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The advice around Shared Ownership homes can feel confusing for first-time buyers, but there is a lot to look forward to when you use a scheme like Shared Ownership to get onto the property ladder. We all know that Shared Ownership offers cheaper rent than traditional private renting, but what else does it have going for it? Are there other lifestyle benefits that come from living in a Shared Ownership home?
The core lifestyle benefits of choosing a Shared Ownership home include:
Keep reading to dive deep into the multiple benefits of owning a Shared Ownership home, and discover how you can get started on your homeowning journey.
Shared Ownership provides more stability than renting because you have the rights of a homeowner, not just the rights of a tenant. This means you’re afforded much more control over your home and its costs, which comes with more responsibilities.
Additionally, the ability to choose your level of ownership provides stability by ensuring you always have some assets in your back pocket, which can even increase in value if you put the work in.
Knowing that you have an ownership stake in your home is essential for building security in the long term, in the same way that owning a home without Shared Ownership provides.
Shared Ownership properties, such as those on Plumlife developments, are typically new-builds. These are great for first-time buyers looking to also use their home for investing in their future. Shared Ownership new builds have long leases, providing security for years to come.
Shared Ownership is ideal for growing families because it provides an accessible route to homeownership that lower-income families and individuals without significant savings wouldn’t be able to afford. It lowers the barrier to entry by targeting first-time buyers who cannot afford mortgages and deposits on other open-market properties, allowing buyers to save better for their futures.
With Shared Ownership, you’re able to stay in the area you love for as long as you want, thanks to long lease contracts and the ability to staircase up to higher percentages of ownership.
New build developments are also great communities in their own right. Everyone is in the same position and starting their lives in fresh homes, meaning that you’ll have plenty of chances to discover something new about your local area.
Check out Plumlife’s catalogue of Shared Ownership properties in Manchester, the North West, and Yorkshire to begin your homeowning journey today.
Homeowners in Shared Ownership homes often love the level of control they have over the decoration of their homes, especially in comparison to standard private renting. In a Shared Ownership home, you can make any cosmetic changes you’d like so long as your leasehold doesn’t explicitly prohibit it. You can make all kinds of aesthetic changes to your home in this way, including:
You should be aware of the ‘setting’ time a new build might require if you’re moving in soon after its construction. In this period of about a year, the home needs time for its base construction materials to settle properly, so most developers advise against making many cosmetic personalisations in that time.
The only thing that you’re not allowed to do in a Shared Ownership home, when it comes to decoration, is make structural changes. This is because these kinds of alterations fundamentally change the property and its value, which may not be in the interests of all shareholders. Your lease will outline the specific restrictions and methods for appealing to your landlord, so make sure to check this before you make drastic changes.
Read our blog to learn more about how you can creatively decorate a new build to make it feel like home: 5 Decorating Tricks for Making Your New Build Feel Like Home
Check out our selection of Shared Ownership developments across the North West and Yorkshire with Plumlife Homes. Contact our team to discover your eligibility today.
Take a look at more blogs about Shared Ownership below:
What Shared Ownership Costs Should I Be Aware Of?
Is Shared Ownership a Good Idea for First-Time Buyers?
Is Shared Ownership Better Than Renting?
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