New homes provider Bromford is sharing some of the top reasons why Shared Ownership is an ideal option for property seekers on a budget when compared to private renting.
Shared Ownership gives first-time buyers and those who do not currently own a property the opportunity to secure a new build home with Bromford. Homebuyers pay a mortgage on the share they own, and pay rent on the remaining share, meaning only a smaller deposit is required.
Catherine Jarrett, Director of Sales and Marketing at Bromford, said: “At Bromford we’re very passionate about getting people on the property ladder in a way that works for them, and we know that the initial deposit can be an obstacle to that goal.
“Shared Ownership alleviates that problem and is an excellent option for anyone starting their homebuying journey. We hope that sharing these benefits can help people find out if Shared Ownership is right for them and give them the knowledge they need to find their perfect home.”
- It’s an investment - Buying a home though Shared Ownership means that you are a homeowner, so every monthly mortgage payment is an investment that goes towards your future. The monthly payments in a private rental, on the other hand, are an expense that does not have a return on investment.
- You have stability - A Shared Ownership home is your home, so you can live there as long as you like. You are also free to sell the house and move on when you wish, as Shared Ownership does not restrict your freedom to move. In a privately rented home however, landlords are able to ask tenants to leave even though they’re settled and don’t want to.
- You can decorate - Privately rented homes tend to come with lots of restrictions on what changes you can make and how you can decorate, as the landlord wants consistency from tenant to tenant. Shared Ownership homes on the other hand are intended to be long term homes for the people or families that live in them, so you would be free to decorate however you like and even make renovations with the permission of the housebuilder.
- No unexpected price hikes - With a Shared Ownership home, you have consistent monthly payments that cannot suddenly spike as the way the payments are calculated are subject to regulations. Compared to this, a private landlord has more leeway on when they can increase rent and how much they can increase it buy.
- You can staircase to 100 per cent - If your circumstances change and you decide you want to own your home outright, that is entirely possible though Shared Ownership through a process called staircasing, which Bromford is always more than happy to help their customers with. Private landlords on the other hand intend to keep their properties as rentals long term and do not offer such an option.
Bromford is a new homes provider, delivering a range of affordable homes.