If you’re looking to buy a home in 2022 but you’re not quite sure where to start then shared ownership could be your answer. This government scheme allows you to take a more flexible approach to buying a home and definitely takes the pressure off your finances. Shared ownership is quickly becoming one of the most popular schemes to get first time home buyers on the property ladder and with plenty of benefits, knowing your options with shared ownership could bring you a whole host of opportunities in 2022.
What is Shared Ownership
This housing scheme allows you to buy a share in your home instead of the whole property all at once. Shared ownership doesn’t mean you have to share with anyone, in fact it may be easier to get a home on your own with shared ownership with the reduced deposits. As you only buy a share in your property this means you only pay a deposit on this portion and this could be as little as 5% of your share. Ensuring you don’t have to compromise when it comes to the size and location of your home, buying a share allows you to move into the home you love at a convenient price.
The portion of the home you don’t own will belong to a housing association that’s rental charges are significantly lower than that of a private landlord. In fact with shared ownership you will often pay less per month than if you were renting from a private landlord alone in the same area with the same size home.
Moving up the Property Ladder
Another great feature of shared ownership is the fact you can buy more of your property overtime. You can increase your share of the property and the percentage you want to own. With initial shares offered between 10% and 75%, you can eventually buy 100% of your home when the time is right. You can also spread out the coat of stamp duty and obtain a smaller mortgage while increasing it to fit your future plans. The more you own, the more profit you will get when you decide to sell. This process is called staircasing and it means you can move up the property ladder without moving anywhere at all.
Size and Location
One of the best parts about the scheme is the homes and locations that are available. With shared ownership now widely available you can buy a shared ownership home in Bromley to Brighton. These homes are also almost all new builds so you can expect top quality interiors and bespoke finishes. And with many London boroughs now being transformed into young professional havens, shared ownership homes in Dartford to West London are seeing increased sales across the board.
Shared ownership homes are available on a range of platforms including connectwithhome.co.uk and the process is quick and simple. If 2022 is your year to get on the property ladder it’s well worth checking out shared ownership.