What are the benefits of Shared Ownership homes?
Trying to work out if Shared Ownership is worth it? Here are some of the standout benefits of Shared Ownership homes.
At a time where housing prices in London are sky-high, you’d be forgiven for thinking your dream home is far out of reach. However, don’t dash those home-buying dreams just yet. Shared Ownership can help you buy a property in London at a price that won’t leave you out of pocket.
Trying to work out if Shared Ownership is worth it? Here are some of the standout benefits of Shared Ownership homes:
The benefits of Shared Ownership:
● More accessible
● A good selection of homes
● Choose from great areas in London
● Freedom to personalise
● A route to future home ownership
One of the best things about Shared Ownership is that it offers you an affordable route to home ownership. Why? Because it helps you avoid the grim process of spending years saving a big deposit and puts you at the front of the line for a stunning new apartment. This is because you’ll only need to buy a share of your home - as little as 10% - and rent the remainder of the property. If that wasn’t enticing enough, the rent is also 20% lower than the market rate!
Many first-time buyers find that their dreams of home ownership are cut short by a lack of income or a difficult mortgage plan. However, Shared Ownership makes it easier for people with lower incomes to take their first steps towards the property ladder. For example, it’s only available for people with a household income of £90,000 in London, and £80,000 elsewhere in the UK. This makes the scheme especially popular amongst young professionals, first-time buyers, or simply people who have previously been unable to secure a mortgage.
A good selection of homes
You might think that an affordable home ownership scheme would limit your choice of what home to buy but prepare to be surprised. Shared Ownership makes it possible to buy all kinds of properties, from new build flats to traditional family-sized homes. While Shared Ownership is mainly available on sleek newly built homes (which come with a host of benefits), you can also use the scheme on resale properties for a more classic touch.
Choose from great areas in London
Buying your first home isn’t just about how it looks and feels - it’s also about the quality of the neighborhood you choose. Thankfully, Shared Ownership allows you to spread your wings and reside in some of the most desirable parts of London. Whether you prefer living near buzzing Central London, or a quieter neighborhood on the outskirts, Shared Ownership is the way to do it.
BE WEST has several eye-catching developments located in buzzing West London, giving you a perfect platform to enjoy London life.
Freedom to personalise
Tired of renting and not being able to put a personal touch on your space? Why not make the jump to Shared Ownership, where you’ll have the freedom to personalise your home, without the full cost of home-buying. If you want to give your new apartment some much-needed character, Shared Ownership gives you plenty of scope to go design-crazy - as long as your plans are within the terms of your agreement.
A route to future home ownership
Shared Ownership doesn’t just help you land an apartment in the present - it also sets you up for future home ownership. Through a handy process known as ‘staircasing’, you can buy further shares of your Shared Ownership property, with the eventual goal of owning 100% of your home. Usually, you’ll have to wait around 1-2 years to buy more shares, which gives you plenty of time to start saving your pennies. Buying more shares will result in higher mortgage repayments, but you’ll also cut down the rent you’re expected to pay!