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Affordable Housing

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  • 14-02-2011 11:45pm
    #1
    toopybinoo
    Closed Accounts Posts: 31 ✭


    Ok, so i bought an affordable house 3 years ago, I settled young on a very quick decision and didnt realise all the implications of affordable housing. At that point it was going to be my home for life.

    Since then my circumstances have changed alot, and i wanted to move closer to all my friends and family, back to my hometown.

    Im completly trapped. I bought my AH for 170k it was valued 215k at the time. The market value now is about 150k. I've being advised by the council that as the market value is now less then the sale price there is no clawback which is great, but ive heard people saying if you pay the clawback, you can buy the council out. So what happens when there is no clawback to pay?

    My choices are, sell - and walk away with nothing and go back to renting, stay put and be miserable, or rent it out and face getting caught. 2 county councils have hinted at me to do this.

    But im scared!!! I cant hand it back because the 20k its cost me so far along with all the home improvements loans etc, and its just crazy to walk away from owing your own home when the mortgage has dropped to a reasonable price.

    Has anyone being in this position before? Im just really caught and cant do anything... HELP!

    Thanks guys :)


Comments

  • Options
    #2
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    You are not trapped or caught.
    You've just outlined your options.
    Pick one and do it.


  • Options
    #3
    danbohan
    Closed Accounts Posts: 1,914 ✭✭✭danbohan


    toopybinoo wrote: »
    Ok, so i bought an affordable house 3 years ago, I settled young on a very quick decision and didnt realise all the implications of affordable housing. At that point it was going to be my home for life.

    Since then my circumstances have changed alot, and i wanted to move closer to all my friends and family, back to my hometown.

    Im completly trapped. I bought my AH for 170k it was valued 215k at the time. The market value now is about 150k. I've being advised by the council that as the market value is now less then the sale price there is no clawback which is great, but ive heard people saying if you pay the clawback, you can buy the council out. So what happens when there is no clawback to pay?

    My choices are, sell - and walk away with nothing and go back to renting, stay put and be miserable, or rent it out and face getting caught. 2 county councils have hinted at me to do this.

    But im scared!!! I cant hand it back because the 20k its cost me so far along with all the home improvements loans etc, and its just crazy to walk away from owing your own home when the mortgage has dropped to a reasonable price.

    Has anyone being in this position before? Im just really caught and cant do anything... HELP!

    Thanks guys :)

    their is an awful lot op people in Ireland of 2011 who would be extremely happy to only have a 20k loss if they walked away , grow a pair and stop moaning you are in very fortunate position

    mind you id say a drop from 215k to 115k might be more realistic valuation


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