"When it comes to selling your flat, every £1 spent on common repairs is worth at least twice the £1 spent on internal decoration"
Jaqueline Shaw, Local Estate Agent
- Start saving. You can set up a maintenance account, managed by the Owners Association, that all owners pay into on a regular basis or in lump sums so there is money available to pay for regular maintenance and small repairs.You should all also be saving a few pounds every week for major repairs. At least £50 a month is good figure to consider for the maintenance account and future saving. But some tenements may need more cash saved.
- Get a loan or extend your mortgage –sometimes it is just not possible to save quickly enough to pay for a repair. Get good financial advice before you do this so that you get the best loan for you. Extending your mortgage or taking out a new mortgage can be the best value solution.
- Ask the Council if grants are available – but these are becoming less and less common.
- If you can’t get a grant or a loan, phase works over a period of years
Owners on income support or pension credit
If you take out a loan or extend your mortgage to pay for important repairs, you may get help with the interest payment on the loan. Get welfare benefits advice to see if you qualify and help you argue your case.