Statistics say that 1 in 5 Brits are looking at or planning to purchase a home within the next two years. 77% of this group are also considering sharing that purchase price with a relative or unmarried partner.
Weighing up the good and bad points
There are many pros and cons to shared home ownership, whether it relieves the financial burden or presents household issues, there is no right or wrong answer to the question of whether home ownership suits you.
In light of this, joint ownership is not for everyone. If you are seeking to independently buy your home, McCarthy & Stone retirement homes offer a way for over 50s to buy their homes without financial dependence on friends or family members and there are plenty of great features available for those who suffer from a disability or difficulty getting around.
On-site staff are available 24 hours a day and 365 days a year with a 24 hour emergency call system fitted in the firm’s Assisted Living apartments. Personal care packages can also be made by arrangement to ensure homeowners have access to all the services and care they need when they move into their retirement home, and there is even full wheelchair accessibility to help those who rely on walking aids.
Finally, domestic assistance can also be obtained by those who find household chores more of a struggle than they used to. The emphasis at McCarthy & Stone is on the needs of the individual and that means they only offer the level of care you need rather than forcing you to sacrifice your independence.
Making the right decision
Of course, the decision you make between independent home ownership and home sharing is down to you but you shouldn’t let the stresses of buying your home get you down. Do your research and assess your financial position and you won’t find yourself stuck in a hole you can’t get out off.
In the meantime, you can say goodbye to homeowner stress with these top ten stress busters before reading on for more information on house ownership n your retirement.
Climbing the property ladder
Many people looking to buy a home with a friend or family member will do so in order to climb the property ladder. 1 in 4 people planning to go into joint ownership list affordability as their main reason for taking up the option. It can be hard enough to get a foot onto the property ladder in the first place and joint ownership can let you spread the financial burden and begin your ascent of the property market. The Guardian offers some great tips on improving your shared ownership should you decide it is definitely the best way forward.
Whilst affordability is a huge bonus in the co-ownership world, there can be some downsides to committing to buying with a friend or family. Many people seeking shared hone ownership are doing so purely out of necessity, generally through an inability to cover the costs using their own financial means. If this is the case, the possibility of the tenant then being found in financial trouble and being rendered unable to fund their purchase are increased.
In this scenario, both tenants, regardless of financial stability, may be forced to sell the house. It is worth noting that joint consent is not required for the break of joint tenancy agreements. Should one tenant decide to leave, the contract does not legally bind them and therefore, the other tenant can be left to deal with rent and bills on their own.
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