How Shared Ownership Can Help First-Time Homebuyers

Shared Ownership can be a great option for people looking to buy their first home, without drowning in debt. Still unsure? Here are some of the key benefits of Shared Ownership.

Are you a first-time buyer put off by the sky-high cost of buying a home? Well, you’re not the only one. But don’t give up just yet – Shared Ownership is here to save the day (and your bank balance). Providing a quick and affordable alternative to buying a home on the market, Shared Ownership could give you the helping hand you need to get on the property ladder.

If you’re yet to discover the wonders of Shared Ownership, here are some of the ways that Shared Ownership could help you:

What is Shared Ownership?

Shared Ownership is an affordable home ownership scheme that enables struggling home-buyers to own a share of their home, while renting the part they don’t own (at a discounted rate!). This is super handy if you are a first-time buyer or simply finding it hard to save up to buy on the open market!

What are the benefits of Shared Ownership?

Offering first-time buyers a more affordable route to the property, it’s no surprise that Shared Ownership is becoming increasingly popular in London. But if you’re still yet to be convinced, here are some of the key benefits of Shared Ownership properties:

Find a home in an area you love

Buying a nice apartment isn’t just about how everything looks – it’s also about living in an area you love. Thankfully, if you buy a Shared Ownership home, you won’t need to settle for an area you don’t like. Instead, the scheme makes it possible to live in some of the most popular parts of the capital city! For example BE WEST can help you put your roots down in West London, whether you want a traditional home in Fulham, or a new build apartment in Hammersmith.

Speeds up the saving process

Unless you suddenly win the lottery, saving up for a home is not something that happens overnight. But with Shared Ownership, you can cut out the time-consuming process of saving the funds for your deposit. As you are only buying a share of your home, your deposit size will be a lot smaller – as will the cost of your mortgage repayments. So if you’re eager to have your own place, Shared Ownership could be the quickest way to do it!

Enjoy a brand new home

Because Shared Ownership makes home-buying more affordable, you might think that you’d have to skimp on the quality of your apartment. However, this is far from the case! Most Shared Ownership homes are new build apartments that are kitted out with the latest fixtures and appliances, reducing the chance of wear and tear over time.

What’s more, you’ll also be able to personalise this space as you please. And if new apartments aren’t quite your style, Shared Ownership is also available for resale properties!

Get the option to buy more shares

While you’ll start out by buying a small share of your property, that is by no means the end of the home-buying fun. Once you’ve lived in your home for a set period of time, you’ll soon be given the option to buy additional shares through a process called ‘staircasing’.

But what is staircasing? Named after the ‘step-by-step’ process of buying more shares, staircasing enables you to own more of your Shared Ownership home over time. The more of your property you buy, the cheaper your rent becomes!

You’ll get a helping hand

Whether you’re buying a home through Shared Ownership or through private sale, buying your first home can be a stressful process. But with Shared Ownership, you’ll get a helping hand every step of the way. At BE WEST, we offer impartial advice and all of the info you need on how Shared Ownership works. Whenever you’re ready to pull the trigger on your dream home, we’ll be there to make your move as smooth as possible!

If you are struggling to get on the property ladder, BE WEST could help put an end to your home-buying woes. With a stunning selection of Shared Ownership homes in West London, you’ll be able to start your home-owning journey in style.