bit of research.

The thing that worries me with your prospective purchase is that when you wish to staircase in the future I believe you will have to pay for a valuation of the property. This will obviously be higher if you have renovated it and thus both your 25% share and the HA 75% share will have increased. So you'll be paying for the renovations twice!

carnut1234

I spoke to the housing association and if I renovate he house and then wish to sell my 25% the. Yes I will get 25% of its current value. If I want to staircase which is what I want to do and buy the remaining 75% then they will value the house minus the renovations I have done so my investment is safe.

RicRichRichie

That's reassuring to hear. Good luck.