Getting on the property ladder

tuck60

Hi,

I am currently trying to figure out the best way of getting myself on the property ladder.

I have previously been renting but in the area I live the rental prices are going up and up and it just feels like throwing my money away.

I have around 10,000 savings and earn 29,000 a year. I don't like the idea of shared ownership as I know this prohibits me from letting out another room if there was one. Realistically, the help to buy scheme is my only option I guess but the monthly outgoings will be high.

Anyone else looking to do the same thing or has any general advice.

Thanks

dimbo61

Please check but I think you can have a Lodger in your own home Shared Ownership or not

https://www.sharetobuy.com/firststeps/information/faqs

CAN I TAKE IN A LODGER TO HELP WITH THE COSTS


You need to be able to afford the costs of buying and sustaining the home yourself.

You will have a financial assessment carried out by an Independent Financial Advisor (IFA) prior to buying your home - the IFA will verify that the costs of home ownership are affordable for you.

Most shared ownership leases do not prohibit the leaseholder from taking in a paying guest or lodger.

dimbo61

http://england.shelter.org.uk/get_advice/Buying_and_selling/home_ownership_schemes/shared_ownership_schemes




Lodgers in shared ownership homes
You are usually allowed to rent out a room to a lodger. Check if you need your scheme's permission.

Find out more from Gov.uk about renting out a room in your home.

You must carry out a right to rent immigration check on any lodger who moves in after 31st Jan 2016.

Find out more from Gov.uk about right to rent immigration checks

ACG

I bought my house as a project. It basically needed everything - rewire, gch installing, new doors, windows, kitchen,bathroom and decorating.

I think I bought the house for about 70% of the value had all of that work been done. It cost me a fraction of the difference to get it all done as I know plenty of people happy to do mates rates.