Shared ownership stands as a government-supported initiative that simplifies the process of purchasing an abode. This system entails buying a portion, usually ranging from 25% to 75%, of a property while simultaneously paying rent for the remaining share to a housing association.
Shared ownership offers benefits encompassing;
- Affordability: When compared to property purchases, shared ownership provides a financially feasible pathway towards homeownership. One only needs to secure a deposit for their share of the property, resulting in mortgage payments than if they were buying the entire property.
- Flexibility: Shared ownership allows for adaptability, allowing individuals to purchase much or as little of the property as their budget permits. Furthermore, one can gradually increase their stake in the property through staircasing. Even opt to buy it eventually.
- Security: Shared ownership guarantees stability when acquiring a home. The responsibility for maintaining and repairing the property lies with the housing association, ensuring that individuals possess the same rights and privileges as any homeowner.
Is shared ownership, for me?
Shared ownership is a choice for individuals who are facing challenges in affording a home without assistance. It also serves as an option for those who are still determining the duration they intend to stay in their residence, as it allows flexibility to increase or decrease your share based on changing needs.
How can I purchase a shared ownership property?
To acquire a shared ownership property, you should;
- Enroll with a housing association.
- Explore shared ownership properties that capture your interest.
- Present an offer for the desired property.
- Secure a mortgage specifically tailored to your share of the property
- Provide a deposit payment.
- Finalise the purchase and successfully transition into your home.
Pilkington Estates: Your trusted partner in shared ownership
At Pilkington Estates, we are proud to offer a selection of shared ownership properties within Plymouth and its surrounding areas. We are fully committed to assisting you in finding the property that suits both your needs and budget while providing unwavering support and guidance throughout the buying process.
If purchasing a shared ownership property sparks your interest, please do not hesitate to reach out to Pilkington Estates today. We are eager to discuss your requirements and help transform your dream of homeownership into reality.
Here are a few advantages of shared ownership;
You might be eligible for a government grant that can assist you in purchasing a shared ownership property.
As you gradually pay off your mortgage and increase your share, you will be building equity in your home.
You will have the rights and responsibilities of any homeowner, including the ability to vote in local elections and the freedom to sell your property.
If you’re seeking a flexible way to buy a home, shared ownership is a choice. Get in touch with Pilkington Estates today for information about our shared ownership properties and how we can help you fulfil your homeownership dreams.
