So, you want to buy your first home. But with high property prices in Oxfordshire, it can feel like a challenging task. However, there are options available if you’re willing to put in a little research – one of which is shared ownership in Oxfordshire. In this blog post, we’ll explore what shared ownership is, how it works and whether it could be the right choice to get you on the property ladder in Oxfordshire.
What is shared ownership, and how does it work
Shared ownership is a housing arrangement for those made eligible by a local authority or registered housing provider. It allows people to purchase a share of a property, between 25 and 75 percent, from the housing provider and pay rent on the remaining unowned share. It means people can still access the benefits of home ownership without needing to find the entire cost upfront. As part of the agreement, an occupant gains rights to that percentage share over their lifetime ownership and may be able to increase or decrease it in stages. So whether you’re looking for your first home, downsizing, have accessibility needs, or need more space as your family grows, shared ownership could be the ideal option.
How to find a property that is available for shared ownership
Finding a property available for shared ownership can seem daunting, but certain methods can make the process much easier. An excellent place to start is online; look for reputable shared ownership experts in your area, like Aster, and filter your search to show only those that include shared ownership or rent-to-own options.
It will give you an idea of which properties are available in your area and their associated prices. Contacting a local housing association or council can also be fruitful as many offer advice about shared ownership agreements and can help direct you towards schemes available in the area.
Finally, you could arrange to chat with an expert in shared ownership – many exist, from independent solicitors to mortgage brokers who specialize in this type of agreement – they should be able to provide advice and further information to help guide you through the process.
The benefits of owning a property through a shared ownership
Owning a property can be fulfilling and rewarding, especially when it is done through the shared ownership process. This arrangement is an excellent way for individuals with limited resources to enjoy the advantages of homeownership. Shared ownership gives those unable to meet the total cost of home ownership an opportunity to own their home; typically, one part of the house would be purchased directly from a housing provider, while a small mortgage would generally cover the different proportion.
This arrangement has multiple benefits; it allows people to purchase more expensive properties than they’d generally be able to afford while still enjoying many of the advantages associated with traditional home ownership, such as increased privacy and safety, along with other financial and personal benefits. Those who get into shared ownership also have access to services not available to private renters, such as repairs and maintenance on their property at no additional cost. With all these benefits in mind, it’s easy to see why many people opt for shared ownership when looking for their perfect home.
How to make the most of shared ownership
Shared ownership presents an innovative pathway to homeownership. It requires a smaller downpayment and offers better affordability for those looking for a place to call their own. Making the most of it means understanding how to manage shared ownership responsibly. Researching all costs associated with buying, owning, and maintaining the shared property, such as taxes, fees, utilities, and insurance is essential.
Savvy prospective owners should also consider managing monthly payments by budgeting realistically and determining if additional payment contributions are available to pay off the loan more quickly or become eligible for long-term equity financially. Finally, exploring various options for credit-building through shared ownership is a great way to progress toward other homeownership goals in the future.
What is it like to live in Oxfordshire?
Oxfordshire is a county located in the South East of England. It’s filled with beautiful towns and villages, making it a great place to live and explore.
Nature enthusiasts feel at home here, with rolling hillsides and wooded valleys forming the backdrop for traditional local market towns. For shopaholics, Oxford is renowned for its excellent high-street shopping and many smaller retail outlets can be discovered in the smaller towns around.
With excellent transport links to overland rail services and motorways, getting around by car or train was challenging. Overlooking all this are the famous University of Oxford spires, which often provide a breathtaking sight on a clear day. Living in Oxfordshire is an experience full of attractions, surprises, culture, and natural beauty that anyone can enjoy anytime.
Summary
Living in Oxfordshire through shared ownership has given me a unique experience as I experience city life within a historical context. It offers the best of both worlds – the convenience and excitement of living in the city, with the ability to take a slower pace or enjoy a scenic (if hilly) stroll. Despite being only 55 miles from London, it remains rural enough that getting away from the hustle and bustle is pretty easy.
Owning vibrant real estate through shared ownership has enabled my financial security without sacrificing my quality of life. Since there are so many development phases available and adaptable schemes to suit just about any budget, shared ownership may be worth looking into for those wishing to break into homeownership due to its ability for flexibility and affordability. Whether you’re looking for a city flat or countryside cottage, look no further than Oxfordshire through shared ownership – you won’t regret it.
