How we work out the price you have to pay for your property
We will work out the price of your home based on a number of factors. These include those listed below.
This value is the price of your home assessed by an independent professional valuer. The valuer does not work for the Housing Executive.
The independent valuer’s firm cannot
- provide you with a mortgage
- provide other financial services to you
The valuer assesses the market value of your home at the date that you applied to buy it. You can challenge this valuation if you don’t agree with it. Land and Property Services will then assess it.
This revised market value may be higher or lower than the original price offered. Both you and the Housing Executive must accept this valuation or you will not be able to buy your home.
After you have been a tenant for five years, you will receive a discount of 20% off the market value. For each extra year that you have been a tenant you will then receive another 2% reduction of the market value, up to 60%.
The most that we can take off the market value of your home is £24,000. You may then choose to sell your home. If you do this within five years of the date that you bought it then you must pay back any discount that you received.
You may have taken over the tenancy from a spouse or parent. We call this a “succession” or an “assignment”. If you became a tenant this way, it may affect the discount that you receive.
Contact your Regional Place Shaping office for further advice.
Historic cost is the amount that it cost the Housing Executive to build, improve or buy the property. We can only sell your home for less than this historic cost if the market value is lower. You would not receive a discount in these circumstances.
The historic cost does not include repair costs. It covers this year and the previous 10 financial years.
We do not include any improvements that you have carried out in the price you have to pay to buy your home.