Shared Ownership is a fantastic option for people wanting to get on the housing ladder. But there's a lot of myths around it too. Check out the myths busted below to get a clearer idea on why we love Shared Ownership.
Myth 1… Shared Ownership (SO) is only available for first-time buyers
This is one of the most common myths but it’s totally incorrect. Anyone can purchase a Shared Ownership property and it isn’t just reserved for first-time buyers. This belief may have come about because SO is one of the most affordable routes to buying a home, but it can benefit anyone – from individuals and families to older adults.
Myth 2… You can’t decorate the home
False! Much like traditional house-buying, you can put your own stamp on your SO property. Whatever theme floats your boat – from nautical and vintage to bohemian and art deco – you can decorate the house however you please.
Time to start that Pinterest board?
Myth 3… It’s more expensive than paying traditional rent or buying a property
One of the best things about Shared Ownership is the affordability of it. When you buy a share in your home, you’re likely to be paying much less a month than you would renting privately, and the cost only increases if you decide to purchase more shares. The ball is totally in your court with SO and it’s a great way to feel secure in a beautiful home without any unnecessary financial stress.
Myth 4… Shared Ownership is a house share
Although the word shared can lead to lots of ideas about what it refers to, in this instance it simply just means you share the ownership of your property with the relevant housing association. So, don’t worry – you won’t be bumping into students in your hallway!
Myth 5… You can’t sell the home
Like a traditional mortgage, you can sell your home on your terms. This means, if you decide that it’s time for you to move on, you can! At first, your provider will attempt to sell the house to someone on a waiting list for a Shared Ownership property and, if unsuccessful, you’ll then be encouraged to take matters into your own hands; advertising the home privately or through an estate agent of your choice.
