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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to buy my housing association home?

127 replies

wheredyaparklouissss · 04/01/2023 16:01

House is worth £100,000. I pay £400/month in rent. I love my home and want to remain here forever. Would you buy it? Or keep renting? What are the advantages or disadvantages?

OP posts:
Longtimelurkerfinallyposts · 04/01/2023 16:03

Please don't buy it - leave it as social housing

Roundabout78 · 04/01/2023 16:03

Advantages are security in old age. Buying a house where you already know you love the area, have nice neighbours, are settled etc. being able to invest in your home and renovate/decorate as you please. Also buying a home at a discount.
obvious disadvantage is that you’re responsible for any repairs and upkeep.
I would buy my HA home in a heartbeat, sadly we aren’t eligible as the house was built after 1997 meaning it’s not eligible for purchase under right to acquire.

vodkaredbullgirl · 04/01/2023 16:05

We not allowed to buy HA, also pre 1997.

Devilou666 · 04/01/2023 16:06

There is an unquantifiable shortage of social housing.

Scurryfunge12 · 04/01/2023 16:06

Don’t buy it. There’s not enough social housing for people who can’t afford to buy as it is. I mean, that doesn’t concern you right now but I don’t think I could for that reason.

Snowmoab · 04/01/2023 16:06

Longtimelurkerfinallyposts · 04/01/2023 16:03

Please don't buy it - leave it as social housing

There is no guarantee it will be kept as social housing anyway, many are sold off when tenants vacate the property. If OP has children or someone to inherit then actually the property probably wouldn't be available for others for years anyway (depending on the rules around passing it down- used to be that it was fine).

OP yes if you can afford it, are eligible and love the house and area then go for it.

Roundabout78 · 04/01/2023 16:06

Devilou666 · 04/01/2023 16:06

There is an unquantifiable shortage of social housing.

Depends on the area. There’s ample social housing where I live; I’ve lived in 3 and never waited more than a couple of months for a house each time.

Lolreally · 04/01/2023 16:08

People saying dont buy do you live in an eligible housing association house yourself?

Original poster
wheredyaparklouissss · 04/01/2023 16:08

Devilou666 · 04/01/2023 16:06

There is an unquantifiable shortage of social housing.

I'm done being socialist and now thinking solely about mine and my daughter's future. Campaign to build more.

OP posts:
PoinsettiaPosturing · 04/01/2023 16:09

Mortgage adviser - what discount are you being offered?
Have you enquired about whether you could obtain a mortgage for the property?
What would the monthly mortgage payments be compared to your rent?

Original poster
wheredyaparklouissss · 04/01/2023 16:09

PoinsettiaPosturing · 04/01/2023 16:09

Mortgage adviser - what discount are you being offered?
Have you enquired about whether you could obtain a mortgage for the property?
What would the monthly mortgage payments be compared to your rent?

5%

thank you, I'm clueless and bucking my ideas up. x

OP posts:
Porcinimushroom · 04/01/2023 16:10

If you buy it then at some point you stop paying the mortgage, with rent you never stop.

RobinRobinMouse · 04/01/2023 16:10

I would, it gives you security and flexibility and means you can do as you please with it.

CovertImage · 04/01/2023 16:11

wheredyaparklouissss · 04/01/2023 16:08

I'm done being socialist and now thinking solely about mine and my daughter's future. Campaign to build more.

Show quote history

I assumed from your OP that you were concerned about the ethics of buying social housing but clearly not

x2boys · 04/01/2023 16:12

Why ask.on here?
if you want to buy it buy,your just going to get loads of people telling you ,it' s immoral,but I expect you know that and that's why you started the thread.

Original poster
wheredyaparklouissss · 04/01/2023 16:14

CovertImage · 04/01/2023 16:11

I assumed from your OP that you were concerned about the ethics of buying social housing but clearly not

Show quote history

Sorry for the confusion. No, I'm not.

OP posts:
Expectingfirstbaby · 04/01/2023 16:15

You're living in social housing, benefitting from... socialism. A purely capitalist society would not have been kind to you. Buy your house if you like but I wouldn't be so ready to ditch the ethos that gave you it yet.

BJ22 · 04/01/2023 16:16

Good security for the future for you and DC. My mum always told me to look at it like a giant piggy bank.

However, I've just gone from renting to mortgage and honestly, I think as long as you know you won't be turfed out, stay. Anything that happens to that property is sorted. I'm looking at patching up a roof, damp course, possible rewire as the light all flicker now. So much. You can spot these with a survey but things down the line need maintaining and repairing and it's costly.

I once wrote down a comparison - cost of mortgage including all upkeep, potential interest rises etc and so on vs renting and not paying for the upkeep. Costs were almost equal after around 35 years I think I did it for. But at the end, you own your home. Hence why I bought. Might be a good exercise to do one evening. Depends on the properties obv

Original poster
wheredyaparklouissss · 04/01/2023 16:17

Expectingfirstbaby · 04/01/2023 16:15

You're living in social housing, benefitting from... socialism. A purely capitalist society would not have been kind to you. Buy your house if you like but I wouldn't be so ready to ditch the ethos that gave you it yet.

Housing associations are for profit. They should carry on and buy more properties. I'm all for it but I'm not socialist at the behest of my own security anymore. Spend 30-odd years doing that.

OP posts:
x2boys · 04/01/2023 16:17

Snowmoab · 04/01/2023 16:06

There is no guarantee it will be kept as social housing anyway, many are sold off when tenants vacate the property. If OP has children or someone to inherit then actually the property probably wouldn't be available for others for years anyway (depending on the rules around passing it down- used to be that it was fine).

OP yes if you can afford it, are eligible and love the house and area then go for it.

Show quote history

The rules have changed there can only be one succession of tenancy ,so for examp!e ,myself and dh,have a joint tenancy if one of us dies,the other inherits the tenancy as a sole tenant, but after we both die it goes back to the housing association.

IDontCareMatthew · 04/01/2023 16:18

Buy it if you can!

saltinesandcoffeecups · 04/01/2023 16:18

Can you afford to be a homeowner? Responsible for maintenance and all the rest?

Are you planning to relocate in the future?

Can you afford the mortgage? Stable income?

Have you had a mortgage before? Have you researched the topic and what it entered?

Noone here can tell you if it’s a good idea or a bad one since we don’t know anything about you. If someone does think they can advise on such little information, you probably shouldn’t listen to them 😉

Singleandproud · 04/01/2023 16:21

I brought my council flat. Its immoral if you are going to flip it and take a large profit in a few years but if you intend to stay there I'm not sure why people have a problem with buying it.
My neighbour also bought their flat but then had an unexpected inheritance of a house and the council bought it back off of them obviously it was bought at market rate but that wasn't a huge amount compared to building from scratch.

The downside (for me as I'm leasehold) is that any work the council do on our small block I have to pay 25% of the repairs even if I don't directly benefit from them although this also means any repairs the outside of my bit of the building needs that I am only liable for 25% of too so its swings and roundabouts.

BJ22 · 04/01/2023 16:22

Also worth remembering if you're doing it for any kind of return or nest egg for DC, if you end up having to go into care down the line, you will be made to sell the house to fund it if you've no other means.

Really depends on what exactly you want from owning your own home.

Reugny · 04/01/2023 16:24

The main disadvantage is you have to pay for repairs and maintenance.

Depending on when the house was built this could end up being expensive if for example your house ends up being in a conservation area. For example one of my siblings has ended up in a conservation area. All replacement windows have to be of a particular style which costs more than traditional double glazing.