Plan moving forward...

pbfhpunk

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

letitbe90

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.