10 reasons why shared ownership is right for you
Blog : Published on 14-01-2020
Buying a new home can be an exciting time; here are 10 reasons why shared ownership with Orbit could be your next step.
What is shared ownership?
Shared ownership is a way of providing you with an affordable way to take that first step onto the property ladder; you simply buy a share percentage in a new home and pay a subsidised rent on the remaining share.
The initial share you buy will usually be between 25% - 75% of the full purchase price and is tailored to suit your finances. This means shared ownership is affordable for you now, and in the future.
Discover how home ownership is made easy with shared ownership in our blog post.
Investing for the future
Buying your own home through shared ownership means you’re not spending your well-earned income on rent that you don’t see a return on. By investing money into your home, you are building equity; this is easily done by paying off your mortgage, even if it’s only 25% of the property.
It’s real ‘adulting’
The process of buying your first home can be daunting, but we’ve got a friendly sales team to personally help you throughout the whole process. From legal fees to paying deposits, the journey can seem overwhelming, but we will be on hand to navigate you through what you need to do and when.
Put your stamp on the place
They say you know when you’ve found your dream home when you start decorating it in your head before you’ve even moved in! The same goes when buying a home through shared ownership, you don’t have landlords telling you what you can and can’t do, meaning you can decorate your home just the way you want it.
You can still have a social life
When saving for a house deposit the first thing everybody (your parents) tells you to do is to give up your social life and save your pennies. In many cases, with the shared ownership scheme you only pay a deposit on the percentage you are buying! So you’re free of that massive deposit pot that needs filling.
It’s your own place!
You don’t have to learn where all the creaks are in your floor boards to sneak to the kitchen at 3am from your bedroom because you’re craving toast. You can do your own thing whenever you want. Yes, even cook in your pants on Sundays!
Improve your credit score
Being a homeowner and making sure you pay your mortgage and rent on time will improve your credit profile. This can help you out when you look to move in the future, buy a new car, start your own business, get lower interest rates… the benefits are endless.
Go, Go, Go!
Orbit’s new build homes come ready to move into with high-spec appliances such as Bosch eco-friendly and energy efficient appliances, built in wardrobes, turfed gardens and more. We have chosen our designs and finishes to make sure your home is perfect to suit your lifestyle.
Always check with your sales advisor to find out what’s included in your home.
Don’t worry - shared ownership doesn’t mean you have to share your home with anybody; it simply allows you to part-buy, part-rent your home, making it an affordable first step on the property ladder. This means you can buy more shares at a later date when your financial situation changes, so no more washing up your housemate’s dishes.
Blank canvas - you’re the first person to live there
Why buy new? When you buy a new build home you are the first person to live there, and with Orbit, you can personalise your home before you move in, with options to change the kitchen, flooring and bathroom.
It’s guaranteed freedom
You could even save money by buying a house, Nicole proved this when she bought a new build home though shared ownership in ‘The Hazel’s Development’, giving her the freedom and social life she had previously dreamed of.
“Before I moved to The Hazels, I was renting the best property I could afford, but even with maintenance charges, mortgage and rent here, I am still £80 a month better off in my shiny, new, two bedroom house than I was in a tiny maisonette with no direct garden access. Here, I have loads of space a second double bedroom and there’s plenty of room for my friends to come round with their dogs.”
Read Nicole’s story to find out more about her experience.
Discover more with our Shared Ownership guide.