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Howard
skidlidsid
What are people's thoughts on shared ownership?
I've got the resources to buy into a shared ownership scheme in Brixton/Peckham, but I'm hearing conflicting reports on the value for money - spiraling maintenance costs and difficulty to sell being reported as issues.
Situation: 26yo, single, can see myself in London for at least the next 3-5 years, good salary (in the low 40s), could stretch to £40k deposit using personal savings and parental contribution. Salary likely to increase in coming years.
My options currently:
1) Remain in sharehouse in Streatham for at least another year. 740pcm all-in, living with 2 housemates, 40min ride to work. not responsible for maintenance, can save approx 1/3 of take-home each month.
2) Shared Ownership: Buy 25%-35% of 1 bed flat in Brixton ostensibly worth £350k-£400k. Get to live on my own, better location, but maybe fall into maintenance cost trap/difficulty to sell when the time comes. Attempt to staircase up to 100% as salary increases.
3) Buy 100% of a flat around the £220k mark way further out (Norbury/Thornton Heath/Croydon (shudder)).
This is not a purely financial decision - there's a quality of life aspect to being located further in. I like my ~40min commute ride - it's a distance I'm comfortable with, plus it's not too tough to get to Streatham by tube/bus when I'm not on the bike. I know many people do the Croydon-Zone 1 commute ride (think of the gainz!), but I'm not sure it's for me. Also not sure I could face East Croydon station on mornings when I'm not riding.
Thoughts appreciated, even if it is to tell me I'm being a prat, I'm only 26 and I need to stop getting ahead of myself...