Right to buy help! Living with parents!

Sam1471

With the right to buy I could pay off a mortgage In under 10 years. I worked out if I lived on minimum spending I could actually pay it all off in 3-4 years.

fairy_lights

Sam1471 wrote: »

With the right to buy I could pay off a mortgage In under 10 years. I worked out if I lived on minimum spending I could actually pay it all off in 3-4 years.

Yes but what good what that do you? All of your money would still be tied up in the house, unless you decided to turf your parents out and sell. You would be able to live their rent and mortgage free, but do you really still want to be living with your parents when you're 36?

Sam1471

It would make no difference to them as i pay the rent now so if housing benefit payed it it wouldnt make them better off.

Harryp_24

how much would you actually be buying it for?

xylophone

You are 26 and say that you plan to continue to live in the house.

Let's suppose you marry and have a family. Would the house still be big enough?

Would your wife be happy about sharing the property?

If she weren't and you needed to move out, would you be in a position to buy another property (and don't forget the extra stamp duty) and maintain the house in which your parents would be living?

Sam1471

With the right to buy it would only cost around £30,000 - £40,000 depensant on the valuation. Paying this off would then leave me rent free. And if i decided to pay it off in a short period of time I could then move out if thats what I decided and have the property left to me in the future. (I wouldnt charge any rent to my parents either incase anyone was wondering)

mrginge

We have to be nice to new posters and I don't really want banning, so I need to be a bit careful...

Lets just say that if I was a low income council tenant, who was foregoing my benefits due to the continued occupation of my adult employed child, I would be encouraging them to make their own way in life rather than further eroding the last bit of financial security that I had left.

Good luck in your quest to find a new place to live.

Sam1471

Also there would be the option of a long term mortgage which would only cost me £100-£160 per month meaning I could still move out. To put this in perspective I spend £80 per month on petrol and £130 in tax and insurance so the house would be cheaper than my car

fairy_lights

Don't forget to factor in the cost of repairs

saajan_12

Sam1471 wrote: »

It would make no difference to them as i pay the rent now so if housing benefit payed it it wouldnt make them better off.

Option A: Don't buy house.
You pay rent for where you live as for everyone. If you move on with your life and move out, benefits will pay your parents' rent and they have a secure tenancy with repairs etc taken care of, while you pay rent/mortgage elsewhere.

Option B: Buy house.
You are responsible for mortgage + repairs. If you can't afford thsi due to significant damage to the house / loss of job / health issues, the home can be at risk and used to pay costs. They no longer have a secure, maintained home for life. If you ever chose to move out, you have to pay mortgage + rent elsewhere.