Here are a few options that you can consider if you are looking at getting your own property, but are not quite sure what may be the best option for you:
If you a moving out on your own for the first time, then a house share may be ideal for you. Living in a house share can help you get your own place and reduce the costs that you might otherwise have to pay if you rented a property. With a house share you can save money by renting a room and sharing the communal areas with the other tenants. The benefits of sharing a house are that you can save money by dividing costs of utilities, and if you are not the kind of person who likes living alone, this can be a great way to meet new people and socialise.
A house share may not necessarily be for you, so if you prefer to live on your own and can afford the rent and utilities on your own then you could consider a sole tenancy. By renting your own property, you will have more privacy as this space will be 100% yours for the duration of the tenancy. Make sure you do your sums in advance so that you are sure you can afford the monthly rent and utilities so that you do not get any nasty surprises and once you have signed up, you are committed for the period outlined in your tenancy agreement.
Buying A Property
Buying a property is the aim of most people, where you can own your own home and have total security. Buying a property and committing to a mortgage may not be for everyone, so it is advised that you consider the pros and cons based on your own circumstances before you commit to a mortgage. Getting a mortgage can also be expensive, and you will be required to pay a deposit to secure your offer. Typically, you could be expected to pay a deposit up to 25% of the property’s value plus any fees, so buying a property can be quite costly. If you have no savings, then buying a property is probably not right for you at this time.
Shared ownership is the perfect halfway house between renting and buying. Buying a shared ownership property can be a cheaper way to buy a stake in your own home. Typically, you be paying for 50% with a mortgage to buy equity. The other 50% would be owned by the housing company and you will pay a rent on that 50%. The aim would be to increase your equity in the property by gradually increasing the amount of the property you own by buying back equity from the housing association. You should consider that the value of the equity you are buying back may increase in value due to market fluctuations, so you may end up paying more to buy the 50% owned by the housing association than the value of that share when you became a tenant. You will also be building equity in the property through mortgage repayments that you make.