got a letter from the council yesterday offering RTB, i rang the helpline and we are eligible. just not stopped thinking about it since and just wanted to ask advice
pro's
assuming all goes to plan we will have no rent to pay when we are old, something which worries me to death
we will possibly have an asset to leave to our dc
we will be able to extend/alter the house (money permitting)
its a nice house but a shit hole area (recent murder on my actual street) if we buy, we will be able to sell up in five years and move somewhere nicer
I don't want my dc growing up round here its like the Bronx tbh. shit schools, feral kids and teens, burnt out cars and jezza families everywhere (sorry if that offends but its true, I live with it every day)
i want a home for life.....even though we have a secure tenancy here, we will almost certainly have to move anyway when dc leave / we are old due to bedroom tax
cons
dh would have to get the mortgage as I have shit credit and only work a few hours whereas he earns ok money...so he would own it (I think?)
I am dead against the selling off off council homes and would feel I am adding to the problem
the mortgage would actually be higher than the rent by about 100 pcm, more if interest rates rise, we are not high earners and this would be a lot of money to us
we would have to pay for all repairs
I suspect the gas boiler is on the way out so we would almost certainly have to stump up for that within next few years
if dh and I ever split I'd end up back in private rented for the rest of my days as id never get another CH
this has always been mine and my dc home, whilst renting if dh ever fucked off he'd be the one up shit creek whereas me and dc would still have our lovely home
sorry for long post!!