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Shared ownership vs Whole ownership
TBSC5000
Posts: 11 Forumite
Good Morning!
I am in a similar position to alot of people on the forum (looking to get my first property in my local area) and would appreciate some advice.
I have savings of £29,000, which would need to include any legal fees of buying. Properties in my area are roughly £180,000 - £200,000 for a decent value 1 bedroom flat, meaning my deposit would be around 25,000/190,000 *100 = 13%
Buying 100% of a property would be more expensive per month, but I am thinking that taking that option would allow be to (potentially) benefit from the value of my property increasing. On the other hand, shared ownership would be alot cheaper in the short term, but i've heard it can be difficult once you are in the scheme (repairs/upgrades/sales) etc.
Thanks!
Tom.
I am in a similar position to alot of people on the forum (looking to get my first property in my local area) and would appreciate some advice.
I have savings of £29,000, which would need to include any legal fees of buying. Properties in my area are roughly £180,000 - £200,000 for a decent value 1 bedroom flat, meaning my deposit would be around 25,000/190,000 *100 = 13%
Buying 100% of a property would be more expensive per month, but I am thinking that taking that option would allow be to (potentially) benefit from the value of my property increasing. On the other hand, shared ownership would be alot cheaper in the short term, but i've heard it can be difficult once you are in the scheme (repairs/upgrades/sales) etc.
Thanks!
Tom.
0
Comments
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I wouldn't bother with shared ownership unless you have to (and it sounds like you don't have to). You get all the bad bits of renting (you need landlords permission for everything) and all the bad bits of owning (you have to pay for all the repairs). Trying to sell shared ownership can take a long time too, you have to let them try and sell it first and only after three months can you sell it yourself. Plus all the valuation fees etc when you want to buy another share.
I'd definitely buy outright if you can.Changing the world, one sarcastic comment at a time.0
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