What type of property can I buy?

Co-Ownership supports a wide range of property types across Northern Ireland, from traditional terraced houses to modern apartments. The key is that properties must meet certain standards to protect both you and Co-Ownership, and to ensure your home remains a sound investment over time.

Here we’ll explain what types of properties are eligible, the restrictions you need to be aware of, and what to look out for when you're viewing homes.

Eligible property types for Co-Ownership

Most standard residential properties in Northern Ireland are suitable for Co-Ownership, as long as they meet our criteria.

Houses of any style are eligible, including terraced, semi-detached, detached, townhouses, and bungalows. These can be new builds or resale properties, and they can be freehold or leasehold depending on the development.

Apartments and flats are eligible, whether they're in purpose-built blocks, converted buildings, or mixed-use developments with commercial space on the ground floor. Like houses, these can be new or resale properties.

Maisonettes, typically a self-contained flat over two floors, are also eligible as long as they meet our general property standards.

The property must be suitable as a permanent residence. It needs to have all the facilities you'd expect in a home, including a kitchen, bathroom, heating, and appropriate living space. Properties that are designed primarily for holiday use or that have restrictions on permanent occupancy aren't eligible.

New build and resale properties

Both new build and resale properties are eligible for Co-Ownership. Each has advantages depending on your circumstances and preferences.

New build properties come with NHBC or similar warranty protection, usually for 10 years, which gives you peace of mind about the building's construction and structure. Everything is brand new, so you're unlikely to face major repair costs in your first few years of ownership. Many new builds are also more energy efficient than older properties, which can lower your heating bills. However, new builds can sometimes be more expensive per square foot than resale properties in the same area, and you may have limited scope to negotiate on price.

Resale properties that have been previously owned are often in established areas with mature gardens and settled communities. They may offer more character and period features than new builds. You also have the benefit of seeing exactly what you're buying, including how the property has weathered over time. These properties can sometimes offer better value, and there may be more room to negotiate on price. However, older properties may need repairs or updates sooner, and running costs might be higher if insulation and heating systems are less efficient.

Both types are assessed using the same criteria, so the choice comes down to your personal preference and what suits your budget.

Leasehold properties

If you buy a leasehold property, this means you own the property itself but not the land it sits on, and you have a lease that runs for a set number of years.

Some leasehold properties come with an annual charge paid to the freeholder, as well as service charges or management fees that cover the maintenance of communal areas, buildings insurance for the structure, upkeep of gardens or shared facilities, and sometimes utilities for communal spaces.

These costs are your responsibility as the leaseholder, and they're separate from your mortgage (if you have one) and rent to Co-Ownership. When you're viewing leasehold properties, always ask what the service charges are, and factor these into your budget. 

Your solicitor will review the lease terms in detail before completion to make sure there are no unusual restrictions or excessive costs.

Property location

The property must be located in Northern Ireland, and most residential areas are covered.

When you're considering a location, think beyond whether we can approve it. Consider your daily commute and how easy it is to get to work, including access to local amenities like shops, schools, healthcare, and leisure facilities. Consider public transport links if you don't drive or want to reduce car use, the character of the area and whether it feels right for you, and the potential for the area's future development and property values.

Visit the area at different times of day if possible. A quiet street at 2pm on a Tuesday might feel very different at 8pm on a Friday evening. Talk to neighbours if you get the chance too, they can give you insights into what it's really like to live there.

Property condition and standards

Properties must meet basic standards of construction, condition, and safety. Our surveyor will assess this during the property assessment, but it's helpful to know what we're looking for.

The property must be structurally sound with no significant defects in the roof, walls, or foundations. It needs to be weatherproof and secure. There should be no evidence of serious damp, rot, or structural movement that would be expensive to fix or affect the property's long-term stability.

Essential systems like heating, plumbing, and electrics need to be in reasonable working order. They don't have to be brand new, but they should be safe and functional. If a property needs a new boiler or rewiring in the near future, this is something to consider in your budget.

The property should be in a reasonable state of repair overall. We're not expecting perfection - all homes need maintenance and updates over time - but properties requiring extensive structural work, major renovations, or significant investment to make them liveable aren't suitable for Co-Ownership. As a guide, properties that require more than £6,000 of work won’t be accepted.

If you're viewing a property that clearly needs a lot of work, it may not meet our standards even if the price seems attractive. Properties sold as requiring modernisation or in need of renovation are often not eligible.

Properties we can't approve

Some property types and situations aren't suitable for Co-Ownership. It's worth knowing these before you start searching to avoid wasting your time viewing unsuitable properties.

We can't approve properties that fall into the following categories:

• listed buildings requiring special consent for alterations, unless all necessary listed building consent is already in place for any previous work.
• properties with restrictive covenants that prevent Co-Ownership or limit occupancy.
• properties in developments where the lease or management company rules don't allow Co-Ownership.
• properties requiring immediate major repairs or structural work.
• properties with serious defects like subsidence, significant or ongoing structural movement, or structural damage.
• ex-local authority properties that are subject to a right to buy.
• properties purchased at auction, as these typically have tight completion deadlines that don't allow time for our assessment process.
• properties without suitable build warranty. new builds need 10 years of warranty remaining, and resale properties need the balance of the original 10-year warranty where applicable.
• architect-certified properties rather than those with standard NHBC or similar warranties.
• mobile homes, temporary structures, or properties that are not permanent residential buildings.
• HMOs (Houses in Multiple Occupation).
• properties with annexes such as granny flats or separate living accommodation.
• properties affected by Japanese knotweed.
• properties that are incomplete or sold "as is" without being habitable.
• properties that are underpinned or stated to be defective.
• properties with agricultural use restrictions or that are used for purposes other than as a residence.
• properties that don't front onto an adopted road.
• properties with private water supply rather than mains water.
• homes without central heating systems.

We also can't approve properties where there are concerns about future saleability, such as homes in developments with known structural issues, properties in areas with declining demand, or homes with unusual features that might make them difficult to sell in the future.

Properties requiring further investigation

Some properties may be acceptable but will need additional checks before we can approve them. This can delay your home buying process, so it's worth being aware of the following situations early on:

• previous alterations or extensions. If work has been done on the property, it may have needed planning permission, building control approval, or other consents. These must all be in place and documented before we can approve the purchase.
• roads, sewers and septic tanks. The situation can be complex and varies with individual properties. We must establish what arrangements will be in place on completion, and this may not be immediately clear from initial checks.
• renewable energy systems such as solar panels or wind turbines. These must be owned by the seller, not leased. If they're leased, the property may not be acceptable.
• properties in buildings containing or close to commercial units. Whether the property is acceptable depends on how the commercial unit affects the property's value or your enjoyment of it. Contact us to discuss before making an offer.
• if any part of the property could be used for business, or if the property has land other than a garden, please contact us.
• properties with retaining walls. Acceptability depends on who owns the wall and its state and condition. This will need to be assessed on a case-by-case basis.

If you're unsure whether a property you're interested in might fall into any of these categories, speak with the estate agent involved in the sale for further details. It's better to check early than to have an offer accepted and then find the property isn't eligible.

What to look for when viewing

When you're viewing properties, it's easy to get caught up in the staging and decoration. Try to look beyond the surface and think about the property's condition, suitability, and potential costs.

• Look at the overall condition of the property. Are there signs of damp like peeling paint, musty smells, or staining on walls and ceilings? Check windows and doors, do they open and close properly, is there condensation or rot? Look at the state of the kitchen and bathroom, even if you plan to update them eventually, are they functional for now?
• Ask about recent work. Has the roof been replaced? When was the boiler last serviced? Have there been any extensions or major alterations? If work has been done, were proper permissions obtained and is there documentation?
• Think about space and layout. Does the property work for your needs now and in the foreseeable future? Are rooms a practical size? Is there enough storage? If you're viewing an apartment, is there parking or storage space included?
• Consider running costs. How energy efficient is the property? Are there double glazed windows? What type of heating system does it have? Older, poorly insulated properties can be expensive to heat, which affects your monthly budget.
• If you're viewing a leasehold property, ask to see the lease and recent service charge statements. Check what's included in the service charge and whether charges have increased significantly in recent years. Some developments have very high service charges that can make the property unaffordable despite a reasonable purchase price.

Don't be afraid to ask questions or request a second viewing. It's a big decision, and you should feel confident about the property before making an offer.

Getting a feel for value

While our surveyor will assess whether the property represents fair value, it's helpful to have your own sense of what properties are selling for in the area.

Look at recently sold properties on websites like PropertyPal. These sites show sold prices for properties in the area, which gives you an idea of what similar homes actually achieve, not just what they're listed for.

Compare like with like. A three-bedroom semi in good condition will be worth more than one needing work, even on the same street. Location within a development or area also affects value, properties on main roads or backing onto busy areas are usually worth less than those in quieter spots.

If you're struggling to gauge whether a property is fairly priced, consider getting a local estate agent's opinion. Most agents will give you an informal view, especially if you might use them in future when you sell.

Properties outside your approval limit

Your Co-Ownership Approval shows the maximum property value you can buy. If a property is over your approval limit, you'll need to look at more affordable options or consider reapplying once your circumstances improve.