Not Sure Whether to Buy

[glorioussun]

I am in my early 50s and for various reasons have left it a bit too late to get a mortgage.

My best option is to see if I can buy my council flat as I am not on a particularly high salary but so have savings for a deposit.

I love the location of my council flat but it needs refurbishing. I would also have to get a survey done because I have had mould in the flat and there might be damp. I had it decorated 5 years ago and loved it back then.

With a shared ownership property I would be paying a lot more with the rent and mortgage than I pay now for rent. The only discounted for sale properties I have seen for sale aren't in great areas and are ground floor flats. I would prefer first floor.

I also have ants coming into this flat and sometimes woodlice. I'm not sure what to do. Any advice or suggestions? Thanks

Sorry not looking for suggestions about the pests. Looking for advice/suggestions about buying a property.

Why do you NEED to buy a property?

A flat that requires a lot of refurb is not necessarily a bargain. When the council does maintenance on the block they will be asking you for a slice of the costs?

All these things need to be considered together with the cost of ground rent.

It would still be a bargain if I get the flat for half price and spend 5k doing it up. I could sell it for double eventually.

If I make a profit selling the property eventually it means hopefully no rent when I retire.

I think you've just answered your own question!

None of what you've described is insurmountable. The mould could be ventilation and the damp a blocked gutter. Certainly get it checked but all properties will have issues of some kind.

Presumably if you buy you could move in future

@Calmdown14 - I think I am hesitating because I would have to stay in the property for 5 years before I could sell it and not have to pay anything back to the council.

I’d do it, in your place, as long as the survey doesn’t show up any horrors. Searches should show any scheduled works on the block, which can be expensive for leaseholders.

To clarify, when you say you’ve left it too late for a mortgage but you have savings do you mean you’d buy for cash?

@Sortilege - No I mean't I can afford a deposit (although I don't think I would need one for a council property) but would need a relatively small mortgage if I buy the council property.

Sorry, I didn't phrase it very well. I am too old now to get a mortgage for a property over £100k so in my area I would struggle to get a flat for that. If I buy in a cheaper area nearby the rail fare to commute to work would be costly.

Depends

If you buy you’ll have to maintain the property into old age

If you rent the council will pay - if it needs a new roof for example your slice would be huge.

If you can’t afford rent - then you apply for housing benefit.

If you need to get extra care you’ll be expected to pay for it yourself.

It’s a no brainer then really if you can afford the upkeep.