Introduction to Shared Ownership:
With so many people struggling to get onto the property ladder on the open market, there are numerous reasons why we love Shared Ownership at Space Property. Shared Ownership provides a great opportunity for home ownership when affording 100% of a home is out of reach.
In order to be able to buy a property through Shared Ownership you will need to be a first time buyer and have no ties to any other properties on completion. As well as being unable to buy on the open market, your combined household income must be less than £80,000.
Here are our 5 benefits of buying through Shared Ownership:
- You can purchase as much of a property as you can afford
Shared Ownership helps you to get on to the property ladder and own your dream home without having to pay the full marketing price up front. Based upon your affordability, you can buy an initial share of your home between 25% and 75%. You then make a small monthly payment to rent the remaining share from us. This means your deposit can be as little as 5% of the share you’re purchasing!
2. It’s a great way to get out of the renting cycle and become a home-owner
Don’t worry you can also purchase additional shares of your home, this is known as staircasing. With no deadlines on when you can staircase you can gradually reduce your monthly rent payments and end up owning 100% of your home as you can afford it.
3. You can own a high quality, new build home affordably
Shared Ownership is available on a range of new build properties, so we have put together a few of our top shared ownership properties this month:
30% for £43,500
A spacious brand new 3 bedroom home available on the sought after development Staynor Hall, Selby. This property boasts endless features and is available with Shared Ownership with shares starting from 30% for £43,500 with rent payable of £232.60 on remaining 70%.
Shares start from 35% for £46,375
An exciting opportunity to step on to the property ladder with Shared Ownership at the popular development Ashmeade Park.
35% for £57,750
An exciting opportunity to step on to the property ladder with Shared Ownership with shares starting from 35% for £57,750. This brand new home boasts 2 double bedrooms and open plan kitchen diner.
4) Your own blank canvas
Unlike renting, your Shared Ownership home it is yours to decorate however you like.
5) Changed your mind? It’s easy to sell your Shared Ownership property
If you’re a first time buyer it is unlikely your first home will be your last so with Shared Ownership you can sell your home at any time and will benefit from any increase in value your property has gained.