Buying housing association.

[Shockedmama]

I’m not going to be in a position to buy a property for 5 years but my property is really small. Does anyone know if I were to add a conservatory would this increase the value making it so I paid extra when I buy it or would the market value be from when I move in

@Shockedmama sorry I’m not sure if I understand the question properly. Do you own your (small) property at the moment?

Hi sorry!
No I’m a housing association tenant.
In 5 years I want to be able to buy it.
In the meantime I wanted to add a conservatory however I’m not sure this makes financial sense as it would add to the value of the property. I have heard that they would value the property at what it was when I moved in, in which case it would make sense but can’t find the answer to this anywhere

Wouldnt the HA be able to tell you?

Our conservatory was an expensive waste of money and garden. We are having to replace it now with an extension which we should have done in the first place

I work for a housing association. You would be increasing the value of the property so you pay more if you buy. I would not recommend that route. Maybe a little sun house in the garden which could be dismantled and taken with you? That wouldn't be valued for the sale.

I don't know about the financial side of it but I wouldn't recommend a conservatory unless you have the funds to pay for a very fancy well insulated one. Mine is freezing in the winter (so cold we store fridge things in there over Christmas) and way too hot in the summer. At the moment it's a dumping ground/ greenhouse for new seedlings. It's only usable for a two or three months of the year when it's sunny but still cold.

Ok, so you’re currently living in a property which you hope to be able to buy in five years time. If so, then yes adding a conservatory may increase the value which could mean that you’d pay more for the property if you bought it. But five years is a long time and anything could happen to the market in the meantime.

If you’d really like a conservatory and it would improve your life then I don’t see a problem with it.

But what if you're not in a position to buy? Or you lose the property? You've paid for a conservatory on someone else's building? Would they pay you back for the conservatory if you had to leave in the next 5 years?

This seems very risky to me!

You need to get permission from the HA

If you buy the right to buy firm asks for any improvements you've made and the costs which they take into consideration

That being said I would save that money to put towards the actual purchase and buy a bit earlier if you can. Then put the conservatory on when its actually yours

When you purchase a housing association property from the HA you have to fill in a form asking you what improvements you have made to the property from your own pocket. Those improvements are then not taken into account when the property is valued.