Buying After a Breakup with Shared Ownership
Can Shared Ownership help if you split up with a partner?
Going through a breakup is never easy – especially if you took the big step to live with your partner. Depending on how things are left, you may find yourself in the position where you need a new home for yourself – and fast. Thankfully, with Shared Ownership you can land back on your own two feet with a home you’ll love for years to come.
How can Shared Ownership help you?
Shared Ownership might not be able to heal a broken heart, but it can make finding your next home a lot more straightforward. Here’s how the scheme can help you bounce back from your breakup:
An affordable next step
While buying a home with your partner is more manageable, purchasing a home on your own can be a bit of a challenge. But if you’re just coming out of a breakup, Shared Ownership could be the safety net you’re looking for. Enabling you to buy a share of your dream home while you rent the remainder, the scheme is making homeownership in the UK more realistic than ever. You’ll enjoy the practical benefits of homeownership, without having to worry about the higher price tag.
A smooth process
When you’ve just come out of a breakup, the lengthy process of buying a new home can feel daunting. There’s paperwork, buyer competition, and even the dreaded property chain. However, with new-build Shared Ownership properties you can avoid most of the hassle facing regular homebuyers. Provided you pass the eligibility criteria for Shared Ownership, buying your new home is about as smooth a process as you can imagine.
After registering your interest in the right property, you’ll have to do an affordability assessment to work out whether you can afford Shared Ownership. Because brand new Shared Ownership homes are chain-free, you’ll also avoid having to wait for a seller to move out before you can move in! Find out more about the Shared Ownership process here.
Investing in your future
Shared Ownership isn’t just a part-time option after a breakup – it’s also an investment in your future happiness. If you choose to buy through Shared Ownership, you’ll later have the option to buy more shares in your home through a process known as ‘staircasing’. By purchasing further shares of your home over time, you’ll reduce the monthly rent you are expected to pay. So instead of dwelling on difficult circumstances, Shared Ownership can help shift your focus to the exciting possibilities ahead.
Find your new community
Buying a Shared Ownership home means becoming part of a welcoming new community. Many Shared Ownership developments come with shared spaces, giving you the opportunity to attend local events, join community groups, and connect with your new neighbours. Building a supportive community around your new home can play a crucial role in the healing process, bringing both new friends and a sense of belonging.
Freedom to design your fresh start
Living with your partner often involves a lot of compromise – especially when it comes to the interior design of your home. If you are picky about this sort of thing, purchasing a Shared Ownership home comes with the benefit of designing your space according to your taste, preferences, and aspirations. From choosing paint colours to quirky furniture and decorations, you’ll have complete freedom to design a living environment tailored to you!
Finding new priorities
Your home-buying journey doesn’t end once you’ve purchased your Shared Ownership home. One of the joys of homeownership is that your mind becomes occupied by fulfilling new tasks, a welcome distraction if you’ve just moved out after a breakup. Whether you’re unlocking your inner interior designer, hosting housewarming parties, or planning to buy further shares, buying a Shared Ownership home opens up an exciting world of opportunity.
Worried about your living arrangements after a difficult breakup? At Share to Buy, you can take your pick from a selection of affordable Shared Ownership homes, ensuring you find a special home in no time. Check out our property portal, and you can discover a perfect home in an area you love.
