Council House Buying

matucana

Hi. Could anyone advise whether it is generally better to buy a council house or go for something on the private market? This may seem an illogical question - we do have right to buy so would be entitled to a discount, but I was recently warned to be very wary about buying my council house. I am 42, so it is now or never, but have been reluctant to buy as it takes another property out of the social housing stock. I am only considering it now as it appears I may have inherited a modest amount of money........

outofmoney

As someone waiting for a council house, I'd say if you can afford it, go private. Try and remember how grateful you/your parents were to get the property. But, I know it must also be very tempting to go for your current property since it is most likely cheaper.

Give considerable thought to long term finances and whether you can continue the upkeep and maintenance required.

Poppy9

Are you asking from a financial point of view? Is the council house in an area where you would be able to resell easily should you need to?

You need to work out how much you can buy the house for and if you do have to sell how much you can realistically achieve.

i.e in some areas where I live you could buy your council at a discount and pay about £30k but you would struggle to sell it on again even at that figure as no one wants to live there! In other areas ex council houses are very sought after as they tend to be cheaper due to being ex LA but in a decent enough area for those looking to get onto the property market.

Morally is it right to buy your council house - only you can decide that. You may decide you've paid twenty years of rent and invested in your home so "deserve" the discount. Your choice.

I can tell you that over 20 years ago we encouraged in laws to buy their house and gave them half the money. They could never have afforded to buy without our help and they lived rent free for over 20 years, which when they were pensioners they appreciated. They had new outgoings though like maintenance and improvement i.e. new windows, doors, guttering, CH, kitchen and bathroom.