The upsides and downsides to shared ownership

shared ownership

Clambering to get a grip on the property ladder is known for being a tricky proposition and for many people it can prove an unattainable possibility for quite some time. One of the methods that can be tried in order to get around this is to enter into a shared ownership scheme. This route has undoubtedly grown in popularity over time and those who are considering pursuing this option will naturally wonder whether the good points outweigh the potential difficulties.

Prospective property buyers from all kinds of background continue to show their interest in shared ownership and it has been a tremendous help for couples with a lower income and especially those with a family to support. Many have found that the difference in cost between paying rent each month and making payments on a shared ownership property is minimal, and this is a big advantage.

A perceived downside is not being the outright owner of the property but shared owners have commented that you still get to experience the plus points as if you were. Experts have cautioned that this kind of scheme will not be the instant springboard to full ownership many are looking for and costs have been known to rise. It has also been noted that obtaining a mortgage for shared ownership can be tough and it is not recommended as the best way to go for those who are not looking for a long-term commitment.

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