Shared ownership is another way for first time buyers to own a home. There are many reports of young people are still struggling to buy their own home.
Shared ownership is a way for first time buyers to get their foot on the housing ladder
The fact that it can take a long time to save up for a deposit to own your first home. In some cases it could be several years of saving money to buy your first home. That is why more younger people should consider a shared ownership home as a way to get their foot on the housing ladder.
To recap, it is a way to part own/ part rent your home. Shared ownership schemes are typically run by housing associations, however there are now new organisations entering the market to offer these affordable homes. It is worthwhile trying to find out what shared ownership schemes are available in the areas where you are looking to live.
Opportunity for first time buyers to increase their stake in a shared ownership home
Whilst first time buyers of shared ownership properties won’t own them outright initially, in a lot of cases there is an opportunity to do so once you are settled in your new home. The criteria may differ depending on the schemes available so it’s worthwhile doing your homework to find out.
Shared ownership is a great way for first time buyers to get a stake in their home. Understandably a lot of first time buyers will be keen to find a home they can purchase outright with a mortgage and a deposit. However, it is worthwhile considering the benefits of a shared ownership home. Not only does it mean saving less for a deposit, but they potentially give you a better opportunity to buying your first home.
Yes, you will only own a share of the home initially, however as I mentioned earlier in some cases you can look to buy the remaining share from the housing association. So there are opportunities for first time buyers to fully own their shared ownership.
