Collaborative Post
So we’ve all become a little more acquainted with our abodes since we’ve been cooped up inside them for quite some time. Whether you’ve reworked your interior or you’re looking for a completely brand new one, refreshing your day to day setting might just be what you need to bring back a new lease of life into your space. And while there is more than one way to reset your home, if you’re looking for something that works with the family, your space and your work in itself, London may just be your answer.
Shared Ownership
If you haven’t already heard of Shared Ownership it basically involves buying a share of a property and renting the rest. This means you only pay a deposit on the share you wish to buy which can be as little as 5%. With monthly outgoings often cheaper than renting from a private landlord, you can ease yourself onto the property ladder with a manageable mortgage to start with and increase your share as you save.
New Developments
Shared Ownership is a great way to take advantage of the property ladder without paying sky high London prices. New Developments are cropping up all over the show in London with brand new homes, apartments and villages for a fraction of the market average and with a whole load of new amenities to go with them. These new developments are allowing for new and upcoming areas, thriving in terms of enterprise and accessability, to really flourish and bring in the generation of young business minds and professionals. Ebbsfleet is just one development that has transformed the Kent commuter belt and brought a new vitality to this eclectic area. Another great property investment is that of Lewisham that’s new centre and outdoor areas have been given quite a bit more than a lick of paint and while their property prices are set to rise with all the new improvements, now is a great time to get your hands on a new home here.
Help to Buy
This is more of a case of ‘it does what it says on the tin’. Help to Buy homes allow the buyer to put down a 5% deposit while receiving a 20% equity loan from the government for 5 years with no interest. This could really help take the pressure off when it comes to buying and saving for those oh so hefty deposits. So if you feel like its time to get a move on with your house buying journey but not sure where to start, shop around the shared ownership market or head over to propertybooking.co.uk for plenty of info on how to banish those first time buyer blues.
” Shared Ownership ” :- May be an option for some. Though seems that much relevant, accurate, honest information is needed. As with any home / house /property there is a need to take account of every single cost / fee/outgoings, etc.
As with buying :- Legal fees, building Insurance, Contents Insurance, Maintenance, Repairs, Deeds for Property (knowing property lines, property boundaries, etc. Who is responsible for what in regards to yourself / neighbour /s :- Perhaps shared wall, shared fencing, etc)
Whereas with renting :- Landlord normally/ usually responsible for Repairs, Maintenance, annual Gas Checks being done by Reputable Professional/ Company / Service Provider. Housing Building Insurance.
There is a need to know who is responsible for what, what is Shared and How.
Home may be home for a time, or possibly for life. Situation /circumstances can change. So there is the need to think / plan for the long/er term. If you may need to move due to changed circumstances :- How do you stand in regards to “Shared Ownership “? Can you sell up? If so :- Who to :- As there may be limitations, no choice. Yet if moving then likely to need finance from the property in order to address future needs.
Consider if there is anyone you know who has personal experience of “Shared Ownership ” :- They may be willing to discuss their experience/s.
Getting on a property ladder can be quite tough these days but sharedownership is such a great scheme that people can start with.
Some excellent tips and advice, when we were young we thought about going to London, and then more recently we thought being near it, but there are currently to many obsticles for us.
Shared ownership is a good way to get onto the property ladder. One of my friends did this a few years back. She was renting for years before. This way she actually has something of her own which is great!
Whether or not this is the best way forward I’m unsure – for a start I can see that the selling process might be far more complex but I do think we need more creative schemes like this to give people the chance to get on the property ladder – either that or we need to embrace renting as a way of life, not as a temporary stopgap. Interesting post.
This looks like a good option for first time property buyers. I know how difficult it is to save money for a downpayment for a property especially if you are currently renting and raising a family. This Shared Ownership is a big help. I will share the info with my cousin who lives there.
Shared ownership is a good idea. Just need to try and pay it off after the period ends. It is good to get on the ladder especially now
We do head to London quite a bit and I have wondered about getting a property there but decided otherwise as it was too expensive. I might take a look again as I was not aware of Shared Ownership until I read your post.
I have always thought it is so difficult to get on the property ladder in London but shared ownership is one way to think about it and a good option.
I think this is a great time to buy with the stamp duty holiday. We are definitely thinking of selling and moving again.
Getting on the property ladder can be really tough, especially in London. I live just outside and it was really tough to do it on my own. I did look into Shared Ownership and the Help to Buy Scheme, in the end I managed it on my own, but it was tough!