Stormy Posted July 30, 2013 Report Share Posted July 30, 2013 My nan sent me a link today of something i had not even thought of myself! A property has come up on the shared ownership scheme not far from where i am now its in the same village. Its a new build home worth in total £78,950 to which the shared amount i could potentially be buying is 25 percent at £19,738. So I have just been working out if it could be do able. The rent on the propety would be £197 pcm and mortgage repayments (worked out on a rough mortgage comparison site) between £80 - £90 pcm. The deposit i am unsure how much that is currently if it is the 5% most of the new builds are it is just under a grand, there are also alot of schemes to help first time buyers but all this i havn't looked to deep into as i may not even be accepted as eligible. So this is very do able. I have put in my interest in the property as i have to go through an application process to see if i am eligible so we shall see This is it: http://www.rightmove.co.uk/new-homes-for-sale/property-42013343.html Quote Link to comment Share on other sites More sharing options...
goingsolo Posted July 30, 2013 Report Share Posted July 30, 2013 fingers crossed Quote Link to comment Share on other sites More sharing options...
Andy Posted July 30, 2013 Report Share Posted July 30, 2013 Good luck. One of the guys I work with is in a part rent / part buy place. WOW £78,000 Brand new !!! You can't get a garden shed for that down here. Cheapest start about £175,000 Quote Link to comment Share on other sites More sharing options...
BingBlaze n Skyla Posted July 30, 2013 Report Share Posted July 30, 2013 good luck , my brother has a shared house , he has bottom floor i think due to him having a child , seems to be working out really well for them so fingers crossed for u Quote Link to comment Share on other sites More sharing options...
sarahjng Posted July 30, 2013 Report Share Posted July 30, 2013 This sounds like it's worth looking into more, it's less than you wanted to pay monthly so that leaves you some for insurance etc, and at the end you would own your own place. Hope it all works out for you. Quote Link to comment Share on other sites More sharing options...
Stranger Posted July 30, 2013 Report Share Posted July 30, 2013 my best friend has done this...worked out really well for them, they have been there almost 2 years now Quote Link to comment Share on other sites More sharing options...
Stormy Posted July 30, 2013 Author Report Share Posted July 30, 2013 Good luck. One of the guys I work with is in a part rent / part buy place. WOW £78,000 Brand new !!! You can't get a garden shed for that down here. Cheapest start about £175,000 Yeah well the house im in now (robs house) is a 4 bedroom new build and was only 190,000 property is alot cheaper up this way but then so are wages though i think. good luck , my brother has a shared house , he has bottom floor i think due to him having a child , seems to be working out really well for them so fingers crossed for u I dont mean you share the house with other people. You own a percentage of the house and rent the other percentage so i would own 25 percent of the house and rent 75 percent off the home group. But you are treated as if you do own the house so you can still do whatever you want to it etc and you have the option to buy more as you become more financially able to later on This sounds like it's worth looking into more, it's less than you wanted to pay monthly so that leaves you some for insurance etc, and at the end you would own your own place. Hope it all works out for you. Yeah it definitely does i dont know why i didn't think of it myself before! There is another one i have found not in the same area but only 10 mins down the road and slightly more expensive but still cheaper than renting. Quote Link to comment Share on other sites More sharing options...
BingBlaze n Skyla Posted July 30, 2013 Report Share Posted July 30, 2013 Ooh ok when u said shared house I thought like u have one part they have the other but separated (like a little 2 house flat if u know what I mean) good luck anyway tho :-) Quote Link to comment Share on other sites More sharing options...
Dunc Posted July 30, 2013 Report Share Posted July 30, 2013 There are downsides to this as we found out in the 90's Sue and me did it on a 50% share and wished we had not Quote Link to comment Share on other sites More sharing options...
Dunc Posted July 30, 2013 Report Share Posted July 30, 2013 Ooh ok when u said shared house I thought like u have one part they have the other but separated (like a little 2 house flat if u know what I mean) good luck anyway tho :-) Quote Link to comment Share on other sites More sharing options...
Stormy Posted July 30, 2013 Author Report Share Posted July 30, 2013 Ooh ok when u said shared house I thought like u have one part they have the other but separated (like a little 2 house flat if u know what I mean) good luck anyway tho :-) Did Nicole let you know about the property to rent in coventry?? It is a husky owner that is asking for someone to rent their home i believe. 500 pcm i think it was. There are downsides to this as we found out in the 90's Sue and me did it on a 50% share and wished we had not Yeah i will be looking into everything there are downsides to everything though. Quote Link to comment Share on other sites More sharing options...
Jay Posted July 30, 2013 Report Share Posted July 30, 2013 That's very interesting! They don't have anything like that in the states. The closest we have to that is a land contract where you basically rent to own, and after so many years the landlord will sign over the deed. And I thought it was way more expensive over there, your area seems pretty reasonable! I was able to buy my townhouse with just 3.5% down and my mortgage is less than what my rent was Quote Link to comment Share on other sites More sharing options...
Stormy Posted July 30, 2013 Author Report Share Posted July 30, 2013 Yeah prices around this way are really good compared to some areas Quote Link to comment Share on other sites More sharing options...
valkyries Posted July 30, 2013 Report Share Posted July 30, 2013 i'd love to sell mine and move home, i could buy 3 houses at home lol live in 1 an rent 2 out Quote Link to comment Share on other sites More sharing options...
Devildust76 Posted July 30, 2013 Report Share Posted July 30, 2013 That looks fab and shared ownership is becoming a lot more popular nowadays. Keeping things crossed for you Sent from my iPad using Tapatalk 2 Quote Link to comment Share on other sites More sharing options...
Stormy Posted August 1, 2013 Author Report Share Posted August 1, 2013 Well i was on a downer as others got there before me on the application...... but they have backed out... so now to arrange a viewing and figure out how to do it all moneywise just seems the perfect oppurtunity Quote Link to comment Share on other sites More sharing options...
BingBlaze n Skyla Posted August 2, 2013 Report Share Posted August 2, 2013 Did Nicole let you know about the property to rent in coventry?? It is a husky owner that is asking for someone to rent their home i believe. 500 pcm i think it was. There are downsides to this as we found out in the 90's Sue and me did it on a 50% share and wished we had not Yeah i will be looking into everything there are downsides to everything though. nope? Haven't heard anything :-/ Quote Link to comment Share on other sites More sharing options...
Stormy Posted August 2, 2013 Author Report Share Posted August 2, 2013 nope? Haven't heard anything :-/ Ohhh ill speak to her tomorrow if your interested? Quote Link to comment Share on other sites More sharing options...
BingBlaze n Skyla Posted August 2, 2013 Report Share Posted August 2, 2013 Yeah if u can find out more I can talk to terry about it , thanks Quote Link to comment Share on other sites More sharing options...
BingBlaze n Skyla Posted August 2, 2013 Report Share Posted August 2, 2013 Double post , oops Quote Link to comment Share on other sites More sharing options...
Stormy Posted August 2, 2013 Author Report Share Posted August 2, 2013 No problem will let you know tomorrow Quote Link to comment Share on other sites More sharing options...
Frenchie Posted August 2, 2013 Report Share Posted August 2, 2013 Ohh hope this goes well for you I am wondering though, as I've never heard about it, what is a shared ownership? Do you both live there? Or does that mean one can't sell the house without the other? Sent from my GT-I9000 using Tapatalk 2 Quote Link to comment Share on other sites More sharing options...
Stormy Posted August 2, 2013 Author Report Share Posted August 2, 2013 No means I own a percentage of the house then rent the rest only I would be living ther it's a scheme to help people who can't afford to buy a whole percentage etc Quote Link to comment Share on other sites More sharing options...
snowpups Posted August 2, 2013 Report Share Posted August 2, 2013 How much do u need upfront storm Quote Link to comment Share on other sites More sharing options...
Stormy Posted August 2, 2013 Author Report Share Posted August 2, 2013 Probably around 2 grand max for everything Quote Link to comment Share on other sites More sharing options...
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