Kent has become one of the most popular places to live for many young people in England. It is located between London and the sea, which makes it very popular. It’s very close to London, making it easy to commute to and from London daily.
Kent’s public transport system is among the best in entire England. It is fast enough to allow you to travel between London and Kent in less than an hour. Many budding businesses and professionals are migrating to Kent to seek more growth opportunities.
London is no doubt better than Kent when it comes to opportunities. But it also has its disadvantages that many people don’t like. It is expensive, overpopulated, often plagued with traffic jams, and one of the most polluted cities in England.
Kent, on the other hand, offers fewer opportunities compared to London. But it doesn’t have any of the problems that London has. It is much cheaper, less crowded, full of natural beauty, and has much less air pollution.
It is an excellent place to buy a house. Here you not only can access the opportunities that Kent (moathomes.co.uk/county/Shared-Ownership-Kent/) offers, but you can also benefit from London. Many people working or studying in London live in Kent. Because property prices and rent in London are very high, many can’t afford them.
Kent shared ownership of housing & the benefits
Many of Kent’s properties are available through a shared ownership scheme. You can understand shared ownership as part rent and part buy scheme. You pay to buy a part of your house and pay the rent for that part you don’t own.
It is a government-sponsored scheme for those who can’t afford to buy a house through traditional methods. This method of purchasing property has many advantages, as listed below.
1. Stability
When you buy a house through shared ownership, you usually buy some percentage of shares of your home from the property company. Usually, you buy between 25 to 75 per cent of the shares.
Once you buy some share in the house, you can immediately start living in it just like a homeowner. Although you have to pay rent for the percentage, you don’t own, it is much easier than paying the total rent. This scheme gives you to attain stability much earlier than otherwise expected.
2. Much easier
Buying a house through shared ownership is much easier than buying an entire home. You are only purchasing a part of the house, so you have to pay a much lower deposit at the start. You can buy the shares you can currently afford.
This approach enables many lower-income citizens to buy a house much more quickly.
3. Cheaper
It is much cheaper than paying the mortgage for the entire house or paying monthly rent. It is no doubt a worthy and affordable investment.
4. Staircasing
You always have the option of buying more shares in your house. It is not compulsory; you don’t have to buy more shares if you don’t want to. But if you buy more shares, your rent will decrease.
Through this process, you buy all the shares of your house step by step at your own pace. Once you buy all your house shares, you won’t have to pay rent anymore. The more shares you own, the more you benefit from the increased property prices.
5. Sell anytime you want
There is no restriction in terms of selling the shares you own. Once you want to move to a new house, you can easily sell the house shares you own and buy a new home.
6. Fixed tenure
No one can drive you out of your house if you properly pay the rent and mortgage. Unlike ordinary renting, Shared ownership has a fixed tenure of more than 99 years. It means you can live in the house for the duration of the tenure as long as you properly pay the rent.