Housing

[graafen]

What with the arrival of damonblackpaw in the UK next year I've been looking into an alternative living unit. My current flatmate doesn't really want another person in the flat, so I'll be moving out before Damon moves here.

I'd absolutely love to buy a house, but even with my impending pay rise for my Out of Hours job (putting me near £20K a year) I still cannot afford the £80K+ mortgage for a decent house near to where I work.
My only alternatives are renting a house or New Build Homebuy.

Renting is OK but it's often short term (six months) and I'd rather not go through the rigmarawl of dealing with a landlord and reapplying all the time; I'd also like some freedoms that most landlords don't allow.

The New Build Homebuy seems like a better option. I mortgage for a 25% share of the house and pay a reduced rent until I've paid off the property, with the option of increasing my rent if I get more money, or buying more of house in chunks if I get a windfall. I'd get a new, but unfurnished house that I am ultimately in control of; repairs fall down to me but I can do whatever the hell I want with it. And once I reach the end of the rent agreement I will have bought the property outright!

I'm not going to start looking seriously at places until later this year as I want to amass some savings first, but I am going to put out feelers to some Homebuy agents about the costs of the New Build scheme.

Comments

[avon-deer.livejournal.com]

Renting in the UK sucks. For as long as the rental market here remains unregulated, you're always best buying if you can.

[graafen]

Buying just isn't an option for me with the open market as it stands; house prices are just too high, even with Damon contributing on the mortgate (which wont happen until a few months after he's moved here anyway). Homebuy seems to be the only option I have of eventually owning a house, or even getting onto the property ladder.

[avon-deer.livejournal.com]

Homebuy works as well. At least it gives you the freedom to make the living environment comfortable, or rather (as is increasingly uncommon in rented accomodation) at least fit for human habitation. I HATE land barons who rent out hovels and think it's ok to do so.

[graafen]

That's exactly the reason why I don't want to rent.

[avon-deer.livejournal.com]

My problem with this scheme is that if the government has identified the problem of housing inflation as being SO severe that such a scheme is needed; surely it should be looking at providing cheaper homes for first time buyers. This "compromise solution" smacks of "fiddling while Rome burns". This country's problem is that we do everything by halves. Everything is always "on the cheap". They OBSESSEED with "free market solutions" for EVERYTHING. They need reminding that it is "market forces" that have GOT us in this mess in the first place.

[avon-deer.livejournal.com]

Sorry for turning your journal into a ranting platform, mate.

[salith.livejournal.com]

Well you could always start looking for council properties to do you until you can buy?

[graafen]

There's a waiting list as long as me for council properties in Wakefield, and not enough places to fill that list. :/

[rustyfox.livejournal.com]

Interesting, I had no idea this existed... I wonder if there's anything available near us?

[avon-deer.livejournal.com]

It's for key workers only.

[graafen]

Key workers and first time buyers.

[rustyfox.livejournal.com]

I had a quick google and didn't find anything in the north of England...

[graafen]

This has all the info about the Wakefield area for New Build Homebuy. No property listings though.

[rustyfox.livejournal.com]

Thanks - I'll have a good study of this later on.

[rasetsugalford.livejournal.com]

Have you checked how much lenders might be willing to lend you? A quick peek at Halifax's Mortgage Calculator, shows that a high street bank could lend you anything up to 96,000, but then you'd have to amass a deposit.

Either way, at least you have a few options.