Why Shared Ownership homes are perfect for first-time buyers
Offering a more affordable and streamlined route to the property ladder, Shared Ownership is a great option for first-time buyers. Why? Find out the answers here.
To call buying your first home a difficult task is a bit of an understatement. As well as taking in a ton of new information and concepts - what exactly is a property chain? - you’ll also have to compete with seasoned home-buyers who have years of experience on their side.
But while buying a regular property can be intimidating, that certainly isn’t the only way to go about it. Offering a more affordable and streamlined route to the property ladder, Shared Ownership is a great option for first-time buyers. Why? Find out the answers below:
They make home-buying more affordable
If you’ve ever tried to buy a property before, you’ll know that the biggest hurdle can be the price tag attached to it. But with Shared Ownership, the drawn-out process of saving up with a huge deposit becomes a thing of the past.
Wondering how Shared Ownership works? The scheme allows you to buy just a share of your dream home, while you rent out the part still owned by your housing provider. In other words, you’ll have all of the benefits of home ownership, without damaging your bank account beyond repair. This also means that households with lower income can find the perfect home for their needs, without paying beyond their means!
They make home-buying smoother
One of the things that might put you off starting your home-buying journey is hearing a horror story about how complicated the process can be. From saving up a big enough deposit to signing a ton of important contracts, buying a regular property on the market can be a bit of a pain.
However, Shared Ownership is designed to take the struggles of home-buying away. Reducing the need to save a huge deposit - you’ll only need to put a deposit towards the share you’re buying - Shared Ownership is a much more manageable way of buying a home, helping you move into a new property without waiting an eternity. Given that Shared Ownership homes are ready to move into and chain-free, you’ll also get to escape the dreaded property chain.
A great investment
Unlike renting a home, Shared Ownership is a great starting point to future home ownership. After a set period of usually around 2 years, you’ll be allowed to buy more shares of your property through ‘staircasing’, with the hopeful goal of eventually owning 100% of your home. The more property you own, the less rent you’ll be expected to pay. So, if you want your hard-earned cash to go towards something long-lasting, Shared Ownership is the way to do it.
Enjoy both support and a sense of community
When you’re buying your first property, it can sometimes feel like you’re taking on a tremendous burden entirely on your own. But with Shared Ownership, you’ll never feel neglected on your home-buying journey. Most housing providers come with a great customer service team who can answer your enquiries or questions about Shared Ownership, and BE WEST is no different!
What’s more, you’ll have the platform to get more involved in your local community - many Shared Ownership apartments come with communal gardens and terraces to socialise with your neighbors. Although, if you prefer to withdraw to chill out in your own private space - that’s entirely okay too!
Is Shared Ownership only for first time buyers?
If Shared Ownership was designed for anyone, it’s the struggling home-buyers who have never been able to find a home at an affordable price. However, the scheme isn’t just for first-time buyers! It’s also available to people who have bought a home before, provided that they are in the process of selling it, and also pass the criteria for Shared Ownership. So if you’re not in love with your current property, Shared Ownership could be the perfect escape strategy.
Want to learn more about the wonders of Shared Ownership? BE WEST will be at Share to Buy’s London Home Show in Autumn, giving you the opportunity to ask us in person!
At BE WEST, you can use Shared Ownership to buy your dream home without breaking the bank. Check out our property search to get your home-buying journey underway!