buy or rent

[Nala111]

Hi my husband and i are splitting up and are selling our home, i will have about £100,000 after the sale and i dont know if i should rent privately or go for a shared ownership scheme and use the money for that, has anyone been in this position and could give me the pro,s and cons of each, also if i did the home ownership and wanted to sell my share would i get back a lot less thani i put in , thanks for any help and information.

I sold a shared ownership house. Owned 50% had it 4 years and made £14k. For a single person I think they are a great idea. Just factor in the double solicitors costs as they don't pay their share when selling.

There are a few problems around Shared ownership. For example, you are liable for 100% of the maintenance costs despite only owning 30% of the property, or whatever percentage you agree.

Im not saying don’t do it but I would do a lot of research before making a decision. There’s lots of information about pros & cons on the internet so make sure you go in with your eyes wide open if you do opt for SO.

May be better to buy a smaller property the traditional way via savings and a mortgage.

As a private renter I'd buy and not rent if I had the option. The rental market is brutal and it's horrible feeling insecure about your home and not being able to make your own decisions about decorating, pets etc. but the worst thing is worrying every year about a huge increase or the landlords selling up etc.

Buy if you can
Renting will just fritter it away

What are the house prices like in your area and what will £100 deposit a d your salary mean you can get mortgage wise?

You get a contribution of £500.00 per year for the first 10 years towards essential maintenance, which can rollover once (so a max of £1k is available). If it's anything structural, they either get the developer round, or they do it under landlord obligations. (We've had some tiles slip in a gale, notified online and fixed within 2 working days. We've also had snagging fixed, like breezy French doors and settlement gaps.)

Just make sure you get a brand new one, not an older re-sale one, as the terms are better, such as a 990 year lease and the maintenance as above.