Previous thread was about pulling out of buying a steel house due it possibly being unsaleable in the future. I think its hard to predict exactly what they will be like in the future. As they are now, there are no problems, you can get a mortgage on them and they are sturdy solid houses (the particular street we are looking at).
So our options now are:-
- Go to another shared ownership house (we are in one now). We can buy the share outright (on a brand new development near where we are now and near the kids school) and pay the rent. They are valued very high and we can't borrow the full amount to buy the rest to own it outright, only another small share and the rent and mortgage combined would be higher than buying outright. They look like lovely houses but we would be tied to rent for the foreseeable future, unless the mortgage rules eventually relaxed and we could borrow more, but then it would be for less time due to the time lapse in between.
- Buy a house for less than we thought we'd be able to, pay a large deposit and take out as much mortgage as we can but this leaves us with few houses to buy. It will be in a shitty area, house will be small and possibly need some doing up.
- Continue to buy the steel house. Mortgage was going to be very low, we were planning on paying it off early. In 5 years time, see what the market is doing and if it looks like its slowing down, sell the house (I honestly don't think it would be unsaleable in that short a time time) and buy somewhere else.
The road its in has had about 3 houses for sale recently and they have been snapped up and they are every time they come up for sale. Probably due to good size, big gardens and affordability and its in an ok area. They are also worth far more than what we are (possibly) paying. The one we were buying needs doing up but we have budgeted for that and if they were still selling at what they are now (done up) we would make some profit on it. If not a profit then we would likely get our money back.
So now more of a dilemma.
WWYD now?