Millennials have been faced with one big generational problem: most of them find that it’s incredibly difficult to get their foot on the property ladder. With house prices costing comparatively more now than they ever have before, a single wage is often insufficient for saving a large enough amount to buy, and this means young professionals are stuck in a cycle of renting without ever having a real chance of owning.
One clever solution to this problem is shared ownership. If you’re not familiar with the concept, it works by giving individuals the option to buy a share of the property, rather than the entirety of it. This usually equates to somewhere between 25 and 75 percent, with the buyer making mortgage payments on what they own, and rent used to cover the remainder.
This hybrid part buy part rent solution is becoming increasingly popular, and here at Cerris Homes, it’s our speciality. Offering homes to buy in Cheshire, we have lots of gorgeous properties available for those who need a little extra hand to make their first forays into home ownership.
This really could be a super solution for you! If you're considering it, here are three big selling points to bear in mind…
Lower purchase price
One of the great things about shared ownership is that it makes properties far more affordable for those who are struggling to save enough to purchase outright. An ideal option for those who need some help to buy, it could give you the chance to own your perfect property much sooner than you think.
Lower maintenance costs
Typically, the homes available through shared ownership schemes are modern, such as our own new build developments in Cheshire. This means that they require minimal maintenance, helping to significantly cut the costs of property ownership. Now, who wouldn't be on board with that?
Helps you to get your foot on the property ladder
The best thing about shared ownership schemes is that they help you get your foot on the property ladder. Having spoken to many millennials in the course of our work, we know that this can sometimes feel like an impossibility, and we’re here to change that with a simple yet staggeringly effective solution: shared ownership!
If you’re ready to buy and considering your options, look into shared ownership today to see if it suits you. We have a feeling that you'll be very pleasantly surprised!