The bidding has begun from the government for its newly reformed share ownership and affordable homes programme, what this aims to do is increase the supple of newly built, shared ownership properties and to create other affordable homes in England by March 2021.
The program is said to make £4.7bn available between 2016 and 2021 to deliver at least 135,000 homes that will be available on a help-to-buy shared ownership scheme. 10,000 of those homes will be available on a rent to buy scheme and 8,000 of them will be for specialised housing.
So what are a few downsides to shared ownership properties…
The monthly mortgage repayments, plus rent will still make shared shared ownership far far cheaper than buying a property outright. Of course with everything, there is going to be maintenance charges and our builders in Cardiff will advise clients to take into account the possible increases in the future.
Restrictions on what you are able to do
Our builders in Cardiff would recommend you always check the lease, the reason for this is because usually when it comes to shared ownership houses you are required to get the housing providers permission before any structural altercations are made on the property. In some cases you are also required to advise the housing providers permission before completing any painting or decorating work.
What are your thoughts on a shared ownership property? Let us know below!