Shared Ownership: Busting the Myths and Building Your Dreams

Many potential homeowners are held back by misconceptions surrounding Shared Ownership. This innovative scheme can be a fantastic option for those wanting to get on the property ladder, but it can often be shrouded in misinformation. So, let's clear the air and dispel some of the most common myths!

 

1. Myth: Shared ownership is only for first-time buyers.

Fact: While Shared Ownership is an excellent gateway for first-time buyers, it's not exclusive to them. Anyone seeking an affordable entry point into the property market can benefit from this scheme, regardless of their buying history. Whether you're a growing family, a downsizer, or simply looking for a more manageable mortgage, Shared Ownership opens doors!

 

2. Myth: You can't decorate or renovate your shared ownership property.

Fact: One of the biggest concerns is the misconception that Shared Ownership equates to rigid restrictions. Thankfully, that's not the case! Most schemes allow you to personalize your space, just like with any other property. As long as any renovations meet reasonable guidelines and don't adversely affect the value of the property, you can paint, decorate, and even make minor improvements to suit your style. 

 

3. Myth: Shared ownership is a dead-end, you can never fully own the property.

Fact: This might be the most persistent myth, but it's far from the truth! Many Shared Ownership schemes offer a fantastic feature called "staircasing." This allows you to gradually purchase additional shares in your property over time, increasing your ownership percentage and decreasing the rent you pay to the housing association. With dedication and careful planning, you can eventually own the property outright! 

 

Shared ownership provides a unique set of advantages:

Lower initial deposit: Compared to traditional mortgages, Shared Ownership requires a smaller initial deposit, making it easier to get your foot on the property ladder.

Affordable monthly payments: You only pay a mortgage on the share you own, coupled with a below-market-value rent on the remaining portion. This can be more manageable than traditional mortgage payments, especially depending on property location and market conditions.

Security and stability: Shared ownership offers long-term tenancy agreements, providing a sense of security and stability in your new home.

 

Is Shared Ownership Right for You?

While Shared Ownership is a fantastic option for many, it's essential to consider your individual circumstances and financial goals. Don't let misinformation hold you back from achieving your dream of homeownership. Remember, knowledge is power. With the right information and guidance, Shared Ownership could be your key to unlocking the door to a brighter future.

 

At Valunation we can carry out the report for your shared ownership property. Contact us today on 01206 363658 or referrals@valunation.com