We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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.
📨 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!
advice on buying remainder of part ownership property
PDM_3
Posts: 1 Newbie
I own 60% of a one bed flat in a fashionable bit of East London, and have the option to buy the rest from the housing association which built it. I could just about manage this by sinking in every last penny I have saved. I would then move with my partner and our new baby to a decent cheap rented two bed property which he lived in until the birth of our child, and let out the one bed property to cover its mortgage.
Although we would prefer to buy our own two bed place, we cannot afford to do this, so buying the rest of the flat, letting it out, and moving to the rented place seems the only way to get the two bedrooms we need with our child growing up.
On the face of it, this seems like a no-brainer, even if the housing market is in slight decline, as we will be covering the mortgage with the rent we earn, and not expending a lot on the cheap rented place.
My only worries are putting ALL of our savings into one set of bricks and mortar, and the problems we may encounter with letting it out.
I just wondered, being financially clueless myself, whether anyone out there could foresee any obstacles in this plan of action...thanks for any advice you can offer.
Although we would prefer to buy our own two bed place, we cannot afford to do this, so buying the rest of the flat, letting it out, and moving to the rented place seems the only way to get the two bedrooms we need with our child growing up.
On the face of it, this seems like a no-brainer, even if the housing market is in slight decline, as we will be covering the mortgage with the rent we earn, and not expending a lot on the cheap rented place.
My only worries are putting ALL of our savings into one set of bricks and mortar, and the problems we may encounter with letting it out.
I just wondered, being financially clueless myself, whether anyone out there could foresee any obstacles in this plan of action...thanks for any advice you can offer.
0
Comments
-
Personally I would never invest everything into 1 thing especially with the current state of the houseing market. You could see it all wiped out in a couple of years. Be prudent and keep some money back, if its not possible, dont buy the extra share.Save save save!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards