Buying the home you rent

image: Buying the home you rent

As an Optivo resident it may be possible to buy the home that you rent from us.


There are a number of schemes that allow you to do this and the eligibility criteria for each is different.

Find out more about these schemes below:
 
  • Midlands Right To Buy pilot (VRTB)
    Optivo is taking part in the Government’s Right to Buy (RTB) pilot in the Midlands. This will enable some housing association tenants to buy their home.

  • Preserved Right To Buy (PRTB)
    The PRTB is the legal right given to former tenants of local authorities with a secure tenancy, to buy their home. The Preserved Right to Buy only applies if you were a tenant with specific local authorities during specific dates.

  • Right to Acquire
    Right to Acquire allows most housing association tenants to buy their home at a discount if certain criteria is met.  

 

The cost of homeownership

image: a couple saving money to buy a homeBefore you look to purchase your home you will need to carefully consider if you can afford to run your own home. On-going costs to take into account include:

  • Mortgage repayments that may work out higher than your current rental payments
  • Insurance (buildings and contents)
  • Insurance for accident, sickness & unemployment
  • Service charges (if you are buying your property as a leaseholder)
  • Repairs and maintenance (major repairs will be your responsibility, for example boiler replacement, roofing repairs, plumbing work)
  • Other costs such as council tax, utilities and other bills.

It is important to remember that your home may be repossessed if you do not keep up repayments on your mortgage. You may risk being made homeless.

This handy calculator tool is a good way to explore and consider the costs of buying your own home.