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Shared ownership homes are great options for families that are growing and looking to get onto the property ladder. From flats to houses, they offer a lot of benefits that traditional renting doesn’t allow, and allow more people to overcome the hurdles of home ownership that are stumping so many first-time buyers. So, why are shared ownership homes growing in popularity with families?
Shared ownership homes are growing in popularity with families nationwide for a handful of reasons:
Keep reading to discover how growing families across the UK are benefiting from shared ownership schemes.
Homeownership schemes such as shared ownership are becoming more popular every year for a number of reasons, primarily economic, including:
For first time buyers and growing families, it’s easy to see why shared ownership, with its lower barrier to entry, is an easy win.
You can have multiple people within your family named on your shared ownership mortgage. Even if only one person is named as the share’s owner, you can still typically live with family members, friends, or partners in a shared ownership home.
Keep in mind, however:
There are a wide variety of shared ownership properties available to prospective homeowners, each suitable for different sizes of families.
Plumlife, for example, offers new-build houses and apartments under the shared ownership scheme that are suitable for individuals, couples, and larger families (whether that means multiple children, or a horde of beloved pets).
Check out our shared ownership developments across Manchester, the North West, and Yorkshire online today.
The shared ownership scheme, by design, helps eligible people get onto the property ladder by reducing the bar for entry and allowing homeowners to grow into the position of 100% ownership. After which, they are entitled to sell their shares and continue progressing up the property ladder.
Shared ownership homes are bought by prospective homeowners in bundles of shares, usually starting at 25%, 50%, or 75%. A landlord holds the rest of the shares and charges rent based on the amount of the shares they hold plus the market value of the home. You can learn more about the specific costs of shared ownership in our blog: What Shared Ownership Costs Should I Be Aware Of?
‘Staircasing’ is the name of the process whereby homeowners buy more bundles of shares until they own 100% of the property. As you buy more shares, your rent decreases proportionately.
Shared ownership homes can be a great long-term option for growing families looking for support with getting onto the property ladder. Some of the most popular reasons that growing families are choosing shared ownership schemes for long-term homes include:
After the initial deposit and investment requirements, families in shared ownership homes are in almost the same position as private renters, just paying less and with the potential to own the home they live in. This is great for growing families who are cutting costs and making ends meet.
Because you’ll, in part, own your home, you’re much freer to customise it than a rented home. This means your space can evolve as your family does, unrestricted by landlord-imposed decorations and renovations. Read more about shared ownership home customisation below.
The shared ownership scheme is designed to help people who can’t afford to buy a home on the open market. This means that the bar to entry is lowered to offer proper support and protection against exploitation that you might not find on the open market.
Find more information about affordability and Plumlife’s own developments at our Shared Ownership Information Hub.
Families can decorate their shared ownership homes without issue, mostly.
Families are allowed to paint, decorate, and refurbish shared ownership homes, but may need written permission from their landlord to make structural changes. You don’t need permission to replace a bathroom or kitchen, but building an extension or knocking out a wall will require — at minimum — a discussion with your provider.
Additionally, homebuilders typically recommend not decorating new-build homes in their first year of construction. This is because timber and plaster need time to dry out and settle, meaning you may need to redecorate again sooner than you’d like.
Below are some more blogs from Plumlife Homes about new builds, home decoration tips, and shared ownership that we think will be useful in your homeowning journey.
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