Should I consider this option?

Question

A housing association in my area have offered me the chance to sell my house to them and become a tenant. I am seriously considering because as a tenant I would be able to have all repairs done at no cost to me. Since buying the house over 10 years ago I have not been able to afford to do minor repairs or improvements. I no I will no longer be a "homeowner" but these days that is more of a status symbol than anything else.

Thanks for all your comments. I still have the problem of funding repairs and improvements though.

Answer 1

I think you'll end up paying as much rent as you do on your mortgage so you may as well stick with owning your home. It'll pay off in the long run as you'll probably never get back on the housing ladder with prices going up all the time.

Answer 2

Of course it is an option to consider. But do remember that the housing association has a reason for doing what it is doing. If the Housing Association does all these repairs and tidies up the property, will they raise your rents? How much will the rents go up ? Will they guarantee that you will be able to continue living there for as long as you wish, or will you only be granted tenancy for specified periods of time?

Do ask all the questions of the housing association, and GET IT IN WRITING.

Answer 3

If you can't afford to do upgrades then I say sell it and then you can take the money that you make from selling it and go and get a newer home or a home that is smaller and a little cheaper that you can do the upgrades that you want. I wouldn't sell a house just to rent it again. Cause come tax season you will out of luck.

Answer 4

I would not sell the house to the council. If you are no longer a homeowner, it will also affect you getting a loan out if you needed it in the future.

Best to keep the house.

Answer 5

They will also be able to evict you!