Planning for retirement has a lot of focus on where you’ll live and the home you will live in. There’s a lot to think about whether that’s if you want to downsize, move closer to family, move to your dream area or your options to release some equity.
There are lots of options when it comes to where you’ll live during retirement, you may decide you want to buy, rent or maybe a combination of both. Shared ownership is often associated with only being for young first-time buyers, but this isn’t the case as there are now options for shared ownership in retirement.
What is shared ownership?
Shared ownership, or equity sharing, allows someone to purchase a percentage of a property and then pay rent on the rest. This can be a great option for people looking to release equity in their current home or purchase a more expensive property than they currently own.
There are some requirements to be allowed to purchase a shared ownership house, so please make sure to check before applying. Different schemes have different requirements.
What are the benefits of shared ownership?
Choosing to purchase a shared ownership property in retirement can release some equity from your existing home. Retirement is a time to be enjoyed and having some extra money to travel or spend on things you’ve always wanted can make it much more enjoyable.
Wider choice of properties
Shared ownership allows people to choose from a wider range of properties they might not be able to afford without shared ownership. With shared or part ownership you require less of a deposit to buy the home, which can help people get mortgages on more expensive properties with less of a deposit.
Shared ownership properties do allow you to gradually purchase the remaining shares on the property, this is known as staircasing. So, the more you own the less rent you have to pay on the remaining percentage of the property with the possibility of eventually owning the entire property.
Allows people who have never been on the property ladder to buy a property
If you have found yourself renting your whole life and decided you would like to own a property, shared ownership is a great way of getting on the property ladder even in retirement.
Shared ownership in a retirement village
If you are looking for a manageable home that gives you security, the freedom to pursue dreams that have been put on hold, or just fancy a fresh start somewhere new with beautiful surroundings and interesting activities on offer, then moving to a retirement village may be the perfect decision for you.
At Inspired Villages, you have we have many different types of properties all over the UK We can help you find the perfect property whether you choose to downsize or not or if you’re looking to rent, buy or choose shared ownership in retirement.
If you’d like to find out more about us and the benefits and attractions of renting or buying a home in an Inspired village, get in touch today.
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