Shared Ownership has been around for a long time but only recently has it begun to really take off as a new way of being in the housing market. With first-time buyers finding it harder and harder to find a spot on the property ladder that really suits them, shared ownership is the answer to many people’s queries about buying their first home in an evermore competitive market.
What is shared ownership?
Essentially, buying a home through shared ownership allows you to part-buy, part rent your property without sharing it with anyone at all. Sure, you could get a friend to move in with you to share the mortgage and combine your savings but what if you don’t get on too well, or they leave the toothbrush on the side instead of putting it away or they leave their wet towels ont he floor? No one like to shared so shared ownership makes it super simple and easy to get on the property ladder with the helping hand of a housing association. They act as the person you have split the mortgage with except they don’t have any annoying habits and they’ll also let you buy more of the property off them over time when you feel ready. You can begin by buying a share of between 25% and 75% and up that in installments of 10% or however you see fit. And the part rent bit is also not as scary as it sounds as it is a fraction of the average rent of a property of that size in that area and then made even more manageable by the portion you have bought. Altogether your monthly payouts for your home will most certainly be less than renting alone and you can also reap the benefits of having applied for a smaller mortgage making you more likely to be accepted and ensure its weight just about fits you and what you can carry.
After all the joys 2020 has brought us the government have come up with a stamp duty holiday to take the pressure off when it comes to buying. The Stamp Duty Land Tax Holiday ends March 31st 2021 so you quill have to be quick but that’s the beauty of the scheme, it allows you to be quick. Stamp Duty can be a cost up to £15,000 a something you may not have saved for after the years of putting away for your deposit and solicitor fees. This holiday means you won’t have to pay a penny on a property under £500,000 so you will really make it easier for yourself.
Why Shared Ownership?
Along with saving money and Shared Ownership allows you to get your hands on a property in a sought after area whether that’s Shared Ownership in Harrow or Houses for Sale in Tenterden, there is a whole host to choose from. The idea is all about opening up the market to first-time buyers and allowing them to get in there before property investors or those who buy to rent out and charge extortionate prices for properties that are simply not worth throwing that kind of money at. With Shared Ownership you get a modern home with all the benefits of the best transport links, ideal amenities, a great young professional community and the commuter town feel. So whether you’re looking to settle down in Shared Ownership Sevenoaks or houses for sale in Herne Bay tickle your fancy, shared ownership may just be the answer you’ve been looking for.