shared ownership... good deal?

Graham_Devon

wotsthat wrote: »

What I'm trying to work out is whether, on balance, you would've taken a shared equity scheme if the only alternative had been renting..

Ahh right.

Well to be honest, it's a decision I have actively been mulling over.

My answer, overall, is no. The shared equity scheme, IMO has too many potential traps. The main traps being the loan which starts attracting interest, having to pay off that loan before selling (without HPI it will make it a lot harder) and the new build premium just compounding those issues.

Plus the fact that the ones I was looking at were massively overpriced in reality for what you got. I think I described them on here before now? Basically 180k for a shoebox, with parking for one car and no parking allowed on the road as the roads were too narrow. I also mentioned the proximity of the buildings. I assume the roads are narrow with passing places simply so that more builds can be put on the plot.

So if, as many families do, you have 2 cars, or a visitor, there is no where to park. It's a bit like apartment block parking, but in a housing estate. Just seems to be a race to the bottom.

Overall, you didnt seem to get much for your money. Especially when you considered it was 180k. If the site I was looking at had been different with a bit more space and a lower price, then I may have tried to go for it. (was a better location and would save me some money over the long run).