Shared Ownership is a fantastic option for those eager to step onto the property ladder without the hefty price tag of full ownership. This government-backed scheme allows you to purchase a percentage of a property, typically between 25% and 75%, while paying rent on the remaining share owned by a housing association. Over time, you can increase your ownership through a process known as 'staircasing', gradually moving towards full ownership.

This scheme is particularly beneficial for first-time buyers, single-income households, and those looking to settle in more expensive areas. With lower entry costs, Shared Ownership makes it possible to secure a home with a smaller deposit and mortgage, easing the financial burden for many. Additionally, these properties are often modern new builds, boasting energy-efficient features and contemporary layouts.

However, it's important to weigh the pros and cons. While the initial costs are lower, you'll still be responsible for paying rent on the portion you don't own, along with any service charges if it's a leasehold property. Furthermore, making significant changes to your home may require approval from the housing association, and selling the property can be somewhat restrictive, as the association usually has the first right to find a buyer.

Ultimately, Shared Ownership can be a brilliant stepping stone towards full home ownership, but it's crucial to understand the terms and assess whether it aligns with your long-term goals and lifestyle. If you're considering this route, why not chat with us at Maddisons Residential? We can help you navigate the local property market and find the perfect Shared Ownership opportunity in Tunbridge Wells.

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.