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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:
TwinkleFarts · 04/01/2023 16:24

I'm in a HA, would buy if allowed to but apparently were not because there is a shortage of social housing in rural areas (yet our housing association is selling them to the private market as soon as they are vacated)

Jinglecrunch · 04/01/2023 16:24

Do it! No point in worrying about the ethics of it in a totally unequal country like this. If it's your only chance at home ownership, grab it with both hands. Other wise a few years down the line it will be bought by an unscrupulous landlord and sold at market rent, and you'll be at the mercy of a failing housing system with no stability, or your kids if you have them booted out if you die, or circumstances change/ tenancy ends if not on a lifetime tenancy. It's really the only sensible thing to do. But I would get proper advice to make sure you're getting a good deal. Good luck

Reugny · 04/01/2023 16:27

TwinkleFarts · 04/01/2023 16:24

I'm in a HA, would buy if allowed to but apparently were not because there is a shortage of social housing in rural areas (yet our housing association is selling them to the private market as soon as they are vacated)

It's because they can't afford the repairs and maintenance on the properties.

I'm aware London councils near me sell of properties that are listed or built before the early 20th century because maintaining and repairing them costs them a lot, even though there is a shortage of social housing in London.

misssunshine4040 · 04/01/2023 16:30

@Roundabout78 where do you live if you don't mind me asking.? I'm looking to see which areas have ample social housing

Nimbostratus100 · 04/01/2023 16:30

yes buy it. You are not reducing housing stock by buying it, as its got you living in it anyway. How would leaving it classed as "social housing" help anyone else - it isn't available - its lived in

Roundabout78 · 04/01/2023 16:38

misssunshine4040 · 04/01/2023 16:30

@Roundabout78 where do you live if you don't mind me asking.? I'm looking to see which areas have ample social housing

The north west of England. I would prefer to not be any more specific than that. It isn’t rural at all, I live in an urban area (but not a city centre).

SeenAndNot · 04/01/2023 16:43

Forget the “ethics” here, if you’re allowed to buy it and can afford it I don’t see why not!

Calmdown14 · 04/01/2023 16:54

You'd probably be looking at £100 a month extra given the increase in interest rates.

Do you get universal credit? The amount may be reduced if you have any rent element.

If both of these things are okay and you can manage maintenance then I'd do it. But you need to carefully look at the finances before committing

LlynTegid · 04/01/2023 16:58

I would only consider it in your shoes if I was confident it was somewhere I intended to live in for a very long time, at least until retirement. I'd also suggest researching costs of mortgages and any other commitment you would make before deciding to buy. For example, does your current rent include things being fixed such as heating or a hot water boiler.

iminsocialhousinggetmeoutofhere · 04/01/2023 16:59

If you really love it that much and they’ll let you then buy it but honestly where I live the prices are so high and the discount so low that it would barely make a difference to affordability. The rent I pay is way less than a mortgage would be on my place and I don’t have the noose around my neck of interest rate rises etc or costly repairs

iminsocialhousinggetmeoutofhere · 04/01/2023 17:03

The difference between the price of your place and mine is unbelievable. Mine is worth around £400k apparently so I could not buy. Our rent however is around £550pm - so mustn’t grumble. I’ll keep washing down the mould that comes back pretty much weekly.

browneyes77 · 04/01/2023 17:05

Jinglecrunch · 04/01/2023 16:24

Do it! No point in worrying about the ethics of it in a totally unequal country like this. If it's your only chance at home ownership, grab it with both hands. Other wise a few years down the line it will be bought by an unscrupulous landlord and sold at market rent, and you'll be at the mercy of a failing housing system with no stability, or your kids if you have them booted out if you die, or circumstances change/ tenancy ends if not on a lifetime tenancy. It's really the only sensible thing to do. But I would get proper advice to make sure you're getting a good deal. Good luck

Completely agree.

Especially given the cost of housing currently.

I’ve been in my HA flat for 26 years. The amount of rent I’ve already paid could have already bought it.

If you’re in a position to afford to do it and you love it and want to secure your future there, then I definitely would consider buying it. Get some advice on the financials in terms of mortgage rates and any additional costs you would be responsible for etc. If it’s all affordable then go for it.

TwinkleFarts · 04/01/2023 17:14

Reugny · 04/01/2023 16:27

It's because they can't afford the repairs and maintenance on the properties.

I'm aware London councils near me sell of properties that are listed or built before the early 20th century because maintaining and repairing them costs them a lot, even though there is a shortage of social housing in London.

Show quote history

Yes, but theres no replacement of the stock they're selling off in rural areas. Young families being pushed out of these areas.

5128gap · 04/01/2023 17:14

Advantages:
Discount if you get one means it's a bargain.
The money you pay to live there gets you a house at the end.
At some points in time your mortgage may be cheaper than your rent.
You won't have to move out or be charged extra when your DD leaves home and you're under occupying.

Disadvantages:
If the house becomes too small it costs a lot to buy and sell to move on. Exchanges might be easier. Similarly if you want to downsize.
Less secure. Lose your job, no help with the mortgage like there is for rent via benefits.
Responsibility for repairs and maintenance, which is costly and a nuisance if you're no good at DIY. Gets worse when you and the house get old, no swapping to a HA retirement bungalow on housing benefit.
Interest rate fluctuations and expensive mortgages make this a scary time to buy.
Your daughter won't inherit it if you have to sell it for care costs, whereas she may be able to inherit your tenancy (check your agreement)
Property ownership is a tie. Much more difficult to be flexible and move about for jobs etc if you own.
A secure social housing tenancy is gold. Barring ASB or willful rent arrears you will not be made homeless. If you can't pay your mortgage you could wind up in a B&B.

Syrax · 04/01/2023 17:17

Housing associations are for profit

That depends entirely on the HA

www.housingtoday.co.uk/news/for-profit-registered-providers-could-deliver-130000-new-homes-in-five-years/5112814.article

ShrillBill · 04/01/2023 17:18

As far as ethics go, it depends on the HA and the area. I'm in a city and my landlord puts the money from sales back into more social housing. I would also get a discount based on the number of years I've been renting.
Children can't always inherit a tenancy so you need to check that. It usually helps their case if they were a carer or are disabled.

MeMyBooksAndMyCats · 04/01/2023 17:18

Please don't. There's already a massive shortage. If you can afford to buy - buy elsewhere not council! It's insane they are still selling them off when there's hundreds of thousands of families stuck in hostels for years!

Rushingfool · 04/01/2023 17:21

The thing is, you can buy it yes, but if you need long term care in your dotage, it's not really yours is it? All but £26k of it is the government's.

Friend has just lost her mum, and this is what she has said, based on her experience of what happened to her mum.

Think very carefully. There's a reason we've been encouraged to buy - profit for the council's, profit for the mortgage providers, and no need to pay out housing benefit should your income drop for any reason.

TwinkleFarts · 04/01/2023 17:24

Rushingfool · 04/01/2023 17:21

The thing is, you can buy it yes, but if you need long term care in your dotage, it's not really yours is it? All but £26k of it is the government's.

Friend has just lost her mum, and this is what she has said, based on her experience of what happened to her mum.

Think very carefully. There's a reason we've been encouraged to buy - profit for the council's, profit for the mortgage providers, and no need to pay out housing benefit should your income drop for any reason.

Good Point.
My dad keeps saying he is going to off himself before he gets to the point of needing care, because he wants to pass on his house to his children (of course he wont do this nor do we want him to).

RiderOfTheBlue · 04/01/2023 17:32

Long term care costs are always brought up on these threads, quoted as a downside of buying your own home. I don't think it's much of a downside to be honest. The vast majority of homeowners won't end up in long term care. I think someone on here quoted about 6% the other day. And if you do end up in the 6%, your home will likely provide the funds for a better standard of care than you would otherwise have got.

Edinburghmusing · 04/01/2023 17:34

The only concern I would have is the condition it’s in.

otherwise god yes if you can buy it do.

Edinburghmusing · 04/01/2023 17:35

@Rushingfool where do you think the money comes from to fund old age care?

ShrillBill · 04/01/2023 17:37

A housing association does not provide council housing, they are two different types of housing.

healthadvice123 · 04/01/2023 17:37

Ignore all those on the moral highground the money you pay will be used in the ha to build or improve other houses
Often older stock can sometimes be sold anyway and no one tells people who live in large homes they don't need or have a second home or are a landlord to consider morals
HA are building houses not as quick as needed maybe but they are building
Advantages
You can do what you like to house
Its yours no being forced to be downsize etc
You have something to sell and downsize if you want later in life etc

Downsides
No picking up the phone when repairs need doing or boiler broken all costs need to be covered by you

What would mortgage be compared to rent ? Can you get a mortgage ?

I live in a HA house and if RTB comes in for HA i will 100% consider buying
I have paid the full rent for 20 years and would be our inky chance if getting on the property ladder
Currently right to aquirr with £10000 off but would make it still around £180000 and can not afford the deposit
But in life we have to look after ourselves and family in certain cases , most if those saying not morally right etc will not of taken others into account for every decision they have ever made

healthadvice123 · 04/01/2023 17:38

@x2boys can vary from ha to ha