Why Shared Ownership could be the perfect next move for you
With the average rental rate in London jumped a massive 16% over the space of just one year in 2021 (source: Rightmove, 2022) now really is the right time to start thinking about getting onto the property ladder if you’re a renter. We all know though that’s easier said than done, especially within London, due to high house and deposit prices. This is the beauty of Shared Ownership as it allows buyers to purchase a share of the home that is most affordable to them. And, unlike with renting this is largely money that you’re investing that you’ll see again.
It might be that you don’t know much about Shared Ownership. If you’re a renter here are our top three reasons why Shared Ownership might be your perfect next move:
1. Houston, we have a solution
Hundreds of thousands of people have benefited from Shared Ownership over the past 40+ years. Shared Ownership is a government-backed product and is a great solution for people who want to get their foot on the property ladder but might be finding it difficult to save for a lofty deposit. The ‘Shared’ part means that you part own your property and part rent the home from the housing provider (in this case that would be RHP). Fortunately, the ‘Shared’ element doesn’t mean you’re sharing the property with others – meaning your housemate nicking all of your milk and the 20-minute wait for the morning shower can finally be a thing of the past.
2. Deposits that open doors rather than slams them
With the average London rental deposit being £3,000 (source: Letting Agent Today, 2021), a deposit for a Shared Ownership home is often not massively that much more than this. This is because your deposit is typically 5% of the minimum share of the home itself. With the usual deposit for a purchased home being 10% of the overall price of the home this makes a massive difference in terms of affordability.
3. Make it your own
Sometimes the ‘dos & don’ts’ of landlords can rival a good novel in terms of how long they go on for! This limits you in what you can do within your home, meaning you can’t put the personal touches in there that makes a house a home. With a Shared Ownership home, you’re free to do all the things you’d like to do to customise your home to your taste. From putting up your pictures through to painting a statement wall, let your imagination run wild.
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