Buy, sell, stay put??

SimonDixon

I'm looking for some financial advice relating to my current situation. I own a shared ownership property (50% share) and I'm about to finish paying off my mortgage. I don't know whether I should:

1. Sell my share and buy a property outright (I could afford to do this).
2. Buy more shares in the current property (I can staircase up to 80% based on the conditions in my lease)
3. Stay where I am and save the money I will no longer be using to pay off the mortgage with the intention of buying somewhere outright at some point in the future. (I can afford to save a maximum of £1000 a month).

With the property market as it is, I'm unsure what would benefit me most financially.

Thanks for any advice.

Simon

Dan-Dan

SimonDixon wrote: »

I'm looking for some financial advice relating to my current situation. I own a shared ownership property (50% share) and I'm about to finish paying off my mortgage. I don't know whether I should:

1. Sell my share and buy a property outright (I could afford to do this).
2. Buy more shares in the current property (I can staircase up to 80% based on the conditions in my lease)
3. Stay where I am and save the money I will no longer be using to pay off the mortgage with the intention of buying somewhere outright at some point in the future. (I can afford to save a maximum of £1000 a month).

With the property market as it is, I'm unsure what would benefit me most financially.

Thanks for any advice.

Simon

Are 1 and 3 not the same option?

If you’re in a `hot` area , it might be worth sitting tight , adding 1k a month to your pot whilst you wait for things to cool...otherwise if in an area of normality , i personally would look to buy my own place , outright

SimonDixon

Dan-Dan wrote: »

Are 1 and 3 not the same option?

If you’re in a `hot` area , it might be worth sitting tight , adding 1k a month to your pot whilst you wait for things to cool...otherwise if in an area of normality , i personally would look to buy my own place , outright

I think of options 1 and 3 as slightly different as 1 is buy now, whereas 3 is save the money and buy maybe a number of years in the future.

My house is in Hampshire which I believe qualifies it as in a 'hot' spot.

Pixie5740

With the stress of moving and the buying & selling process in England I'd be inclined to go for option 2 because I'm lazy. Do you need more/less living space? Do you get on ok with your neighbours?

SimonDixon

Pixie5740 wrote: »

With the stress of moving and the buying & selling process in England I'd be inclined to go for option 2 because I'm lazy. Do you need more/less living space? Do you get on ok with your neighbours?

I get on well with my neighbours and don't really need more space at the moment. I realise that option 2 is easier as I don't have the hassle of moving etc.

CH27

If you're happy with the house & neighbours i'd go for option 2.