Buy or stay secured tenant??

Sam_16

getmore4less wrote: »

Those sort of issues should be addressed by th HA not the person renting the place.

If I don't buy i don't plan on moving. The HA isn't the best quality and previous tenants didn't exactly look after it too well. I'd rather replace the things myself with a higher quality and treat it as my home rather than a "house". I've already made renovations at my own expense in the 4 years.

dimbo61

You are young enough to buy a new build which will be cheaper to run.
A rated boiler, better insulation, double glazing, better security etc.
You can work at overpaying the 50% you buy for a couple of years and build up a good emergency fund.
When the time is right apply to buy the other 50% and use your savings/overpayments to get the right LTV 80/75%
Check carefully the room sizes and try and see the showhomes or get detailed plans and draw up scale plans of each room.
Can you fit a single/double bed and open the doors+wardrobes.
Storage space and outside space.
Look at the whole development and location for schools, transport links, shops etc

getmore4less

Overall I think it is worth keeping the buy option on the cards for further consideration.

You will be creating £100+ equity per month for not much more than current outlay.

If you can still save a bit to rebuild emergency fund then that is covered.

The bigger issue is the shared ownership this will require cash injection or increased income to be able to buy it out.

Agree with above check the place carefully, remember al lot of poor builds made the NI crash far worse than many regions.

Sam_16

Thank you all for your replies. Guess I was getting cold feet as it's such a big commitment but I do think it's the right step forward.

Thanks again!