If you’re looking to buy a home in 2022 and you haven’t heard of shared ownership you could be missing out. A government scheme designed to get first time buyers on the property ladder, shared ownership is a great way to get your hands on your first property while avoiding those hefty initial costs. Shared ownership doesn’t involve sharing your home with anyone and instead involves you buying shares in your home rather than your whole property all at once. With plenty of benefits, here are a few of the top reasons shared ownership could be the answer to your house hunting dreams.

Deposits

One of the best parts about buying a shared ownership home is the deposit. While it’s normally one of the most difficult parts about buying a house, paying for a deposit on a shared ownership property involves only putting down the payment on the share you want to buy. You can buy between 25% and 75% of the home and the deposit you pay will only be on this amount. So for 25% of a £200,000 home, you will own £50,000 worth of this. Therefore you only have to put down a deposit on 5% of £50,000 which is £2500. This is a great help if the deposit is the biggest hurdle for you and you can spend a little bit more on making your home your own without worrying about those upfront payments.

Buying more over time

While you may not own the entire property at first, you are able to buy more of your property over time through shared ownership. As you start off with a share between 25% and 75%, you can gradually increase this amount to suit you and eventually own 100% of the home. This is called staircasing and the more of the home you own the more profit you will receive when you decide to sell up and move. This means you also don’t have to pay stamp duty until you own over the threshold of £125,000, cutting those initial payments again and spreading the cost over the years of you living there.

The location

Shared ownership homes are great not only for the money they save you but also the size, location and diversity in which they come. Whether you’re looking for a shared ownership home in Kent with plenty of space for the kids to run around or you’re in need of a convenient city shared ownership apartment in Dartford, this scheme will ensure you get exactly what you want at a price that suits you. Shared ownership homes come in a range of sizes and styles but with almost all being new builds you can expect bespoke modern interiors and friendly neighbourhoods.

So whatever it is about shared ownership that has your interest peaked, you could make 2022 your year with the scheme. With plenty of housing portals offering the scheme including connectwithhome.co.uk, start browsing and soon enough you could be moving in to your idyllic property in just the right spot.