PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Plan moving forward...

Options
Hi, looking for opinions/advice/experience. I'm hoping this is the right board as I struggled with where to put it but my (shared ownership - 25%)house is the key component so thought sat best here.

Up until a few weeks ago, I had a plan. I have debt and I was going to spend the next 3-5 years paying that off, then save and then buy the other 75% of my house and then move on. My thinking is it's easier to sell 100% of a house.

But then I thought what if I

Pay of the debt, save and then move on, so selling the 25%.

I think the latter is the second option especially considering that int he 3 years I've owned the house the value has increased by about £20k so any further share purchases would be based on a higher house value (I think that's how the cost is worked out). And it seems counterproductive to save to buy a house and pay all the fees associated to then sell on and have to pay new fees on a new house within a year or two. And I can then use those savings for a deposit.

Does anyone have any views on this and what would work best?

TIA
Hell yeah!!

Comments

  • letitbe90
    letitbe90 Posts: 345 Forumite
    You are correct that as the house value increases, so does the 75% share that you'd have to repay if you want to own it 100%.

    As for which is the better option, well it is hard to say. Like you said, selling 100% is probably easier to sell than 25%, but then again, once you have paid your debts, there is no reason you can't try sell the 25% while you are saving (it is not like you are in a position to buy the other 75%). If you find a buyer, great, if not, well you can cross that road when you get there.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.