Shared ownership can be a great alternative to renting or outright purchase for those that can’t currently afford to pay the full price to buy a property, and yet it’s often overlooked, misunderstood and misreported.
In simple terms, you buy a percentage of a leasehold property – either outright or with a mortgage – and then pay rent on the rest to the housing provider. You then have the option of buying more of the property over time, known as ‘staircasing’ (usually up to 100%).
As specialists in the sector, our team at SOWN are here to guide purchasers through their shared ownership journey. Our dedicated staff will work with our in-house financial team arrange eligibility and affordability checks for you; helping you understand exactly what type of home is affordable and sustainable for you.
You could get a good deal on a re-sale property in 2024
Many shared ownership properties are ‘re-sales’ – existing occupied homes that are up for sale on the open market whereby a current leaseholder is looking to sell their share and move on. Listings for re-sales will highlight some key things to know:
As property prices haven’t moved much this year and some have fallen, you could get a good deal over the next 12 months if you buy an existing shared ownership home.
If you would like to have the security of your own home without the huge upfront deposit costs - especially if the alternative is renting long term - then do take a look at shared ownership, as it could be a great move for you in 2024! To find out more, just get in touch with our experts at SOWN.
FIND OUT IF SHARED OWNERSHIP IS RIGHT FOR YOU
Shared ownership could open the door to your dream home. But is it the right move for you?
We can help you decide.