Deciding if shared ownership or traditional renting is best for you? Here are some of the key factors to consider when making your decision:
Getting on the housing ladder can sometimes feel almost as difficult as scaling Mount Everest. If you need an excuse to ditch the climbing gear you’re in luck, because there’s a way to buy a home without the hassle of saving a huge deposit: shared ownership. Shared ownership is a scheme that lets you buy a share of your home with a low deposit while paying rent on the share you don’t own. It can provide an alternative to traditional renting and a more feasible option than full ownership for those looking to get on the housing ladder.
Consider shared ownership if…
You want your own space
Contrary to popular belief, shared ownership doesn’t mean sharing your home with others. In fact, shared ownership makes it possible to buy a home to call your own. Because even though having flat mates can be fun, sometimes, you just want more freedom and personal space. When you’re ready to transition from renting to living independently in your own place, shared ownership can help make you make the move – just like it did for Bluebell Heights resident, Ester.
You’re looking for a feasible way to own your home
One of the biggest hurdles to home ownership is hefty deposits and mortgage repayments. When you buy your home through shared ownership, you buy a share of the market value and pay rent on the remaining share owned by the landlord. As a result, the required deposit and monthly mortgage repayments on the share you purchase are much smaller, making home ownership more accessible.
You want to enjoy a slice of home ownership
When the time is right, shared ownership allows you the opportunity to progress to full ownership. So, if you come into a bit of extra money or your income increases, you can buy more (or all) of the shares in your home through a process known as staircasing.
You want to enjoy the benefits of a new home
Buying a brand-new home means enjoying the freedom to put your own spin on the place. With shared ownership, you choose your preferred layout and get to decorate as you please – let your inner interior designer run wild! With a Hyde New Homes home you’ll benefit from modern fixtures and fittings, such as high-quality flooring throughout and integrated appliances all provided at no extra cost. We also build all our homes in line with current sustainability standards, ensuring energy efficiency, lower energy bills and lower maintenance costs.
Consider renting if…
You’re saving up for a deposit
For many, renting is the logical first step before buying a home. It gives you a taste of what having your own place is like without as much responsibility. Renting can also be a shorter-term option, ideal if you’re saving up for a deposit to put down on your dream home. Opting for shared ownership when this time comes means you can achieve this goal with a low deposit, providing a fast track to getting on the housing ladder.
You need flexibility before committing to home ownership
Perhaps you’re not quite ready to take the leap from renting to owning, but know you want to buy a home in the future. After all, taking out a mortgage is a big commitment and one you need to financially prepare for. Renting can provide more flexibility if you regularly travel or are deciding where you want to live permanently. Once you’ve chosen, make sure to explore our available shared ownership homes.
In conclusion, deciding whether shared ownership or traditional renting is best for you is a personal choice and depends on your lifestyle and financial situation. However, speak to our expert sales team who can help you understand the transition from renting p to securing a home of to call your own through shared ownership. Ready to find your dream shared ownership home? Find out more today at Hyde New Homes.
