Buying a Home Outright

verely

Hi ,


I have come into some money and have an oppertunity to purchase my first home outright in Belfast.
If i keep it within budget i can have a decent sum left over for savings etc.


I have been on DLA and am in the middle of applying for PIP and have a monthly medical insurance income.


I was wondering the pro's and cons for buying outright in my situation ?
Or any info at all would be amazing.





Many Thanks all

TamsinC

PIP isn't income related so it won't be affected at all.

AlexMac

First- congratulations on the windfall; hope it wasn't a bereavement / legacy ... if so, sympathies.

Anyway, as It's Sunday and we're all bored waiting for the roast to finish, you'll probably get a weird and wonderful range of differeing opinion; so ignore the nuttier bits and decide yourself; for what it's worth...

I think buying is a good idea, especially if you are up for a bit of creative DIY as you can then tackle all the simpler jobs like decorating to add value; or in some cases not so simple, like carpentry, flooring, tiling, basic kitchen refurbishment (but get professionals in for any electrics or gas fitting...). A appreciate you're on DLA but hope that doeasn't circumscribe all activity?

The downside will be that if anything breaks or needs repair it willbe down to you; I don't know what your current circumstances are or just how tight your budget is, but a new cooker or washing machine will be £200-400, and if the boiler busts (as they do to me every 10years), that will be anything from £1.5k to replace. Roofing repairs could be many hundreds or even more, and you'll need a bit of a cushion of savings for the unexpected.

I assume you've budgeted for the initial purchase and removal costs - legal fees associated with the purchase could be a grand of more, even with no stamp duty on a cheaper property, and you'll probably already have run a spreadsheet with all the basics; Council Tax, Utilities, Insurance... etc?

There will always be the option of a lodger or house-share for extra income; make sure you know what you're doing - use the search bar here or google it for other's experiences and the leagl implications


But ultimately it's the usual mixture of heart versus head; and only you can decide. Good luck with the decision

z1a

AlexMac wrote: »

First- congratulations on the windfall; hope it wasn't a bereavement / legacy ... if so, sympathies.

Anyway, as It's Sunday and we're all bored waiting for the roast to finish, you'll probably get a weird and wonderful range of differeing opinion; so ignore the nuttier bits and decide yourself; for what it's worth...

I think buying is a good idea, especially if you are up for a bit of creative DIY as you can then tackle all the simpler jobs like decorating to add value; or in some cases not so simple, like carpentry, flooring, tiling, basic kitchen refurbishment (but get professionals in for any electrics or gas fitting...). A appreciate you're on DLA but hope that doeasn't circumscribe all activity?

The downside will be that if anything breaks or needs repair it willbe down to you; I don't know what your current circumstances are or just how tight your budget is, but a new cooker or washing machine will be £200-400, and if the boiler busts (as they do to me every 10years), that will be anything from £1.5k to replace. Roofing repairs could be many hundreds or even more, and you'll need a bit of a cushion of savings for the unexpected.

I assume you've budgeted for the initial purchase and removal costs - legal fees associated with the purchase could be a grand of more, even with no stamp duty on a cheaper property, and you'll probably already have run a spreadsheet with all the basics; Council Tax, Utilities, Insurance... etc?

There will always be the option of a lodger or house-share for extra income; make sure you know what you're doing - use the search bar here or google it for other's experiences and the leagl implications


But ultimately it's the usual mixture of heart versus head; and only you can decide. Good luck with the decision

You need to set your Delorean back a day, still Saturday here.

Norman_Castle

AlexMac wrote: »

Anyway, as It's Sunday and we're all bored waiting for the roast to finish,

Did I sleep through Saturday?

Smodlet

Get real! We haven't had Strictly yet!!! Roast away all you want, mate, it's still Saturday in this time zone. Make sure those roasties are crispy, now. :D

verely

Thanks for the reply


I have a few mates who know their way aroud DIY projects so my plan was to ask their advice and atempt the small jobs myself .


I have broken down last years comings and going's on excel and found im quite thrifty which is good and i think i have enough set aside for stuff. I need to work out what expenses are involved as a homeowner.


thanks again for the help :beer:

Smodlet

You could try googling the Statement of Affairs (SOA) thingy to get a list of usual outgoings (they do this on the Debtfreewannabee board) if it helps. You might even find ways you could trim your outgoings further. HTH.

verely

i didnt know that thread existed, many thanks

HollySocks_2

As i understand it, parts of DLA are means tested. PIP isnt.

You wont be able to have a lot in savings without losing part of DLA.


I'm in a simlar situation. Recieved inheritance, plan on buying a property, but its not that straightforward.


As i now have savings, my housing benefit has been stopped, council tax benefit, most of my DLA. And i understand i need to get approval from the DWP before buying a place in case they declare buying as deprivation of capital.

xylophone

parts of DLA are means tested. PIP isnt.

Are you sure that your DLA has been means tested?

https://www.moneyadviceservice.org.uk/en/articles/disability-and-sickness-benefits-check-your-entitlements

Disability Living Allowance (DLA)
You can only make a new claim for Disability Living Allowance (DLA) for children under 16.

It is not means tested you could get it regardless of how much income or savings you have.

For adults DLA is being replaced by PIP.