Posted: 06 Feb 2018
#New Home #Affordable Home #First Time Buyer
A must-read for all prospective first timer buyers
In the current economic climate of rising inflation and low wage growth, purchasing your first home can be financially challenging, or at worst, an unobtainable feat. It’s no wonder that so many people are choosing to remain in rented accommodation or are moving back home to live with family.
However, there is a solution for those wishing to get on the housing ladder – Shared Ownership. Shared Ownership allows first time buyers to own a share in a property. As buyers only need a mortgage on the share they own, the deposit required for a Shared Ownership home is often much lower than for a typical property purchase.
Shared Ownership buyers are also required to pay rent on the share of the property they don’t own. But again, this amount is often more affordable than renting privately. Furthermore, while Shared Ownership buyers only purchase a share, they can live in the home as if they own it, and increase their share until they own all of the property.
Finally, Shared Ownership prices are more strictly regulated than on the open market. Indeed, we employ the Royal Institute of Chartered Surveyors (RICS) as an independent body to value all of our homes, which givers buyer’s peace of mind they are paying the right price for their new home.
Are you looking for a stylish and modern home?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.
If you're a first time buyer and interested in owning a shared ownership property in London and the South East then click on this link to take a look at our latest developments.