With the housing market set to welcome a whole new generation of buyers this year with many young people taking advantage of the stamp duty holiday and the gentle recovery of the economy after a fairly testing year, shared ownership has become quite the favourite amongst first-time buyers. When planning on buying your first home it’s always good to shop around and really get to know your options when it comes to pricing and government schemes and shared ownership is no different. With millions of first time buyers already taking advantage of what this scheme has to offer, you’ll certainly be doing yourself a favour by getting yourself in the know when it comes to Shared Ownership.
What is Shared Ownership?
While it might sound a little complicated, shared ownership is everything but. A government scheme run by housing associations and non-profit organisations, this housing strategy allows you to buy a share in a property without paying the full whack on the mortgage and deposit right away. Essentially, you buy a portion of the home, this can be between 25% and 75%, and then rent the remaining portion for a slither of the cost of a normal rental property. While you may be buying just a portion of the home you most certainly get to live in the entire property and these new developments are taking over some of the most sought after areas, most particularly, London boroughs. As first-time buyers are only buying a percentage of the total value it also means they only pay a deposit on this value, making those frightfully daunting initial payments a significantly lighter weight to carry. And with a small slice of mortgage, you are more likely to be accepted and can balance the cost knowing you’ve also safely made it onto the property ladder.
How Shared ownership could help you
We all know just how tedious saving for your first home can be. And even once you have saved enough for a deposit, you get to the finish line and it appears it is, in fact, a whole new start line and there is a whole heap of new costs you haven’t considered. Shared Ownership takes care of this as you won’t be moving into a house that needs a little work doing or a nip and tuck here and there. Shared Ownerships are new developments and as a housing association owns a portion of the property you can always reach out to them should you have any issues with your home. Another great reason to snap up a shared ownership deal is these properties are making some of the most expensive areas of London kindly accessible to the mere mortal or first-time buyer. With Shared Ownership in Sevenoaks, East London and houses for sale in Hackney Wick, if you fancy cutting out the commute to work, shared ownership is a great option.
Why 2021 could be your year
With many of us switching to remote working, finding a place that truly suits you and allows you the peace of mind that 2020 so kindly robbed from us all, could really help you to embrace a fresh start. You can browse all the best shared ownership properties in areas from Manchester to Brighton at propertybooking.co.uk and with many of our jobs, social interactions and necessities switched to the online medium making anywhere your home in 2021 and a switch up of scenery could really be the change you need for 2021.