The deeper you look in your search to get good UK real estate, the more that you’re going to realize that there are a lot of different ways to reach your goal. We’re talking about real estate so much lately because we’re also talking about getting your finances in order. It’s pretty safe to say that most people dream of owning their own home. It would be better to actually get the chance to own your own home rather than have to rent a flat for the rest of your life. You can’t make improvements to a flat that you don’t own, and you really get limited in terms of what you can do overall.
But what about if you could start slowly? Shared ownership is the best way to go if you know that you want to move in slowly with a smaller deposit. Shared ownership means that you will own part of a property with another party like a Housing Association. They will receive rent for the part that they own — yet allow you to live in. There is no one else that will be living with you — you get to live there all on your own. Your share increases in time as it goes by and you give more money.
If you know that you’re just starting out in your career but there are promotions available, you’re going to want to start slowly.
Government schemes are available for shared ownership, but they are generally for key works only. That doesn’t mean that they don’t have a scheme in place that’s right for you, but it’s generally a lot harder.
Keep in mind that you will still need a deposit, but all hope is not lost. You will be setting down a deposit based on 10% of what your share is. So that’s a lot more reasonable than trying to cover 20-25% of the total property cost.
You have to still contact an independent shared ownership mortgage advisor to really make sure that you are going to be able to meet the right requirements. A mortgage advisor is always a good idea as well. Getting the right mortgage advice will help you make better decisions.
Keeping your options open is the best way to make sure that everything will follow through smoothly. You just need to make sure that you focus on the bigger picture, and there’s nothing wrong with that at all.
So what about if you want to do things on your own? Do it yourself shared ownership refers to buying property with another investor. The investor would essentially take on the role of the Housing Association. This is not inherently bad, but you’re going to need to make sure that you get everything written out in writing. Private deals can tend to really take on a life of their own, so you really need to make sure that you are being as careful as possible!