Shared Ownership: A Stepping Stone to Home

Struggling to buy your first home outright? Shared Ownership might just be your golden ticket onto the property ladder. This government-backed scheme is designed to make home ownership more accessible. But is it the right fit for you?

What Is Shared Ownership?
Shared Ownership allows you to purchase a percentage of a property, usually between 25% and 75%, while paying rent on the remaining share owned by a housing association. Over time, you can buy more shares, a process called ‘staircasing’, until you own the property outright.

Who Is It For?
This scheme is ideal for those who can’t afford a full home purchase but can handle a smaller mortgage alongside rent. It's particularly popular with first-time buyers, single-income households, and those wishing to live in pricier areas.

The Pros:

• Lower Entry Costs: With smaller deposit and mortgage requirements, it's more affordable upfront.
• Step-by-Step Ownership: Increase your property share gradually as your finances improve.
• Modern Homes: Many Shared Ownership properties are new builds, boasting energy-efficient features and modern designs.

The Cons:

• Rent and Charges: You’ll still pay rent on the portion you don’t own, plus service charges if it's a leasehold property.
• Limited Control: Significant property changes may require approval.
• Selling Can Be Restrictive: The housing association often has the first right to find a buyer before you can sell on the open market.

Is It Right for You?
Shared Ownership can be a fantastic stepping stone towards full home ownership. Just ensure you understand the terms and consider if it aligns with your long-term goals and lifestyle. At Burnett's, we’re here to guide you through every step of your home ownership journey. Whether Shared Ownership or another path suits you best, we’re ready to help you find your perfect home.